Summit State Bank (NASDAQ:SSBI) Share Price Crosses Above 200-Day Moving Average – Here’s What Happened

Summit State Bank (NASDAQ:SSBI) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $11.94 and traded as high as $13.75. Summit State Bank shares last traded at $13.75, with a volume of 1,004 shares trading hands.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “sell (d)” rating on shares of Summit State Bank in a research report on Monday, December 22nd. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, Summit State Bank presently has an average rating of “Sell”.

Summit State Bank Stock Performance

The stock has a market cap of $92.95 million, a PE ratio of 13.57 and a beta of 0.20. The firm’s 50-day moving average is $12.75 and its 200 day moving average is $11.95.

Summit State Bank (NASDAQ:SSBI) last posted its quarterly earnings data on Tuesday, January 27th. The bank reported $0.16 EPS for the quarter. The business had revenue of $7.57 million during the quarter.

Institutional Trading of Summit State Bank

A number of hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC acquired a new position in shares of Summit State Bank in the fourth quarter valued at approximately $144,000. Wealthspire Advisors LLC purchased a new position in Summit State Bank in the 4th quarter valued at $145,000. Susquehanna International Group LLP acquired a new position in Summit State Bank in the 3rd quarter valued at $166,000. Daytona Street Capital LLC purchased a new position in Summit State Bank during the 4th quarter worth $571,000. Finally, Alliancebernstein L.P. acquired a new stake in shares of Summit State Bank in the 3rd quarter worth $1,126,000.

About Summit State Bank

Summit State Bank (NASDAQ: SSBI) is a California-chartered commercial bank that provides a comprehensive suite of banking and financial services to business and professional clients, as well as individuals. The bank’s core business activities include commercial and industrial lending, commercial real estate financing, business deposit products, treasury management services, and consumer deposit accounts. Through these offerings, Summit State Bank aims to support the growth and operational needs of small- and mid-sized enterprises across its markets.

In addition to its commercial lending solutions, Summit State Bank offers private banking services tailored to high-net-worth individuals, including customized lending, wealth management referrals, and trust services.