Broadway Financial Corporation (NASDAQ:BYFC) Short Interest Up 57.2% in July

Key Points

• Short interest rose 57.2% to 11,777 shares as of July 31, representing about 0.1% of outstanding shares and 0.9 days to cover.
• Broadway Financial shares opened at $11.56, near their 52-week high of $12.31, with a market capitalization of approximately $107.3 million and a negative P/E ratio of -4.27.
• Analyst sentiment remains negative: Weiss Ratings downgraded the stock to “sell (d-),” while an insider sold 8,600 shares and institutional investors own about 12.1% of the company.

Broadway Financial Corporation (NASDAQ:BYFC - Get Free Report) saw a significant growth in short interest in the month of July. As of July 31st, there was short interest totaling 11,777 shares, a growth of 57.2% from the July 15th total of 7,492 shares. Approximately 0.1% of the shares of the company are sold short. Based on an average daily volume of 13,081 shares, the days-to-cover ratio is currently 0.9 days.

Broadway Financial Stock Performance

BYFC opened at $11.56 on Tuesday. The business has a fifty day simple moving average of $10.13 and a 200 day simple moving average of $8.99. The company has a market capitalization of $107.28 million, a PE ratio of -4.27 and a beta of 0.79. Broadway Financial has a 1 year low of $5.51 and a 1 year high of $12.31. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.98 and a quick ratio of 0.05.

Insider Activity

In other news, Director Wayne-Kent A. Bradshaw sold 8,600 shares of the firm's stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $9.42, for a total transaction of $81,012.00. Following the completion of the sale, the director owned 33,359 shares in the company, valued at approximately $314,241.78. This trade represents a 20.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 3.02% of the company's stock.

Hedge Funds Weigh In On Broadway Financial

A hedge fund recently raised its position in Broadway Financial stock. M3F Inc. boosted its holdings in Broadway Financial Corporation (NASDAQ:BYFC - Free Report) by 3.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 474,685 shares of the savings and loans company's stock after purchasing an additional 16,117 shares during the quarter. Broadway Financial accounts for about 0.9% of M3F Inc.'s portfolio, making the stock its 21st largest holding. M3F Inc. owned approximately 5.10% of Broadway Financial worth $3,446,000 at the end of the most recent quarter. 12.12% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings cut shares of Broadway Financial from a "sell (d+)" rating to a "sell (d-)" rating in a report on Monday, June 8th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Broadway Financial has an average rating of "Sell".

About Broadway Financial

Broadway Financial Corporation is a bank holding company based in Los Angeles, California. Through its wholly owned subsidiary, Broadway Federal Bank, the company provides retail and commercial banking products and services. Its offerings include deposit accounts such as checking, savings and certificates of deposit, along with consumer loans, mortgage financing and small-business lending.

Founded in 1946, Broadway Financial has established a presence throughout the Southern California region, focusing on personalized service for individuals, families and small- to mid-sized enterprises.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source