Patriot National Bancorp, Inc. (NASDAQ:PNBK) Short Interest Update

Patriot National Bancorp, Inc. (NASDAQ:PNBK - Get Free Report) was the recipient of a significant growth in short interest during the month of May. As of May 15th, there was short interest totalling 244,700 shares, a growth of 132.4% from the April 30th total of 105,300 shares. Currently, 7.1% of the shares of the stock are sold short. Based on an average daily trading volume, of 546,200 shares, the days-to-cover ratio is presently 0.4 days.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded shares of Patriot National Bancorp from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd.

Insiders Place Their Bets

In related news, President Steven Sugarman bought 7,019,978 shares of Patriot National Bancorp stock in a transaction dated Thursday, March 20th. The shares were bought at an average cost of $0.75 per share, for a total transaction of $5,264,983.50. Following the completion of the transaction, the president now owns 7,019,978 shares of the company's stock, valued at approximately $5,264,983.50. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 13.60% of the company's stock.

Hedge Funds Weigh In On Patriot National Bancorp

A hedge fund recently bought a new stake in Patriot National Bancorp stock. Angel Oak Capital Advisors LLC acquired a new stake in Patriot National Bancorp, Inc. (NASDAQ:PNBK - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 3,333,386 shares of the bank's stock, valued at approximately $3,867,000. Patriot National Bancorp accounts for 5.2% of Angel Oak Capital Advisors LLC's holdings, making the stock its 3rd largest holding. Angel Oak Capital Advisors LLC owned approximately 4.52% of Patriot National Bancorp as of its most recent SEC filing. Institutional investors and hedge funds own 39.25% of the company's stock.

Patriot National Bancorp Trading Down 12.6%

NASDAQ PNBK traded down $0.18 during trading hours on Tuesday, hitting $1.25. The company's stock had a trading volume of 836,066 shares, compared to its average volume of 425,651. The stock has a fifty day moving average of $3.21 and a 200 day moving average of $2.21. Patriot National Bancorp has a twelve month low of $0.99 and a twelve month high of $7.47. The firm has a market capitalization of $95.33 million, a P/E ratio of -0.17 and a beta of -0.22. The company has a quick ratio of 0.97, a current ratio of 0.99 and a debt-to-equity ratio of 6.83.

Patriot National Bancorp (NASDAQ:PNBK - Get Free Report) last announced its quarterly earnings data on Wednesday, May 14th. The bank reported ($0.21) earnings per share for the quarter. Patriot National Bancorp had a negative net margin of 45.58% and a negative return on equity of 81.22%. The business had revenue of $6.68 million during the quarter.

About Patriot National Bancorp

Patriot National Bancorp, Inc operates as the holding company for Patriot Bank, N.A. that provides community banking services to individuals, small and medium-sized businesses, and professionals. The company accepts consumer and commercial deposit accounts, such as checking, interest-bearing negotiable order of withdrawal, money market, time certificates of deposit, savings, prepaid deposit, on-line national money market, individual retirement accounts, and health savings accounts, as well as certificate of deposit account registry service.