Patriot National Bancorp Inc. (NASDAQ:PNBK) Short Interest Down 67.4% in June

Key Points

• Short interest in Patriot National Bancorp (NASDAQ:PNBK) plunged 67.4% in June, falling to 1,156,391 shares by June 30 from 3,549,071 shares two weeks earlier. That leaves about 1.1% of shares sold short and a days-to-cover ratio of roughly 1.0.
• The stock was trading around $1.18, near its 52-week low of $0.86 and well below its 52-week high of $2.00. The company’s market cap is about $138.85 million, and its shares have been volatile with a beta of -0.64.
• Patriot National Bancorp’s latest quarterly results were weak, with EPS of -$0.02 missing expectations of $0.25, although revenue came in above estimates at $10.32 million. Analyst sentiment remains bearish, with a consensus rating of Sell.

Patriot National Bancorp Inc. (NASDAQ:PNBK - Get Free Report) was the target of a significant decrease in short interest in the month of June. As of June 30th, there was short interest totaling 1,156,391 shares, a decrease of 67.4% from the June 15th total of 3,549,071 shares. Based on an average daily volume of 1,126,783 shares, the days-to-cover ratio is presently 1.0 days. Approximately 1.1% of the shares of the stock are sold short.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC acquired a new stake in shares of Patriot National Bancorp in the 4th quarter valued at approximately $30,000. The Manufacturers Life Insurance Company bought a new position in Patriot National Bancorp in the 4th quarter valued at approximately $36,000. Westmount Partners LLC bought a new position in Patriot National Bancorp in the 4th quarter valued at approximately $36,000. JPMorgan Chase & Co. acquired a new stake in Patriot National Bancorp in the second quarter valued at approximately $32,000. Finally, Invesco Ltd. acquired a new stake in Patriot National Bancorp in the second quarter valued at approximately $35,000. Institutional investors and hedge funds own 39.25% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings lowered shares of Patriot National Bancorp from a "sell (d-)" rating to a "sell (e+)" rating in a report on Thursday, June 4th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Sell".

Patriot National Bancorp Price Performance

Shares of PNBK stock traded up $0.01 during trading hours on Friday, reaching $1.18. The company's stock had a trading volume of 290,311 shares, compared to its average volume of 943,602. Patriot National Bancorp has a fifty-two week low of $0.86 and a fifty-two week high of $2.00. The firm's 50 day simple moving average is $1.09 and its 200-day simple moving average is $1.32. The company has a quick ratio of 0.82, a current ratio of 0.84 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $138.85 million, a price-to-earnings ratio of -9.08 and a beta of -0.64.

Patriot National Bancorp (NASDAQ:PNBK - Get Free Report) last posted its quarterly earnings results on Friday, May 15th. The bank reported ($0.02) EPS for the quarter, missing analysts' consensus estimates of $0.25 by ($0.27). Patriot National Bancorp had a negative return on equity of 13.71% and a negative net margin of 19.14%.The business had revenue of $10.32 million for the quarter, compared to analyst estimates of $8.30 million.

Patriot National Bancorp Company Profile

Patriot National Bancorp, Inc, through its subsidiary Patriot National Bank, operates as a community-oriented bank headquartered in Fort Lauderdale, Florida. The company offers a comprehensive suite of retail and commercial banking products and services to individuals, small- to mid-sized businesses and institutions. Its core deposit offerings include checking and savings accounts, money market accounts and certificates of deposit, all supported by online and mobile banking platforms.

On the lending side, Patriot National Bank provides commercial real estate and business loans, construction and development financing, residential mortgage lending and consumer installment loans.

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