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

Patriot National Bancorp, Inc. (NASDAQ:PNBK - Get Free Report) saw a large growth in short interest during the month of May. As of May 31st, there was short interest totalling 816,700 shares, a growth of 233.8% from the May 15th total of 244,700 shares. Currently, 23.8% of the company's stock are sold short. Based on an average daily volume of 766,300 shares, the days-to-cover ratio is presently 1.1 days.

Insiders Place Their Bets

In other news, President Steven Sugarman bought 7,019,978 shares of the firm's stock in a transaction dated Thursday, March 20th. The stock was bought at an average price of $0.75 per share, for a total transaction of $5,264,983.50. Following the transaction, the president now owns 7,019,978 shares in the company, valued at $5,264,983.50. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 11.00% of the stock is owned by company insiders.

Institutional Trading of Patriot National Bancorp

A hedge fund recently bought a new stake in Patriot National Bancorp stock. Virtu Financial LLC bought a new position in shares of Patriot National Bancorp, Inc. (NASDAQ:PNBK - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 23,763 shares of the bank's stock, valued at approximately $28,000. 39.25% of the stock is currently owned by institutional investors.

Patriot National Bancorp Stock Performance

Shares of PNBK traded down $0.09 during mid-day trading on Friday, hitting $1.01. The stock had a trading volume of 1,193,140 shares, compared to its average volume of 470,788. The company has a market cap of $77.02 million, a PE ratio of -0.14 and a beta of -0.48. The company's fifty day simple moving average is $3.19 and its two-hundred day simple moving average is $2.17. 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 has a fifty-two week low of $0.99 and a fifty-two week high of $7.47.

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

Analysts Set New Price Targets

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

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.