Patriot National Bancorp (NASDAQ:PNBK) Share Price Crosses Below 200-Day Moving Average - Here's Why

Key Points

• Patriot National Bancorp shares have dropped below their 200-day moving average, falling to a low of $1.25 before closing at $1.32.
• The bank reported an earnings per share (EPS) of (-$0.06) for the last quarter with a revenue of $6.22 million and negative net margins of 76.35%.
• Institutional investors and hedge funds now own 39.25% of the company's stock, with Bank of America significantly increasing its stake by 56,671,895.7% recently.

Patriot National Bancorp Inc. (NASDAQ:PNBK - Get Free Report)'s stock price passed below its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $2.03 and traded as low as $1.25. Patriot National Bancorp shares last traded at $1.32, with a volume of 142,583 shares trading hands.

Patriot National Bancorp Stock Up 1.5%

The business has a 50-day simple moving average of $1.52 and a two-hundred day simple moving average of $2.03. The stock has a market capitalization of $126.44 million, a P/E ratio of -0.14 and a beta of -0.42. The company has a quick ratio of 0.93, a current ratio of 0.95 and a debt-to-equity ratio of 0.27.

Patriot National Bancorp (NASDAQ:PNBK - Get Free Report) last posted its quarterly earnings data on Thursday, August 14th. The bank reported ($0.06) EPS for the quarter. The business had revenue of $6.22 million during the quarter. Patriot National Bancorp had a negative return on equity of 132.38% and a negative net margin of 76.35%.

Hedge Funds Weigh In On Patriot National Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Bank of America Corp DE boosted its stake in Patriot National Bancorp by 56,671,895.7% in the second quarter. Bank of America Corp DE now owns 13,034,559 shares of the bank's stock worth $19,813,000 after purchasing an additional 13,034,536 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Patriot National Bancorp during the second quarter valued at $36,000. BlackDiamond Wealth Management LLC acquired a new position in shares of Patriot National Bancorp during the second quarter valued at $75,000. Invesco Ltd. acquired a new position in shares of Patriot National Bancorp during the second quarter valued at $35,000. Finally, Beacon Pointe Advisors LLC acquired a new position in shares of Patriot National Bancorp during the second quarter valued at $158,000. Institutional investors and hedge funds own 39.25% of the company's stock.

Patriot National Bancorp Company Profile

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.

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