Patriot National Bancorp (NASDAQ:PNBK) Shares Cross Above 200-Day Moving Average - What's Next?

Shares of Patriot National Bancorp, Inc. (NASDAQ:PNBK - Get Free Report) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $2.22 and traded as high as $3.42. Patriot National Bancorp shares last traded at $1.68, with a volume of 3,867,256 shares.

Analysts Set New Price Targets

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

Patriot National Bancorp Trading Down 12.7%

The firm has a market cap of $109.81 million, a PE ratio of -0.19 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. The stock's fifty day simple moving average is $3.21 and its two-hundred day simple moving average is $2.21.

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. The business had revenue of $6.68 million during the quarter. Patriot National Bancorp had a negative return on equity of 81.22% and a negative net margin of 45.58%.

Insiders Place Their Bets

In other Patriot National Bancorp news, President Steven Sugarman acquired 7,019,978 shares of the business's stock in a transaction on Thursday, March 20th. The shares were acquired at an average price of $0.75 per share, for a total transaction of $5,264,983.50. Following the completion of the acquisition, the president now owns 7,019,978 shares in the company, valued at $5,264,983.50. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 13.60% of the company's stock.

Institutional Investors Weigh In On Patriot National Bancorp

A hedge fund recently bought a new stake in Patriot National Bancorp stock. Angel Oak Capital Advisors LLC purchased a new stake in shares of Patriot National Bancorp, Inc. (NASDAQ:PNBK - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 3,333,386 shares of the bank's stock, valued at approximately $3,867,000. Patriot National Bancorp comprises approximately 5.2% of Angel Oak Capital Advisors LLC's holdings, making the stock its 3rd biggest position. Angel Oak Capital Advisors LLC owned 4.52% of Patriot National Bancorp as of its most recent filing with the Securities & Exchange Commission. 39.25% of the stock is owned by institutional investors and hedge funds.

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.