Patriot National Bancorp (NASDAQ:PNBK) Shares Pass Below Two Hundred Day Moving Average - What's Next?

Key Points

• Patriot National Bancorp shares fell below their 200-day moving average, trading as low as $1.02 before closing at $1.06, compared with a 200-day average of $1.20.
• Analyst sentiment remains negative: Weiss Ratings upgraded the stock from “sell (e+)” to “sell (d-),” while the sole research analyst covering the company rates it Sell.
• Institutional ownership stands at 39.25%, with several funds initiating positions and Deutsche Bank increasing its stake by 35.5%.

Patriot National Bancorp Inc. (NASDAQ:PNBK - Get Free Report)'s stock price passed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $1.20 and traded as low as $1.02. Patriot National Bancorp shares last traded at $1.06, with a volume of 84,552 shares.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded shares of Patriot National Bancorp from a "sell (e+)" rating to a "sell (d-)" rating in a report on Monday, August 17th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock presently has an average rating of "Sell".

Patriot National Bancorp Price Performance

The business has a 50-day simple moving average of $1.12 and a 200 day simple moving average of $1.20. The stock has a market cap of $125.86 million, a P/E ratio of -15.14 and a beta of -0.66. The company has a current ratio of 0.85, a quick ratio of 0.83 and a debt-to-equity ratio of 0.19.

Hedge Funds Weigh In On Patriot National Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in PNBK. The Manufacturers Life Insurance Company acquired a new stake in Patriot National Bancorp during the 4th quarter valued at approximately $36,000. JPMorgan Chase & Co. bought a new position in Patriot National Bancorp during the second quarter worth $32,000. Invesco Ltd. acquired a new position in Patriot National Bancorp in the second quarter valued at $35,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Patriot National Bancorp in the second quarter valued at $36,000. Finally, Deutsche Bank AG lifted its stake in shares of Patriot National Bancorp by 35.5% in the 4th quarter. Deutsche Bank AG now owns 59,272 shares of the bank's stock valued at $108,000 after purchasing an additional 15,516 shares during the period. 39.25% of the stock is owned by institutional investors and hedge funds.

About Patriot National Bancorp

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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