Short Interest in Patriot National Bancorp Inc. (NASDAQ:PNBK) Grows By 83.2%

Key Points

• Short interest jumped 83.2% to 3,238,447 shares as of March 31, representing a 4.1‑day short‑interest ratio and about 3.1% of the company's shares sold short.
• The stock carries a consensus "Sell" (Weiss Ratings reissued a "sell (d-)"), and the bank missed quarterly EPS estimates (reported −$0.02 vs. $0.25 expected) while showing negative ROE (−16.78%) and net margin (−21.77%).

Patriot National Bancorp Inc. (NASDAQ:PNBK - Get Free Report) saw a significant increase in short interest in March. As of March 31st, there was short interest totaling 3,238,447 shares, an increase of 83.2% from the March 15th total of 1,767,461 shares. Based on an average daily trading volume, of 787,580 shares, the short-interest ratio is currently 4.1 days. Approximately 3.1% of the company's shares are sold short.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a "sell (d-)" rating on shares of Patriot National Bancorp in a research note on Monday, December 29th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company has a consensus rating of "Sell".

Patriot National Bancorp Price Performance

Shares of PNBK opened at $1.33 on Monday. The stock has a market cap of $155.73 million, a PE ratio of -4.16 and a beta of -0.67. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.82 and a current ratio of 0.84. Patriot National Bancorp has a fifty-two week low of $0.90 and a fifty-two week high of $7.47. The firm's 50-day simple moving average is $1.36 and its two-hundred day simple moving average is $1.41.

Patriot National Bancorp (NASDAQ:PNBK - Get Free Report) last announced its quarterly earnings data on Tuesday, March 31st. The bank reported ($0.02) earnings per share for the quarter, missing analysts' consensus estimates of $0.25 by ($0.27). The business had revenue of $9.51 million during the quarter, compared to analysts' expectations of $8.30 million. Patriot National Bancorp had a negative return on equity of 16.78% and a negative net margin of 21.77%.

Institutional Investors Weigh In On Patriot National Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the business. Blue Sky Capital Consultants Group Inc. grew its holdings in Patriot National Bancorp by 70.8% in the third quarter. Blue Sky Capital Consultants Group Inc. now owns 20,500 shares of the bank's stock worth $27,000 after purchasing an additional 8,500 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Patriot National Bancorp during the fourth quarter valued at approximately $30,000. JPMorgan Chase & Co. purchased a new stake in shares of Patriot National Bancorp during the second quarter valued at approximately $32,000. Invesco Ltd. purchased a new stake in shares of Patriot National Bancorp during the second quarter valued at approximately $35,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Patriot National Bancorp during the second quarter valued at approximately $36,000. Hedge funds and other institutional investors own 39.25% of the company's stock.

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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