Patriot National Bancorp, Inc. (NASDAQ:PNBK) Sees Large Growth in Short Interest

Patriot National Bancorp, Inc. (NASDAQ:PNBK) was the recipient of a large growth in short interest in May. As of May 15th, there was short interest totalling 244,700 shares, a growth of 132.4% from the April 30th total of 105,300 shares. Based on an average daily trading volume, of 546,200 shares, the short-interest ratio is presently 0.4 days. Currently, 7.1% of the company’s shares are sold short.

Patriot National Bancorp Stock Performance

Shares of PNBK opened at $1.65 on Friday. The company has a debt-to-equity ratio of 6.83, a current ratio of 0.99 and a quick ratio of 0.97. The stock has a 50-day moving average of $3.21 and a 200-day moving average of $2.21. The company has a market cap of $125.83 million, a PE ratio of -0.22 and a beta of -0.22. Patriot National Bancorp has a one year low of $0.99 and a one year high of $7.47.

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

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded shares of Patriot National Bancorp from a “sell” rating to a “hold” rating in a report on Thursday, May 22nd.

Insiders Place Their Bets

In related news, President Steven Sugarman acquired 7,019,978 shares of the 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 purchase, the president now directly owns 7,019,978 shares of the company’s stock, valued at $5,264,983.50. The trade was a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 13.60% of the company’s stock.

Hedge Funds Weigh In On Patriot National Bancorp

An institutional investor recently bought a new position in Patriot National Bancorp stock. Virtu Financial LLC purchased a new stake in shares of Patriot National Bancorp, Inc. (NASDAQ:PNBK) in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 23,763 shares of the bank’s stock, valued at approximately $28,000. 39.25% of the stock is currently owned by hedge funds and other institutional investors.

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.