Summit State Bank (NASDAQ:SSBI) Sees Significant Growth in Short Interest

Summit State Bank (NASDAQ:SSBI) saw a large growth in short interest in October. As of October 15th, there was short interest totaling 8,900 shares, a growth of 67.9% from the September 30th total of 5,300 shares. Currently, 0.2% of the company’s stock are short sold. Based on an average daily volume of 9,700 shares, the short-interest ratio is presently 0.9 days. Based on an average daily volume of 9,700 shares, the short-interest ratio is presently 0.9 days. Currently, 0.2% of the company’s stock are short sold.

Hedge Funds Weigh In On Summit State Bank

An institutional investor recently raised its position in Summit State Bank stock. M3F Inc. grew its position in shares of Summit State Bank (NASDAQ:SSBI) by 0.5% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 301,433 shares of the bank’s stock after buying an additional 1,433 shares during the quarter. Summit State Bank accounts for 0.8% of M3F Inc.’s investment portfolio, making the stock its 23rd largest holding. M3F Inc. owned 4.45% of Summit State Bank worth $2,782,000 at the end of the most recent reporting period.

Summit State Bank Price Performance

Shares of NASDAQ:SSBI opened at $10.86 on Monday. Summit State Bank has a 12 month low of $6.14 and a 12 month high of $12.60. The firm has a market capitalization of $73.56 million, a P/E ratio of -83.50 and a beta of 0.21. The company’s fifty day moving average price is $11.82 and its 200 day moving average price is $10.90.

Summit State Bank (NASDAQ:SSBI) last posted its earnings results on Wednesday, October 29th. The bank reported $0.12 EPS for the quarter. The firm had revenue of $9.55 million for the quarter.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (d+)” rating on shares of Summit State Bank in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company has a consensus rating of “Sell”.

About Summit State Bank

Summit State Bank engages in providing an array of financial services to small and medium-sized businesses, their owners and employees, entrepreneurs, high net worth families, foundations, estates, and individual consumers. It specializes in business services, personal accounts, nonprofit programs, and mobile banking ranging from lending, checking, merchant, eBanking, automated teller machines, equity loans, and others.