Summit State Bank (NASDAQ:SSBI) Share Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Summit State Bank (NASDAQ:SSBI)’s share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $11.35 and traded as high as $11.65. Summit State Bank shares last traded at $11.65, with a volume of 1,638 shares changing hands.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Summit State Bank in a research report on Monday. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, Summit State Bank presently has a consensus rating of “Sell”.

Summit State Bank Trading Up 0.9%

The firm has a market cap of $79.63 million, a P/E ratio of -90.38 and a beta of 0.20. The company’s 50-day moving average is $11.15 and its two-hundred day moving average is $11.37.

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

Institutional Investors Weigh In On Summit State Bank

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Susquehanna International Group LLP purchased a new position in Summit State Bank during the 3rd quarter worth $166,000. Alliancebernstein L.P. bought a new position in shares of Summit State Bank during the third quarter valued at about $1,126,000. Finally, M3F Inc. lifted its position in shares of Summit State Bank by 17.1% during the second quarter. M3F Inc. now owns 352,850 shares of the bank’s stock valued at $3,825,000 after purchasing an additional 51,417 shares in the last quarter.

About Summit State Bank

Summit State Bank (NASDAQ: SSBI) is a California-chartered commercial bank that provides a comprehensive suite of banking and financial services to business and professional clients, as well as individuals. The bank’s core business activities include commercial and industrial lending, commercial real estate financing, business deposit products, treasury management services, and consumer deposit accounts. Through these offerings, Summit State Bank aims to support the growth and operational needs of small- and mid-sized enterprises across its markets.

In addition to its commercial lending solutions, Summit State Bank offers private banking services tailored to high-net-worth individuals, including customized lending, wealth management referrals, and trust services.