Safe and Green Development Corporation (NASDAQ:RENX) Sees Large Drop in Short Interest

Safe and Green Development Corporation (NASDAQ:RENX) was the target of a large drop in short interest in the month of August. As of August 14th, there was short interest totaling 11,377 shares, a drop of 41.0% from the July 30th total of 19,293 shares. Based on an average trading volume of 45,039 shares, the short-interest ratio is presently 0.3 days. Approximately 0.5% of the company’s shares are short sold.

Analyst Ratings Changes

A number of equities research analysts have weighed in on RENX shares. Zacks Research upgraded Safe and Green Development to a “hold” rating in a research note on Tuesday, August 25th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Safe and Green Development in a research report on Wednesday, June 24th. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Reduce”.

Institutional Inflows and Outflows

An institutional investor recently bought a new stake in Safe and Green Development stock. Citadel Advisors LLC purchased a new stake in shares of Safe and Green Development Corporation (NASDAQ:RENX) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 37,346 shares of the company’s stock, valued at approximately $50,000. Citadel Advisors LLC owned about 0.42% of Safe and Green Development as of its most recent filing with the Securities & Exchange Commission. 2.59% of the stock is owned by institutional investors.

Safe and Green Development Stock Performance

Shares of Safe and Green Development stock remained flat at $2.06 during midday trading on Wednesday. 52,625 shares of the stock were exchanged, compared to its average volume of 1,326,515. The stock has a market capitalization of $5.46 million, a P/E ratio of -0.07 and a beta of 3.95. The firm has a 50 day moving average of $1.95 and a 200 day moving average of $2.21. Safe and Green Development has a fifty-two week low of $1.40 and a fifty-two week high of $36.00. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.16 and a current ratio of 0.16.

Safe and Green Development (NASDAQ:RENX) last issued its quarterly earnings data on Thursday, August 13th. The company reported ($3.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.56) by ($1.52). Safe and Green Development had a negative net margin of 169.20% and a negative return on equity of 550.70%. The business had revenue of $4.26 million during the quarter, compared to analyst estimates of $4.12 million. As a group, equities research analysts predict that Safe and Green Development will post -5.86 earnings per share for the current year.

About Safe and Green Development

Safe and Green Development Corporation operates as a real estate development company. It focuses on building single and multifamily projects. The company was formerly known as SGB Development Corp. and changed its name to Safe and Green Development Corporation in December 2022. The company was incorporated in 2021 and is based in Miami, Florida. Safe and Green Development Corporation is a subsidiary of Safe & Green Holdings Corp.