OptimumBank (NASDAQ:OPHC) Stock Breaks Below 50-Day Moving Average – Here’s What Happened

Shares of OptimumBank Holdings, Inc. (NASDAQ:OPHC) crossed below its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $8.95 and traded as low as $8.65. OptimumBank shares last traded at $8.93, with a volume of 97,921 shares.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on OPHC shares. Alliance Global Partners reaffirmed a “buy” rating on shares of OptimumBank in a research report on Friday, August 14th. Zacks Research downgraded OptimumBank from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 2nd. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $6.67.

OptimumBank Stock Performance

The stock’s 50-day moving average is $8.95 and its 200-day moving average is $6.80. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.43. The stock has a market cap of $113.09 million, a price-to-earnings ratio of 6.79 and a beta of 0.31.

Hedge Funds Weigh In On OptimumBank

Several hedge funds and other institutional investors have recently made changes to their positions in the business. State Street Corp increased its stake in shares of OptimumBank by 71.3% in the third quarter. State Street Corp now owns 38,757 shares of the bank’s stock worth $338,000 after buying an additional 16,137 shares during the last quarter. Wellington Management Group LLP bought a new position in OptimumBank during the 2nd quarter valued at $2,521,000. Globeflex Capital L P bought a new position in OptimumBank during the 2nd quarter valued at $89,000. BlackRock Inc. acquired a new position in OptimumBank during the 2nd quarter worth $219,000. Finally, Renaissance Technologies LLC grew its holdings in OptimumBank by 13.1% during the 1st quarter. Renaissance Technologies LLC now owns 124,600 shares of the bank’s stock worth $635,000 after acquiring an additional 14,400 shares in the last quarter. Institutional investors and hedge funds own 7.43% of the company’s stock.

OptimumBank Company Profile

OptimumBank is a community bank headquartered in Fort Lauderdale, Florida. Through its banking operations, the company provides financial products and services to individuals, businesses and professional customers in South Florida. The bank’s offerings include deposit accounts, checking and savings products, certificates of deposit, online banking and other traditional consumer banking services. Its lending activities include commercial real estate loans, business financing, residential real estate loans and consumer loans.