Safe and Green Development Corporation (NASDAQ:RENX) Shares Shorted: Short Interest Down 65.2% in October

Safe and Green Development Corporation (NASDAQ:RENX) was the target of a large decrease in short interest during the month of October. As of October 15th, there was short interest totaling 17,857 shares, a decrease of 65.2% from the September 30th total of 51,289 shares. Based on an average daily volume of 92,350 shares, the days-to-cover ratio is presently 0.2 days. Approximately 0.6% of the shares of the stock are short sold.

Safe and Green Development Stock Down 3.7%

NASDAQ:RENX traded down $0.04 on Friday, hitting $1.04. The stock had a trading volume of 17,060 shares, compared to its average volume of 1,091,859. The business’s fifty day moving average is $1.79 and its 200 day moving average is $2.22. Safe and Green Development has a 52 week low of $0.95 and a 52 week high of $24.60. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 1.06. The company has a market cap of $3.61 million, a PE ratio of -0.04 and a beta of 3.85.

Safe and Green Development (NASDAQ:RENX) last posted its earnings results 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 return on equity of 550.70% and a negative net margin of 169.20%. The firm had revenue of $4.26 million during the quarter, compared to the consensus estimate of $4.12 million. On average, equities research analysts expect that Safe and Green Development will post -5.86 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have commented on RENX. Zacks Research upgraded shares of Safe and Green Development to a “hold” rating in a report on Tuesday, August 25th. Weiss Ratings reissued a “sell (e+)” rating on shares of Safe and Green Development in a report on Monday, September 21st. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Safe and Green Development presently has an average rating of “Reduce”.

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.