Safe and Green Development Corporation (NASDAQ:RENX) Short Interest Update

Safe and Green Development Corporation (NASDAQ:RENX) was the recipient of a large drop in short interest during the month of May. As of May 29th, there was short interest totaling 108,498 shares, a drop of 40.2% from the May 14th total of 181,491 shares. Based on an average daily trading volume, of 364,157 shares, the short-interest ratio is currently 0.3 days. Approximately 5.0% of the company’s shares are short sold.

Hedge Funds Weigh In On Safe and Green Development

A hedge fund recently bought a new stake in Safe and Green Development stock. Citadel Advisors LLC purchased a new position in shares of Safe and Green Development Corporation (NASDAQ:RENX) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 37,346 shares of the company’s stock, valued at approximately $50,000. Citadel Advisors LLC owned approximately 0.42% of Safe and Green Development as of its most recent filing with the Securities and Exchange Commission. Institutional investors own 2.59% of the company’s stock.

Safe and Green Development Trading Up 2.6%

Shares of NASDAQ RENX traded up $0.05 during midday trading on Tuesday, hitting $1.78. The stock had a trading volume of 110,968 shares, compared to its average volume of 1,915,442. The company has a market capitalization of $4.63 million, a price-to-earnings ratio of -0.03 and a beta of 4.25. Safe and Green Development has a 1-year low of $1.40 and a 1-year high of $47.20. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 3.45. The company has a fifty day moving average price of $2.11 and a 200 day moving average price of $4.00.

Safe and Green Development (NASDAQ:RENX) last released its quarterly earnings data on Wednesday, April 1st. The company reported $3.01 earnings per share for the quarter. The business had revenue of $5.57 million for the quarter. Safe and Green Development had a negative return on equity of 596.53% and a negative net margin of 190.02%. On average, analysts predict that Safe and Green Development will post -5.86 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have issued reports on RENX shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Safe and Green Development in a research note on Friday, March 27th. Wall Street Zen lowered Safe and Green Development from a “hold” rating to a “sell” rating in a research note on Saturday, May 2nd. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock presently has an average rating of “Sell”.

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.