Patriot National Bancorp Inc. (NASDAQ:PNBK) Short Interest Down 67.4% in June

Patriot National Bancorp Inc. (NASDAQ:PNBK) saw a large drop in short interest in June. As of June 30th, there was short interest totaling 1,156,391 shares, a drop of 67.4% from the June 15th total of 3,549,071 shares. Based on an average trading volume of 1,126,783 shares, the days-to-cover ratio is currently 1.0 days. Approximately 1.1% of the shares of the stock are short sold.

Patriot National Bancorp Trading Up 0.9%

NASDAQ:PNBK traded up $0.01 during mid-day trading on Friday, hitting $1.18. 290,311 shares of the company’s stock were exchanged, compared to its average volume of 943,602. The company has a 50 day simple moving average of $1.09 and a 200-day simple moving average of $1.32. The company has a current ratio of 0.84, a quick ratio of 0.82 and a debt-to-equity ratio of 0.29. Patriot National Bancorp has a fifty-two week low of $0.86 and a fifty-two week high of $2.00. The firm has a market capitalization of $138.85 million, a P/E ratio of -9.08 and a beta of -0.64.

Patriot National Bancorp (NASDAQ:PNBK) last posted its earnings results on Friday, May 15th. The bank reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.27). Patriot National Bancorp had a negative return on equity of 13.71% and a negative net margin of 19.14%.The business had revenue of $10.32 million for the quarter, compared to the consensus estimate of $8.30 million.

Institutional Trading of Patriot National Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC lifted its holdings in Patriot National Bancorp by 3,772.1% during the 2nd quarter. Geode Capital Management LLC now owns 1,046,216 shares of the bank’s stock worth $1,590,000 after buying an additional 1,019,197 shares during the period. JPMorgan Chase & Co. acquired a new stake in shares of Patriot National Bancorp in the second quarter valued at about $32,000. New York State Common Retirement Fund bought a new position in shares of Patriot National Bancorp during the second quarter worth about $109,000. Invesco Ltd. bought a new position in shares of Patriot National Bancorp during the second quarter worth about $35,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Patriot National Bancorp in the second quarter worth approximately $36,000. 39.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings cut Patriot National Bancorp from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, June 4th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, Patriot National Bancorp presently has an average rating of “Sell”.

Patriot National Bancorp Company Profile

Patriot National Bancorp, Inc, through its subsidiary Patriot National Bank, operates as a community-oriented bank headquartered in Fort Lauderdale, Florida. The company offers a comprehensive suite of retail and commercial banking products and services to individuals, small- to mid-sized businesses and institutions. Its core deposit offerings include checking and savings accounts, money market accounts and certificates of deposit, all supported by online and mobile banking platforms.

On the lending side, Patriot National Bank provides commercial real estate and business loans, construction and development financing, residential mortgage lending and consumer installment loans.