Summit State Bank (NASDAQ:SSBI) Sees Significant Increase in Short Interest

Summit State Bank (NASDAQ:SSBI) saw a large growth in short interest in the month of December. As of December 15th, there was short interest totaling 9,322 shares, a growth of 40.2% from the November 30th total of 6,648 shares. Based on an average daily trading volume, of 10,050 shares, the short-interest ratio is currently 0.9 days. Currently, 0.1% of the company’s shares are sold short. Currently, 0.1% of the company’s shares are sold short. Based on an average daily trading volume, of 10,050 shares, the short-interest ratio is currently 0.9 days.

Summit State Bank Trading Up 0.4%

Shares of Summit State Bank stock traded up $0.04 during trading on Wednesday, reaching $11.40. The stock had a trading volume of 263 shares, compared to its average volume of 14,674. The company has a market capitalization of $77.30 million, a price-to-earnings ratio of -87.70 and a beta of 0.20. The stock has a fifty day moving average price of $11.14 and a two-hundred day moving average price of $11.41. Summit State Bank has a 52 week low of $6.95 and a 52 week high of $12.60.

Summit State Bank (NASDAQ:SSBI) last announced its earnings results on Wednesday, October 29th. The bank reported $0.12 earnings per share (EPS) for the quarter. The firm had revenue of $9.55 million during the quarter.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in SSBI. Susquehanna International Group LLP bought a new position in Summit State Bank in the third quarter valued at $166,000. Alliancebernstein L.P. acquired a new position in shares of Summit State Bank during the 3rd quarter worth about $1,126,000. Finally, M3F Inc. grew its holdings in shares of Summit State Bank by 17.1% in the 2nd quarter. M3F Inc. now owns 352,850 shares of the bank’s stock valued at $3,825,000 after acquiring an additional 51,417 shares in the last quarter.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “sell (d)” rating on shares of Summit State Bank in a report on Monday, December 22nd. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, Summit State Bank has an average rating of “Sell”.

About Summit State Bank

Summit State Bank (NASDAQ: SSBI) is a California-chartered commercial bank that provides a comprehensive suite of banking and financial services to business and professional clients, as well as individuals. The bank’s core business activities include commercial and industrial lending, commercial real estate financing, business deposit products, treasury management services, and consumer deposit accounts. Through these offerings, Summit State Bank aims to support the growth and operational needs of small- and mid-sized enterprises across its markets.

In addition to its commercial lending solutions, Summit State Bank offers private banking services tailored to high-net-worth individuals, including customized lending, wealth management referrals, and trust services.