Summit State Bank (NASDAQ:SSBI) Short Interest Up 67.9% in October
Summit State Bank (NASDAQ:SSBI) experienced a significant increase in short interest of 67.9% in October, totaling 8,900 shares as of October 15th, up from 5,300 shares at the end of September. This represents approximately 0.2% of the company's shares. The days-to-cover ratio is currently 0.9 days based on an average daily volume of 9,700 shares. Analysts have rated the stock as a 'Sell', and institutional investor M3F Inc. increased its holdings by 0.5% in the first quarter.
Summit State Bank (NASDAQ:SSBI - Get Free Report) was the recipient of a large increase in short interest during the month of October. As of October 15th, there was short interest totaling 8,900 shares, an increase of 67.9% from the September 30th total of 5,300 shares. Currently, 0.2% of the shares of the company are short sold. Based on an average trading volume of 9,700 shares, the short-interest ratio is currently 0.9 days. Based on an average trading volume of 9,700 shares, the short-interest ratio is currently 0.9 days. Currently, 0.2% of the shares of the company are short sold.
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Analysts Set New Price Targets
Separately, Weiss Ratings reissued a "sell (d+)" rating on shares of Summit State Bank in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, Summit State Bank has a consensus rating of "Sell".
Check Out Our Latest Analysis on Summit State Bank
Institutional Inflows and Outflows
An institutional investor recently raised its position in Summit State Bank stock. M3F Inc. grew its holdings in Summit State Bank (NASDAQ:SSBI - Free Report) by 0.5% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 301,433 shares of the bank's stock after buying an additional 1,433 shares during the quarter. Summit State Bank accounts for approximately 0.8% of M3F Inc.'s holdings, making the stock its 23rd biggest holding. M3F Inc. owned 4.45% of Summit State Bank worth $2,782,000 at the end of the most recent quarter.
Summit State Bank Trading Up 0.8%
NASDAQ:SSBI traded up $0.09 during trading hours on Friday, hitting $10.86. 46,317 shares of the company traded hands, compared to its average volume of 16,198. The stock has a market capitalization of $73.60 million, a price-to-earnings ratio of -83.50 and a beta of 0.21. Summit State Bank has a twelve month low of $6.14 and a twelve month high of $12.60. The firm has a 50-day moving average of $11.82 and a 200 day moving average of $10.86.
Summit State Bank (NASDAQ:SSBI - Get Free Report) last released its earnings results on Wednesday, October 29th. The bank reported $0.12 EPS for the quarter. The company had revenue of $9.55 million for the quarter.
About Summit State Bank
(Get Free Report)Summit State Bank engages in providing an array of financial services to small and medium-sized businesses, their owners and employees, entrepreneurs, high net worth families, foundations, estates, and individual consumers. It specializes in business services, personal accounts, nonprofit programs, and mobile banking ranging from lending, checking, merchant, eBanking, automated teller machines, equity loans, and others.
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