Patriot National Bancorp Inc. (NASDAQ:PNBK) Short Interest Down 26.7% in October

Patriot National Bancorp Inc. (NASDAQ:PNBK) experienced a significant decline in short interest, dropping 26.7% in October to 1,510,000 shares. The short-interest ratio is currently 5.3 days, with 1.8% of shares sold short. The stock opened at $1.19, with a 52-week range of $0.90 to $7.47. The company reported a loss of $0.06 per share for the last quarter, with revenue of $6.22 million. Weiss Ratings maintains a "sell" rating on the stock, which has an average rating of "sell" from analysts.

Patriot National Bancorp Inc. (NASDAQ:PNBK - Get Free Report) was the target of a large decline in short interest in the month of October. As of October 15th, there was short interest totaling 1,510,000 shares, a decline of 26.7% from the September 30th total of 2,060,000 shares. Based on an average trading volume of 282,500 shares, the days-to-cover ratio is presently 5.3 days. Currently, 1.8% of the shares of the company are sold short. Currently, 1.8% of the shares of the company are sold short. Based on an average trading volume of 282,500 shares, the days-to-cover ratio is presently 5.3 days.

Patriot National Bancorp Price Performance

NASDAQ:PNBK opened at $1.19 on Monday. Patriot National Bancorp has a 52-week low of $0.90 and a 52-week high of $7.47. The stock has a fifty day moving average of $1.37 and a 200 day moving average of $2.04. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.93 and a current ratio of 0.95. The firm has a market capitalization of $114.00 million, a price-to-earnings ratio of -0.13 and a beta of -0.42.

Patriot National Bancorp (NASDAQ:PNBK - Get Free Report) last announced its earnings results on Thursday, August 14th. The bank reported ($0.06) earnings per share for the quarter. The business had revenue of $6.22 million during the quarter. Patriot National Bancorp had a negative return on equity of 132.38% and a negative net margin of 76.35%.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a "sell (d-)" rating on shares of Patriot National Bancorp in a research report on Friday. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company currently has an average rating of "Sell".

View Our Latest Analysis on Patriot National Bancorp

Institutional Investors Weigh In On Patriot National Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE grew its stake in Patriot National Bancorp by 56,671,895.7% in the 2nd quarter. Bank of America Corp DE now owns 13,034,559 shares of the bank's stock worth $19,813,000 after buying an additional 13,034,536 shares in the last quarter. Angel Oak Capital Advisors LLC purchased a new position in Patriot National Bancorp in the first quarter worth $3,867,000. Geode Capital Management LLC increased its stake in Patriot National Bancorp by 3,772.1% in the second quarter. Geode Capital Management LLC now owns 1,046,216 shares of the bank's stock valued at $1,590,000 after acquiring an additional 1,019,197 shares during the last quarter. Curated Wealth Partners LLC purchased a new stake in Patriot National Bancorp during the second quarter valued at about $1,013,000. Finally, Lido Advisors LLC bought a new stake in Patriot National Bancorp during the second quarter worth about $419,000. 39.25% of the stock is owned by hedge funds and other institutional investors.

Patriot National Bancorp Company Profile

(Get Free Report)

Patriot National Bancorp, Inc operates as the holding company for Patriot Bank, N.A. that provides community banking services to individuals, small and medium-sized businesses, and professionals. The company accepts consumer and commercial deposit accounts, such as checking, interest-bearing negotiable order of withdrawal, money market, time certificates of deposit, savings, prepaid deposit, on-line national money market, individual retirement accounts, and health savings accounts, as well as certificate of deposit account registry service.

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