Short Interest in Patriot National Bancorp Inc. (NASDAQ:PNBK) Increases By 28.8%

Patriot National Bancorp Inc. (NASDAQ:PNBK) saw a significant increase in short interest in the month of January. As of January 30th, there was short interest totaling 2,305,817 shares, an increase of 28.8% from the January 15th total of 1,789,950 shares. Approximately 2.3% of the shares of the company are sold short. Based on an average daily volume of 150,813 shares, the short-interest ratio is presently 15.3 days. Based on an average daily volume of 150,813 shares, the short-interest ratio is presently 15.3 days. Approximately 2.3% of the shares of the company are sold short.

Hedge Funds Weigh In On Patriot National Bancorp

Several hedge funds have recently modified their holdings of PNBK. Bank of America Corp DE increased its holdings in shares of Patriot National Bancorp by 56,671,895.7% in the second quarter. Bank of America Corp DE now owns 13,034,559 shares of the bank’s stock worth $19,813,000 after purchasing an additional 13,034,536 shares during the last quarter. Angel Oak Capital Advisors LLC boosted its position in shares of Patriot National Bancorp by 2,098.6% during the 4th quarter. Angel Oak Capital Advisors LLC now owns 3,292,840 shares of the bank’s stock valued at $5,993,000 after acquiring an additional 3,143,069 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of 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 valued at $1,590,000 after acquiring an additional 1,019,197 shares during the last quarter. Lido Advisors LLC purchased a new position in shares of Patriot National Bancorp in the second quarter valued at $419,000. Finally, Curated Wealth Partners LLC increased its position in Patriot National Bancorp by 39.7% in the third quarter. Curated Wealth Partners LLC now owns 931,297 shares of the bank’s stock worth $1,211,000 after purchasing an additional 264,630 shares during the last quarter. Hedge funds and other institutional investors own 39.25% of the company’s stock.

Patriot National Bancorp Price Performance

Shares of NASDAQ PNBK traded down $0.05 during midday trading on Monday, reaching $1.37. The stock had a trading volume of 315,116 shares, compared to its average volume of 165,020. The company has a market capitalization of $157.54 million, a price-to-earnings ratio of -0.51 and a beta of -0.71. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.94 and a current ratio of 0.96. The stock has a 50-day moving average of $1.62 and a 200-day moving average of $1.47. Patriot National Bancorp has a 12-month low of $0.90 and a 12-month high of $7.47.

Patriot National Bancorp (NASDAQ:PNBK) last announced its quarterly earnings data on Friday, November 14th. The bank reported ($0.03) EPS for the quarter. Patriot National Bancorp had a negative net margin of 35.17% and a negative return on equity of 37.63%. The business had revenue of $7.22 million during the quarter.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Patriot National Bancorp in a research note on Monday, December 29th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock 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.