Safe and Green Development Corporation (NASDAQ:RENX) Short Interest Down 41.0% in August

Safe and Green Development Corporation (NASDAQ:RENX) was the target of a significant decline in short interest in the month of August. As of August 14th, there was short interest totaling 11,377 shares, a decline of 41.0% from the July 30th total of 19,293 shares. Currently, 0.5% of the shares of the company are sold short. Based on an average trading volume of 45,039 shares, the short-interest ratio is currently 0.3 days.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on RENX shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Safe and Green Development in a research report on Wednesday, June 24th. Zacks Research upgraded Safe and Green Development to a “hold” rating in a research note on Tuesday, August 25th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Reduce”.

Institutional Inflows and Outflows

A hedge fund recently raised its position in Safe and Green Development stock. Virtu Financial LLC raised its stake in shares of Safe and Green Development Corporation (NASDAQ:RENX) by 127.9% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 26,645 shares of the company’s stock after buying an additional 14,954 shares during the quarter. Virtu Financial LLC owned about 0.30% of Safe and Green Development worth $36,000 at the end of the most recent reporting period. Institutional investors own 2.59% of the company’s stock.

Safe and Green Development Stock Performance

Shares of RENX traded down $0.01 during trading hours on Monday, hitting $2.00. The company’s stock had a trading volume of 84,218 shares, compared to its average volume of 1,340,498. The business has a 50 day simple moving average of $1.94 and a two-hundred day simple moving average of $2.22. Safe and Green Development has a 52-week low of $1.40 and a 52-week high of $36.00. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.16 and a quick ratio of 0.16. The company has a market cap of $5.30 million, a price-to-earnings ratio of -0.07 and a beta of 3.93.

Safe and Green Development (NASDAQ:RENX) last issued its earnings results on Thursday, August 13th. The company reported ($3.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.56) by ($1.52). Safe and Green Development had a negative net margin of 169.20% and a negative return on equity of 550.70%. The business had revenue of $4.26 million for the quarter, compared to the consensus estimate of $4.12 million. On average, equities analysts expect that Safe and Green Development will post -5.86 earnings per share for the current fiscal year.

Safe and Green Development Company Profile

Safe and Green Development Corporation operates as a real estate development company. It focuses on building single and multifamily projects. The company was formerly known as SGB Development Corp. and changed its name to Safe and Green Development Corporation in December 2022. The company was incorporated in 2021 and is based in Miami, Florida. Safe and Green Development Corporation is a subsidiary of Safe & Green Holdings Corp.