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

Summit State Bank (NASDAQ:SSBI) was the recipient of a significant decrease in short interest in the month of April. As of April 15th, there was short interest totalling 7,100 shares, a decrease of 15.5% from the March 31st total of 8,400 shares. Currently, 0.2% of the shares of the stock are sold short. Based on an average daily volume of 4,300 shares, the days-to-cover ratio is currently 1.7 days.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Summit State Bank stock. Salzhauer Michael grew its holdings in shares of Summit State Bank (NASDAQ:SSBI) by 6.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 46,197 shares of the bank’s stock after acquiring an additional 3,000 shares during the quarter. Salzhauer Michael’s holdings in Summit State Bank were worth $501,000 at the end of the most recent quarter.

Summit State Bank Stock Up 1.8 %

Shares of NASDAQ SSBI traded up $0.18 during midday trading on Tuesday, hitting $9.97. 3,614 shares of the company’s stock were exchanged, compared to its average volume of 3,898. The business’s fifty day moving average price is $10.56 and its two-hundred day moving average price is $11.80. Summit State Bank has a 12-month low of $9.55 and a 12-month high of $18.67.

Summit State Bank (NASDAQ:SSBI) last issued its quarterly earnings results on Tuesday, January 30th. The bank reported $0.28 EPS for the quarter. The company had revenue of $8.13 million during the quarter.

Analysts Set New Price Targets

Separately, TheStreet lowered Summit State Bank from a “b-” rating to a “c+” rating in a research note on Thursday, January 18th.

About Summit State Bank

Summit State Bank provides various banking products and services to individuals and businesses primarily in Sonoma County, California. It offers personal and business checking, money market, sweep, savings, and demand accounts; time certificates of deposit; and specialized deposit accounts, such as professional, small business packaged, tiered, and retirement plan accounts.