Safe and Green Development (NASDAQ:SGD) Stock Price Up 42.3% – Still a Buy?

Safe and Green Development Corporation (NASDAQ:SGD)’s share price shot up 42.3% on Thursday . The company traded as high as $0.34 and last traded at $0.2518. 38,092,308 shares were traded during mid-day trading, an increase of 1,704% from the average session volume of 2,111,884 shares. The stock had previously closed at $0.1770.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Wall Street Zen upgraded Safe and Green Development to a “sell” rating in a research report on Friday, October 3rd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Safe and Green Development in a report on Wednesday, October 8th. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company presently has a consensus rating of “Sell”.

Safe and Green Development Stock Up 0.6%

The company has a market cap of $2.25 million, a PE ratio of -0.06 and a beta of 3.50. The stock has a 50-day moving average of $0.90 and a 200-day moving average of $1.05. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 1.79.

Safe and Green Development (NASDAQ:SGD) last announced its earnings results on Friday, November 14th. The company reported ($1.12) earnings per share for the quarter. Safe and Green Development had a negative return on equity of 733.82% and a negative net margin of 277.22%.The business had revenue of $5.01 million during the quarter.

Hedge Funds Weigh In On Safe and Green Development

An institutional investor recently bought a new position in Safe and Green Development stock. Citadel Advisors LLC acquired a new stake in shares of Safe and Green Development Corporation (NASDAQ:SGD) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 37,346 shares of the company’s stock, valued at approximately $50,000. Citadel Advisors LLC owned approximately 0.42% of Safe and Green Development as of its most recent filing with the SEC. 2.59% of the stock is owned by institutional investors.

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.