Safe and Green Development Corporation (NASDAQ:RENX) Short Interest Down 40.2% in May

Safe and Green Development Corporation (NASDAQ:RENX) was the recipient of a large drop in short interest during the month of May. As of May 29th, there was short interest totaling 108,498 shares, a drop of 40.2% from the May 14th total of 181,491 shares. Currently, 5.0% of the company’s stock are short sold. Based on an average daily trading volume, of 364,157 shares, the short-interest ratio is currently 0.3 days.

Analyst Ratings Changes

A number of research firms recently commented on RENX. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Safe and Green Development in a research report on Friday, March 27th. Wall Street Zen downgraded shares of Safe and Green Development from a “hold” rating to a “sell” rating in a research report on Saturday, May 2nd. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Safe and Green Development currently has a consensus rating of “Sell”.

Safe and Green Development Stock Performance

Safe and Green Development stock traded down $0.01 during midday trading on Monday, hitting $1.73. 105,925 shares of the company’s stock were exchanged, compared to its average volume of 1,931,413. The firm’s 50 day simple moving average is $2.11 and its 200 day simple moving average is $4.13. Safe and Green Development has a 12-month low of $1.40 and a 12-month high of $47.20. The company has a debt-to-equity ratio of 3.45, a quick ratio of 0.07 and a current ratio of 0.07. The stock has a market cap of $4.52 million, a price-to-earnings ratio of -0.02 and a beta of 4.25.

Safe and Green Development (NASDAQ:RENX) last announced its earnings results on Wednesday, April 1st. The company reported $3.01 EPS for the quarter. Safe and Green Development had a negative net margin of 190.02% and a negative return on equity of 596.53%. The business had revenue of $5.57 million during the quarter. Equities research analysts predict that Safe and Green Development will post -5.86 EPS for the current year.

Institutional Investors Weigh In On Safe and Green Development

A hedge fund recently raised its stake in Safe and Green Development stock. Virtu Financial LLC grew its holdings in Safe and Green Development Corporation (NASDAQ:RENX) by 127.9% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 26,645 shares of the company’s stock after buying an additional 14,954 shares during the period. Virtu Financial LLC owned 0.30% of Safe and Green Development worth $36,000 at the end of the most recent reporting period. 2.59% of the stock is currently owned by institutional investors and hedge funds.

About Safe and Green Development

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.