Safe and Green Development Corporation (NASDAQ:RENX) Sees Significant Increase in Short Interest

Safe and Green Development Corporation (NASDAQ:RENX) was the target of a large growth in short interest in September. As of September 15th, there was short interest totaling 195,017 shares, a growth of 2,241.7% from the August 31st total of 8,328 shares. Currently, 8.9% of the company’s stock are sold short. Based on an average trading volume of 100,283 shares, the days-to-cover ratio is currently 1.9 days.

Analyst Upgrades and Downgrades

A number of brokerages have commented on RENX. Zacks Research upgraded Safe and Green Development to a “hold” rating in a research note on Tuesday, August 25th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Safe and Green Development in a research note on Monday. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Safe and Green Development currently has a consensus rating of “Reduce”.

Safe and Green Development Stock Up 12.7%

Shares of NASDAQ RENX traded up $0.23 during trading on Thursday, reaching $2.04. 353,079 shares of the stock were exchanged, compared to its average volume of 1,228,208. The company has a market capitalization of $5.40 million, a price-to-earnings ratio of -0.07 and a beta of 3.96. The business’s 50-day moving average price is $1.90 and its 200 day moving average price is $2.05. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 1.06. Safe and Green Development has a twelve month low of $1.40 and a twelve month high of $33.00.

Safe and Green Development (NASDAQ:RENX) last released its quarterly earnings results on Thursday, August 13th. The company reported ($3.08) earnings per share 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 firm had revenue of $4.26 million for the quarter, compared to analyst estimates of $4.12 million. As a group, equities analysts forecast that Safe and Green Development will post -5.86 EPS for the current fiscal year.

About Safe and Green Development

Safe and Green Development Corporation is a real estate development company focused on acquiring, developing and managing residential and commercial properties. The company seeks to create projects that incorporate sustainable building practices and modular construction methods.

Its activities may include land acquisition, project planning, development and property management. Safe and Green Development has been associated with the broader Safe & Green corporate platform, which provides experience in modular and environmentally focused construction solutions.

The company’s operations are focused in the United States, although its geographic presence and development pipeline may change as projects are acquired or completed.