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

Safe and Green Development Corporation (NASDAQ:RENX) was the target of a significant drop in short interest in the month of July. As of July 31st, there was short interest totaling 19,293 shares, a drop of 39.2% from the July 15th total of 31,722 shares. Based on an average daily volume of 55,665 shares, the short-interest ratio is presently 0.3 days. Currently, 0.9% of the company’s shares are short sold.

Safe and Green Development Stock Up 4.2%

Shares of NASDAQ:RENX opened at $1.97 on Thursday. The business’s 50 day moving average is $1.91 and its 200 day moving average is $2.27. The stock has a market cap of $5.22 million, a P/E ratio of -0.07 and a beta of 3.94. Safe and Green Development has a 52-week low of $1.40 and a 52-week high of $36.00. 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 (NASDAQ:RENX) last issued its 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 the consensus estimate of $4.12 million. Sell-side analysts predict that Safe and Green Development will post -5.86 EPS for the current year.

Analysts Set New Price Targets

RENX has been the subject of a number of recent analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Safe and Green Development in a research note on Wednesday, June 24th. Wall Street Zen downgraded shares of Safe and Green Development from a “hold” rating to a “sell” rating in a research note on Saturday, May 2nd. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock has a consensus rating of “Sell”.

Institutional Trading of Safe and Green Development

A hedge fund recently raised its stake in Safe and Green Development stock. Virtu Financial LLC boosted its holdings in shares of Safe and Green Development Corporation (NASDAQ:RENX) by 127.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,645 shares of the company’s stock after acquiring an additional 14,954 shares during the period. Virtu Financial LLC owned about 0.30% of Safe and Green Development worth $36,000 as of its most recent filing with the Securities and Exchange Commission (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.