Summit State Bank (NASDAQ:SSBI) Short Interest Up 30.0% in December

Summit State Bank (NASDAQ:SSBI) saw a large increase in short interest in the month of December. As of December 31st, there was short interest totaling 12,120 shares, an increase of 30.0% from the December 15th total of 9,322 shares. Based on an average trading volume of 5,297 shares, the short-interest ratio is presently 2.3 days. Currently, 0.2% of the shares of the company are short sold. Currently, 0.2% of the shares of the company are short sold. Based on an average trading volume of 5,297 shares, the short-interest ratio is presently 2.3 days.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “sell (d)” rating on shares of Summit State Bank in a research note on Monday, December 22nd. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock has an average rating of “Sell”.

Hedge Funds Weigh In On Summit State Bank

Large investors have recently modified their holdings of the stock. Susquehanna International Group LLP purchased a new stake in shares of Summit State Bank during the third quarter valued at $166,000. Alliancebernstein L.P. purchased a new stake in Summit State Bank in the 3rd quarter valued at about $1,126,000. Finally, M3F Inc. grew its stake in Summit State Bank by 17.1% in the 2nd quarter. M3F Inc. now owns 352,850 shares of the bank’s stock worth $3,825,000 after acquiring an additional 51,417 shares in the last quarter.

Summit State Bank Price Performance

Shares of SSBI stock traded up $0.48 during mid-day trading on Friday, hitting $12.98. The company had a trading volume of 24,042 shares, compared to its average volume of 4,476. The stock’s 50 day moving average price is $11.40 and its 200-day moving average price is $11.60. Summit State Bank has a 52-week low of $6.95 and a 52-week high of $13.05. The company has a market capitalization of $88.00 million, a P/E ratio of -99.85 and a beta of 0.18.

Summit State Bank (NASDAQ:SSBI) last announced its quarterly earnings results on Wednesday, October 29th. The bank reported $0.12 EPS for the quarter. The company had revenue of $9.55 million during the quarter.

About Summit State Bank

Summit State Bank (NASDAQ: SSBI) is a California-chartered commercial bank that provides a comprehensive suite of banking and financial services to business and professional clients, as well as individuals. The bank’s core business activities include commercial and industrial lending, commercial real estate financing, business deposit products, treasury management services, and consumer deposit accounts. Through these offerings, Summit State Bank aims to support the growth and operational needs of small- and mid-sized enterprises across its markets.

In addition to its commercial lending solutions, Summit State Bank offers private banking services tailored to high-net-worth individuals, including customized lending, wealth management referrals, and trust services.