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

Safe and Green Development Corporation (NASDAQ:RENX) was the target of a large drop in short interest in 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. Based on an average daily volume of 364,157 shares, the days-to-cover ratio is currently 0.3 days. Approximately 5.0% of the company’s stock are sold short.

Safe and Green Development Stock Down 0.6%

Shares of RENX traded down $0.01 during midday trading on Monday, reaching $1.73. The stock had a trading volume of 105,925 shares, compared to its average volume of 1,931,413. Safe and Green Development has a 1-year low of $1.40 and a 1-year high of $47.20. The company’s fifty day simple moving average is $2.11 and its two-hundred day simple moving average is $4.13. The company has a market cap of $4.52 million, a price-to-earnings ratio of -0.02 and a beta of 4.25. The company has a debt-to-equity ratio of 3.45, a current ratio of 0.07 and a quick ratio of 0.07.

Safe and Green Development (NASDAQ:RENX) last announced its quarterly earnings data on Wednesday, April 1st. The company reported $3.01 earnings per share 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 for the quarter. Equities research analysts expect that Safe and Green Development will post -5.86 earnings per share for the current year.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Safe and Green Development stock. Virtu Financial LLC lifted its stake in Safe and Green Development Corporation (NASDAQ:RENX) by 127.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (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 approximately 0.30% of Safe and Green Development worth $36,000 at the end of the most recent quarter. 2.59% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Wall Street Zen lowered shares of Safe and Green Development from a “hold” rating to a “sell” rating in a report on Saturday, May 2nd. Weiss Ratings restated a “sell (e+)” rating on shares of Safe and Green Development in a report on Friday, March 27th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company has an average rating of “Sell”.

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.