Manhattan Bridge Capital, Inc (NASDAQ:LOAN) Stock Short Interest Rises 342.6%

Manhattan Bridge Capital, Inc (NASDAQ:LOAN) was the target of a significant growth in short interest during the month of October. As of October 15th, there was short interest totaling 56,608 shares, a growth of 342.6% from the September 30th total of 12,789 shares. Based on an average daily trading volume, of 63,589 shares, the days-to-cover ratio is currently 0.9 days. Currently, 0.7% of the shares of the company are sold short.

Manhattan Bridge Capital Price Performance

NASDAQ LOAN opened at $3.46 on Wednesday. The company’s 50 day moving average is $3.82 and its 200-day moving average is $4.23. Manhattan Bridge Capital has a 12-month low of $3.31 and a 12-month high of $5.19.

Manhattan Bridge Capital (NASDAQ:LOAN) last released its quarterly earnings data on Wednesday, October 21st. The credit services provider reported $0.11 EPS for the quarter, hitting the consensus estimate of $0.11. The business had revenue of $2.06 million during the quarter, compared to the consensus estimate of $2.05 million. On average, equities analysts expect that Manhattan Bridge Capital will post 0.42 EPS for the current year.

Manhattan Bridge Capital Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Shareholders of record on Thursday, December 31st will be issued a dividend of $0.1050 per share. This represents a $0.42 dividend on an annualized basis and a yield of 12.1%. The ex-dividend date of this dividend is Thursday, December 31st. This is a negative change from Manhattan Bridge Capital’s previous quarterly dividend of $0.11.

Analyst Ratings Changes

LOAN has been the subject of several recent research reports. Weiss Ratings lowered Manhattan Bridge Capital from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, October 8th. Zacks Research upgraded Manhattan Bridge Capital to a “hold” rating in a research note on Monday, October 5th. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Reduce”.

Insider Transactions at Manhattan Bridge Capital

In other news, CEO Assaf Ran purchased 10,000 shares of the company’s stock in a transaction dated Thursday, October 22nd. The shares were purchased at an average price of $3.47 per share, with a total value of $34,700.00. Following the transaction, the chief executive officer directly owned 1,245,000 shares of the company’s stock, valued at approximately $4,320,150. This represents a 0.81% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 24.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Manhattan Bridge Capital

Several institutional investors have recently made changes to their positions in LOAN. RW Investment Management LLC bought a new position in shares of Manhattan Bridge Capital in the second quarter worth $59,000. Eclectic Associates Inc. ADV purchased a new position in shares of Manhattan Bridge Capital in the second quarter valued at $190,000. BlackRock Inc. purchased a new position in shares of Manhattan Bridge Capital in the second quarter valued at $198,000. Renaissance Technologies LLC raised its stake in shares of Manhattan Bridge Capital by 7.9% during the 1st quarter. Renaissance Technologies LLC now owns 196,018 shares of the credit services provider’s stock valued at $872,000 after purchasing an additional 14,290 shares during the period. Finally, Frazier Financial Advisors LLC raised its stake in shares of Manhattan Bridge Capital by 156.0% during the 1st quarter. Frazier Financial Advisors LLC now owns 203,866 shares of the credit services provider’s stock valued at $907,000 after purchasing an additional 124,229 shares during the period. Hedge funds and other institutional investors own 21.84% of the company’s stock.

Manhattan Bridge Capital Company Profile

Manhattan Bridge Capital, Inc (NASDAQ:LOAN) is a self-managed real estate investment trust that originates, services and manages loans secured by first mortgages on real property. The company primarily provides short-term, interest-only financing to real estate investors and owners who may require capital for property acquisitions, renovations, construction or other development-related needs.

Its loan portfolio is focused mainly on residential and commercial properties in the New York metropolitan area, including New York City and Long Island.