Short Interest in Safe and Green Development Corporation (NASDAQ:RENX) Drops By 39.2%

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

Analyst Upgrades and Downgrades

RENX has been the topic of several recent analyst reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Safe and Green Development in a report on Wednesday, June 24th. Wall Street Zen lowered 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, Based on data from MarketBeat, the company has an average rating of “Sell”.

Safe and Green Development Stock Performance

Shares of RENX traded up $0.08 during mid-day trading on Tuesday, hitting $1.86. The company’s stock had a trading volume of 48,442 shares, compared to its average volume of 1,412,682. The stock’s 50-day moving average is $1.90 and its two-hundred day moving average is $2.28. The firm has a market capitalization of $4.86 million, a PE ratio of -0.07 and a beta of 3.93. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.16 and a current ratio of 0.16. Safe and Green Development has a one year low of $1.40 and a one year high of $36.00.

Safe and Green Development (NASDAQ:RENX) last released its earnings results on Thursday, August 13th. The company reported ($3.08) EPS for the quarter, missing the consensus estimate 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 company had revenue of $4.26 million for the quarter, compared to analyst estimates of $4.12 million. As a group, sell-side analysts anticipate that Safe and Green Development will post -5.86 EPS for the current year.

Institutional Investors Weigh In On Safe and Green Development

A hedge fund recently bought a new position in Safe and Green Development stock. Citadel Advisors LLC bought a new position in shares of Safe and Green Development Corporation (NASDAQ:RENX) during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 37,346 shares of the company’s stock, valued at approximately $50,000. Citadel Advisors LLC owned approximately 0.42% of Safe and Green Development as of its most recent SEC filing. Institutional investors own 2.59% of the company’s stock.

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.