Safe and Green Development Corporation (NASDAQ:RENX) Stock Short Interest Declines 65.2%

Safe and Green Development Corporation (NASDAQ:RENX) was the recipient of a significant decrease in short interest in the month of October. As of October 15th, there was short interest totaling 17,857 shares, a decrease of 65.2% from the September 30th total of 51,289 shares. Based on an average daily trading volume, of 92,350 shares, the days-to-cover ratio is presently 0.2 days. Currently, 0.6% of the company’s shares are short sold.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on RENX shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Safe and Green Development in a research note on Monday, September 21st. Zacks Research raised shares of Safe and Green Development to a “hold” rating in a research report on Tuesday, August 25th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Safe and Green Development presently has a consensus rating of “Reduce”.

Safe and Green Development Stock Down 5.5%

NASDAQ RENX traded down $0.06 on Thursday, hitting $1.04. 55,975 shares of the stock traded hands, compared to its average volume of 1,096,961. The stock has a 50-day moving average of $1.81 and a 200 day moving average of $2.24. Safe and Green Development has a twelve month low of $0.95 and a twelve month high of $24.60. The company has a market capitalization of $3.61 million, a P/E ratio of -0.04 and a beta of 3.85. The company has a current ratio of 0.16, a quick 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) EPS for the quarter, missing the consensus estimate of ($1.56) by ($1.52). The firm had revenue of $4.26 million during the quarter, compared to analyst estimates of $4.12 million. Safe and Green Development had a negative return on equity of 550.70% and a negative net margin of 169.20%. As a group, analysts expect that Safe and Green Development will post -5.86 earnings per share for the current fiscal year.

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.