Summit State Bank (NASDAQ:SSBI) Sees Significant Increase in Short Interest

Summit State Bank (NASDAQ:SSBI) saw a significant growth in short interest in December. As of December 15th, there was short interest totaling 9,322 shares, a growth of 40.2% from the November 30th total of 6,648 shares. Based on an average daily volume of 10,050 shares, the short-interest ratio is presently 0.9 days. Approximately 0.1% of the company’s shares are sold short. Approximately 0.1% of the company’s shares are sold short. Based on an average daily volume of 10,050 shares, the short-interest ratio is presently 0.9 days.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “sell (d)” rating on shares of Summit State Bank in a report on Monday, December 22nd. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock presently has an average rating of “Sell”.

Summit State Bank Stock Down 0.4%

Shares of SSBI stock opened at $11.70 on Tuesday. The firm has a 50 day moving average of $11.15 and a two-hundred day moving average of $11.40. The stock has a market capitalization of $79.29 million, a PE ratio of -90.00 and a beta of 0.20. Summit State Bank has a 52 week low of $6.95 and a 52 week high of $12.60.

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

Hedge Funds Weigh In On Summit State Bank

Several hedge funds and other institutional investors have recently made changes to their positions in SSBI. M3F Inc. increased its stake in shares of Summit State Bank by 17.1% during the second quarter. M3F Inc. now owns 352,850 shares of the bank’s stock worth $3,825,000 after buying an additional 51,417 shares during the period. Susquehanna International Group LLP acquired a new position in Summit State Bank during the 3rd quarter worth approximately $166,000. Finally, Alliancebernstein L.P. acquired a new position in Summit State Bank during the 3rd quarter worth approximately $1,126,000.

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.