Patriot National, Inc. (NYSE:PN) shares were down 66% on Thursday . The stock traded as low as $0.27 and last traded at $0.36. Approximately 3,118,000 shares traded hands during mid-day trading, an increase of 2,073% from the average daily volume of 143,458 shares. The stock had previously closed at $1.06.

Separately, ValuEngine upgraded shares of Patriot National from a “hold” rating to a “buy” rating in a research report on Wednesday.

The firm has a market cap of $9.67, a PE ratio of 1.44 and a beta of 2.73.

A hedge fund recently raised its stake in Patriot National stock. JT Stratford LLC increased its stake in Patriot National, Inc. (NYSE:PN) by 134.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 368,507 shares of the financial services provider’s stock after purchasing an additional 211,430 shares during the period. JT Stratford LLC owned 1.18% of Patriot National worth $781,000 as of its most recent SEC filing. 12.55% of the stock is owned by institutional investors and hedge funds.

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About Patriot National

Patriot National, Inc is an independent national provider of technology-enabled outsourcing solutions that help insurance carriers, employers and other clients mitigate risk and comply with complex regulations. It offers a range of end-to-end insurance related and specialty services. The Company principally offers approximately two types of services: front-end services, such as brokerage, underwriting and policyholder services, and back-end services, such as claims adjudication and administration.

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