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

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

Analysts Set New Price Targets

A number of brokerages have recently weighed in on RENX. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Safe and Green Development in a research note on Monday, September 21st. Zacks Research upgraded Safe and Green Development to a “hold” rating in a research note on Tuesday, August 25th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Safe and Green Development currently has an average rating of “Reduce”.

Safe and Green Development Trading Down 4.6%

Shares of NASDAQ RENX traded down $0.05 during midday trading on Friday, reaching $1.03. 22,242 shares of the stock were exchanged, compared to its average volume of 113,062. Safe and Green Development has a 12 month low of $0.95 and a 12 month high of $24.60. The company has a market capitalization of $3.58 million, a price-to-earnings ratio of -0.04 and a beta of 3.85. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.16 and a quick ratio of 0.16. The business has a 50-day simple moving average of $1.77 and a two-hundred day simple moving average of $2.20.

Safe and Green Development (NASDAQ:RENX) last released its quarterly earnings data on Thursday, August 13th. The company reported ($3.08) EPS for the quarter, missing the consensus estimate of ($1.56) by ($1.52). The company had revenue of $4.26 million during the quarter, compared to analyst estimates of $4.12 million. Safe and Green Development had a negative net margin of 169.20% and a negative return on equity of 550.70%. As a group, equities research analysts expect that Safe and Green Development will post -5.86 EPS for the current year.

About Safe and Green Development

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.