Short Interest in Safe and Green Development Corporation (NASDAQ:RENX) Declines By 40.2%

Safe and Green Development Corporation (NASDAQ:RENX) was the target of a large drop in short interest in the month of May. As of May 29th, there was short interest totaling 108,498 shares, a drop of 40.2% from the May 14th total of 181,491 shares. Currently, 5.0% of the company’s shares are sold short. Based on an average daily trading volume, of 364,157 shares, the days-to-cover ratio is currently 0.3 days.

Analysts Set New Price Targets

Several research analysts recently weighed in on RENX shares. Wall Street Zen lowered Safe and Green Development from a “hold” rating to a “sell” rating in a research report on Saturday, May 2nd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Safe and Green Development in a research report on Friday, March 27th. One analyst has rated the stock with a Sell rating, According to MarketBeat, Safe and Green Development presently has a consensus rating of “Sell”.

Institutional Trading of Safe and Green Development

An institutional investor recently bought a new position in Safe and Green Development stock. Citadel Advisors LLC purchased a new stake in Safe and Green Development Corporation (NASDAQ:RENX) in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor purchased 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 at the end of the most recent quarter. Institutional investors and hedge funds own 2.59% of the company’s stock.

Safe and Green Development Trading Up 2.9%

Shares of RENX opened at $1.78 on Wednesday. The company has a current ratio of 0.07, a quick ratio of 0.07 and a debt-to-equity ratio of 3.45. The firm has a market capitalization of $4.65 million, a P/E ratio of -0.03 and a beta of 4.23. The stock’s fifty day simple moving average is $2.10 and its 200 day simple moving average is $3.86. Safe and Green Development has a twelve month low of $1.40 and a twelve month high of $47.20.

Safe and Green Development (NASDAQ:RENX) last announced its quarterly earnings results on Wednesday, April 1st. The company reported $3.01 earnings per share (EPS) for the quarter. Safe and Green Development had a negative return on equity of 596.53% and a negative net margin of 190.02%.The firm had revenue of $5.57 million during the quarter. On average, equities research analysts forecast that Safe and Green Development will post -5.86 earnings per share for the current 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.