Safe and Green Development (NASDAQ:RENX) Announces Quarterly Earnings Results, Misses Estimates By $1.52 EPS

Safe and Green Development (NASDAQ:RENX) announced its quarterly earnings results on Thursday. The company reported ($3.08) earnings per share for the quarter, missing the consensus estimate of ($1.56) by ($1.52), Zacks reports. Safe and Green Development had a negative net margin of 190.02% and a negative return on equity of 596.53%.

Safe and Green Development Stock Performance

Shares of Safe and Green Development stock remained flat at $2.00 on Thursday. The company had a trading volume of 63,174 shares, compared to its average volume of 1,436,982. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 3.45. Safe and Green Development has a 1 year low of $1.40 and a 1 year high of $36.00. The firm’s 50-day moving average is $1.90 and its two-hundred day moving average is $2.30. The firm has a market cap of $5.22 million, a P/E ratio of -0.03 and a beta of 3.94.

Hedge Funds Weigh In On Safe and Green Development

A hedge fund recently raised its stake in Safe and Green Development stock. Virtu Financial LLC grew its holdings in Safe and Green Development Corporation (NASDAQ:RENX) by 127.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 26,645 shares of the company’s stock after buying an additional 14,954 shares during the quarter. Virtu Financial LLC owned 0.30% of Safe and Green Development worth $36,000 as of its most recent SEC filing. 2.59% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on RENX. Wall Street Zen cut shares of Safe and Green Development from a “hold” rating to a “sell” rating in a research note on Saturday, May 2nd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Safe and Green Development in a research note on Wednesday, June 24th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company has a consensus rating of “Sell”.

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.