Short Interest in Summit State Bank (NASDAQ:SSBI) Increases By 30.0%

by · The Cerbat Gem

Summit State Bank (NASDAQ:SSBI – Get Free Report) was the recipient of a large growth in short interest in the month of December. As of December 31st, there was short interest totaling 12,120 shares, a growth of 30.0% from the December 15th total of 9,322 shares. Approximately 0.2% of the company’s stock are short sold. Based on an average daily trading volume, of 5,297 shares, the days-to-cover ratio is presently 2.3 days. Based on an average daily trading volume, of 5,297 shares, the days-to-cover ratio is presently 2.3 days. Approximately 0.2% of the company’s stock are short sold.

Hedge Funds Weigh In On Summit State Bank

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Alliancebernstein L.P. purchased a new position in shares of Summit State Bank during the 3rd quarter worth $1,126,000. M3F Inc. raised its stake in shares of Summit State Bank by 17.1% in 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. Finally, Susquehanna International Group LLP purchased a new position in shares of Summit State Bank during the 3rd quarter valued at about $166,000.

Summit State Bank Stock Up 3.8%

Summit State Bank stock traded up $0.48 during trading hours on Friday, hitting $12.98. The stock had a trading volume of 24,042 shares, compared to its average volume of 4,476. The stock’s 50-day moving average price is $11.40 and its 200-day moving average price is $11.60. The stock has a market capitalization of $88.00 million, a P/E ratio of -99.85 and a beta of 0.18. Summit State Bank has a 12-month low of $6.95 and a 12-month high of $13.05.

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

Analyst Upgrades and Downgrades

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

Get Our Latest Analysis on Summit State Bank

About Summit State Bank

(Get Free Report)

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.

See Also