NewtekOne, Inc. (NASDAQ:NEWT) Sees Large Growth in Short Interest

NewtekOne, Inc. (NASDAQ:NEWT) was the target of a large increase in short interest during the month of February. As of February 28th, there was short interest totalling 1,430,000 shares, an increase of 23.3% from the February 13th total of 1,160,000 shares. Based on an average daily trading volume, of 171,300 shares, the days-to-cover ratio is currently 8.3 days. Approximately 5.8% of the shares of the stock are short sold.

Insider Activity at NewtekOne

In related news, CEO Barry Sloane bought 3,000 shares of the company’s stock in a transaction dated Monday, December 23rd. The stock was purchased at an average price of $12.95 per share, with a total value of $38,850.00. Following the completion of the acquisition, the chief executive officer now owns 1,164,855 shares of the company’s stock, valued at $15,084,872.25. The trade was a 0.26 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have acquired 4,750 shares of company stock valued at $61,368 over the last ninety days. 6.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On NewtekOne

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Connective Capital Management LLC bought a new position in NewtekOne during the 4th quarter worth approximately $250,000. Two Sigma Investments LP raised its stake in NewtekOne by 24.2% during the fourth quarter. Two Sigma Investments LP now owns 90,407 shares of the business services provider’s stock worth $1,154,000 after buying an additional 17,629 shares during the last quarter. Man Group plc lifted its holdings in NewtekOne by 13.0% in the fourth quarter. Man Group plc now owns 50,790 shares of the business services provider’s stock valued at $649,000 after buying an additional 5,843 shares during the period. Nuveen Asset Management LLC boosted its position in NewtekOne by 59.3% during the fourth quarter. Nuveen Asset Management LLC now owns 68,230 shares of the business services provider’s stock valued at $871,000 after acquiring an additional 25,399 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of NewtekOne by 8.5% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,806 shares of the business services provider’s stock worth $176,000 after acquiring an additional 1,081 shares in the last quarter. 38.35% of the stock is owned by institutional investors and hedge funds.

NewtekOne Stock Up 1.6 %

NASDAQ:NEWT opened at $12.51 on Thursday. The company has a debt-to-equity ratio of 4.98, a current ratio of 0.75 and a quick ratio of 0.75. NewtekOne has a one year low of $10.07 and a one year high of $15.49. The firm’s 50 day simple moving average is $12.70 and its 200 day simple moving average is $12.95. The company has a market cap of $329.08 million, a PE ratio of 6.99 and a beta of 1.33.

NewtekOne (NASDAQ:NEWT) last issued its quarterly earnings data on Wednesday, February 26th. The business services provider reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.03. The company had revenue of $75.37 million for the quarter, compared to analysts’ expectations of $69.55 million. NewtekOne had a net margin of 14.92% and a return on equity of 18.73%. On average, research analysts anticipate that NewtekOne will post 1.93 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, B. Riley boosted their target price on shares of NewtekOne from $13.00 to $14.00 and gave the stock a “neutral” rating in a research note on Thursday, December 19th.

About NewtekOne

NewtekOne, Inc operates as the bank holding company for Newtek Bank, National Association that engages in the provision of various business and financial solutions under the Newtek brand name to the small- and medium-sized business market. The company accepts demand, savings, NOW, money market, and time deposits; and provides loans including SBA loans, commercial and industrial loans, and commercial real estate loans.