Sachem Capital Corp (NYSEAMERICAN:SACH) was the target of a large drop in short interest during the month of September. As of September 30th, there was short interest totalling 53,500 shares, a drop of 21.0% from the September 15th total of 67,700 shares. Based on an average daily volume of 68,700 shares, the short-interest ratio is currently 0.8 days. Currently, 0.3% of the company’s shares are sold short.
Shares of NYSEAMERICAN:SACH traded up $0.16 during trading on Friday, reaching $4.28. 134,324 shares of the stock were exchanged, compared to its average volume of 87,251. Sachem Capital has a 12 month low of $1.20 and a 12 month high of $4.78.
Sachem Capital (NYSEAMERICAN:SACH) last issued its quarterly earnings data on Monday, August 10th. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.05.
Several hedge funds have recently added to or reduced their stakes in SACH. Bessemer Group Inc. acquired a new stake in shares of Sachem Capital in the 2nd quarter worth about $474,000. TIAA FSB bought a new position in Sachem Capital in the 3rd quarter valued at $210,000. Advisor Group Holdings Inc. bought a new position in Sachem Capital in the 1st quarter valued at $39,000. JPMorgan Chase & Co. boosted its holdings in Sachem Capital by 31.6% in the 1st quarter. JPMorgan Chase & Co. now owns 81,278 shares of the company’s stock valued at $141,000 after purchasing an additional 19,507 shares during the period. Finally, Beacon Financial Advisory LLC boosted its holdings in Sachem Capital by 92.7% in the 2nd quarter. Beacon Financial Advisory LLC now owns 20,790 shares of the company’s stock valued at $61,000 after purchasing an additional 10,000 shares during the period.
Several research firms have recently issued reports on SACH. LADENBURG THALM/SH SH upgraded Sachem Capital from a “neutral” rating to a “buy” rating in a research report on Monday, August 10th. Aegis restated a “buy” rating and issued a $4.00 price target on shares of Sachem Capital in a research report on Tuesday, June 23rd. Finally, Zacks Investment Research upgraded Sachem Capital from a “hold” rating to a “buy” rating and set a $4.50 price target on the stock in a research report on Tuesday, October 6th.
About Sachem Capital
Sachem Capital Corp. operates as a real estate finance company. The company engages in originating, underwriting, funding, servicing, and managing a portfolio of short-term loans secured by first mortgage liens on real property located primarily in Connecticut. It offers loans to real estate investors to fund their acquisition, renovation, development, rehabilitation, or improvement of properties located in Connecticut, Massachusetts, Florida, New York, Vermont, and Rhode Island.
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