Hanover Bancorp, Inc. (NASDAQ:HNVR) Sees Significant Growth in Short Interest

Hanover Bancorp, Inc. (NASDAQ:HNVR) saw a significant growth in short interest during the month of January. As of January 15th, there was short interest totalling 53,100 shares, a growth of 742.9% from the December 31st total of 6,300 shares. Approximately 1.3% of the shares of the stock are sold short. Based on an average daily volume of 21,700 shares, the short-interest ratio is currently 2.4 days.

Analysts Set New Price Targets

A number of research analysts have issued reports on HNVR shares. Stephens downgraded shares of Hanover Bancorp from an “overweight” rating to an “equal weight” rating in a research report on Monday, December 9th. Piper Sandler increased their price objective on shares of Hanover Bancorp from $20.00 to $22.00 and gave the company an “overweight” rating in a report on Thursday, October 24th.

Hanover Bancorp Stock Down 0.4 %

Shares of HNVR stock traded down $0.10 on Tuesday, hitting $26.30. 10,029 shares of the stock were exchanged, compared to its average volume of 15,313. The business has a 50-day moving average of $23.95 and a 200 day moving average of $20.32. Hanover Bancorp has a fifty-two week low of $13.62 and a fifty-two week high of $27.14. The firm has a market capitalization of $188.12 million, a P/E ratio of 15.94 and a beta of -0.04. The company has a current ratio of 1.03, a quick ratio of 1.02 and a debt-to-equity ratio of 0.13.

Insider Transactions at Hanover Bancorp

In related news, Director Robert Golden sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $25.50, for a total value of $63,750.00. Following the completion of the sale, the director now owns 28,345 shares of the company’s stock, valued at $722,797.50. This trade represents a 8.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 24.76% of the company’s stock.

Hedge Funds Weigh In On Hanover Bancorp

A number of large investors have recently bought and sold shares of HNVR. Renaissance Technologies LLC bought a new stake in shares of Hanover Bancorp in the second quarter worth $170,000. Fourthstone LLC bought a new stake in Hanover Bancorp during the 3rd quarter worth about $877,000. Finally, Geode Capital Management LLC lifted its position in Hanover Bancorp by 46.5% during the 3rd quarter. Geode Capital Management LLC now owns 43,512 shares of the company’s stock worth $779,000 after buying an additional 13,803 shares in the last quarter. Institutional investors and hedge funds own 15.02% of the company’s stock.

Hanover Bancorp Company Profile

Hanover Bancorp, Inc, a bank holding company for Hanover Community Bank, provides personal and business lending and deposit services to businesses, municipalities, and individuals in the New York metro area. The company offers checking, credit cards, debit cards, money market, savings, government and municipal banking, and professional services, as well as time deposits, including certificate of deposit and individual retirement accounts.