Unity Bancorp (NASDAQ:UNTY) Stock Price Crosses Above 50-Day Moving Average - Should You Sell?

Unity Bancorp, Inc. (NASDAQ:UNTY - Get Free Report) crossed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $37.04 and traded as high as $46.00. Unity Bancorp shares last traded at $45.34, with a volume of 31,747 shares changing hands.

Wall Street Analysts Forecast Growth

UNTY has been the topic of several research reports. StockNews.com cut shares of Unity Bancorp from a "buy" rating to a "hold" rating in a research report on Tuesday, October 22nd. Piper Sandler reissued an "overweight" rating and set a $44.00 target price (up from $40.00) on shares of Unity Bancorp in a research note on Monday, October 14th.

Unity Bancorp Stock Down 0.7 %

The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.15 and a current ratio of 1.15. The company has a market cap of $452.77 million, a price-to-earnings ratio of 11.66 and a beta of 0.99. The business's 50 day simple moving average is $37.30 and its 200-day simple moving average is $32.36.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last issued its earnings results on Friday, October 11th. The financial services provider reported $1.07 EPS for the quarter, beating analysts' consensus estimates of $0.97 by $0.10. Unity Bancorp had a return on equity of 14.86% and a net margin of 24.46%. The firm had revenue of $27.66 million for the quarter, compared to the consensus estimate of $26.40 million. Sell-side analysts expect that Unity Bancorp, Inc. will post 4.01 earnings per share for the current year.

Insider Activity at Unity Bancorp

In other news, Director Vincent Geraci sold 1,043 shares of the firm's stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $44.98, for a total transaction of $46,914.14. Following the transaction, the director now owns 8,250 shares in the company, valued at approximately $371,085. This trade represents a 11.22 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 28.88% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Unity Bancorp

Hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP lifted its position in shares of Unity Bancorp by 1.2% in the second quarter. Dimensional Fund Advisors LP now owns 478,877 shares of the financial services provider's stock worth $14,159,000 after buying an additional 5,449 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Unity Bancorp by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 414,036 shares of the financial services provider's stock valued at $11,427,000 after acquiring an additional 3,170 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Unity Bancorp by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 152,590 shares of the financial services provider's stock worth $5,198,000 after purchasing an additional 492 shares during the last quarter. State Street Corp boosted its position in Unity Bancorp by 0.6% during the third quarter. State Street Corp now owns 94,750 shares of the financial services provider's stock worth $3,227,000 after purchasing an additional 607 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in Unity Bancorp by 7.3% during the second quarter. Bank of New York Mellon Corp now owns 35,083 shares of the financial services provider's stock valued at $1,037,000 after purchasing an additional 2,393 shares during the last quarter. 42.31% of the stock is owned by institutional investors and hedge funds.

About Unity Bancorp

Unity Bancorp, Inc operates as a bank holding company for Unity Bank that provides range of commercial and retail banking services to individuals, small and medium sized businesses, and professional communities. It offers personal and business checking accounts, time deposits, money market accounts, savings accounts, and retirement accounts, as well as noninterest and interest-bearing demand deposits.