Coastal Financial Corporation (NASDAQ:CCB) Short Interest Update

Coastal Financial Corporation (NASDAQ:CCB) was the target of a significant decrease in short interest in the month of April. As of April 15th, there was short interest totaling 1,288,361 shares, a decrease of 24.0% from the March 31st total of 1,695,343 shares. Based on an average daily trading volume, of 125,365 shares, the short-interest ratio is currently 10.3 days. Approximately 9.8% of the company’s shares are short sold.

Coastal Financial Trading Up 1.0%

Shares of Coastal Financial stock traded up $0.77 during trading on Friday, reaching $76.39. 197,955 shares of the stock were exchanged, compared to its average volume of 167,675. The company has a quick ratio of 1.04, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. The stock’s fifty day moving average is $78.77 and its 200 day moving average is $96.83. The firm has a market cap of $1.16 billion, a price-to-earnings ratio of 23.95 and a beta of 0.87. Coastal Financial has a 1 year low of $70.72 and a 1 year high of $120.05.

Coastal Financial (NASDAQ:CCB) last posted its earnings results on Wednesday, April 29th. The company reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.24). The firm had revenue of $56.30 million for the quarter, compared to analysts’ expectations of $138.63 million. Coastal Financial had a return on equity of 10.35% and a net margin of 7.35%. As a group, equities research analysts expect that Coastal Financial will post 5.47 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently commented on CCB. Zacks Research upgraded Coastal Financial from a “strong sell” rating to a “hold” rating in a report on Monday, April 6th. Wall Street Zen upgraded Coastal Financial from a “sell” rating to a “hold” rating in a research report on Saturday, April 18th. Hovde Group lowered their price objective on Coastal Financial from $140.00 to $133.00 and set an “outperform” rating for the company in a research report on Friday, January 30th. Keefe, Bruyette & Woods lowered their price objective on Coastal Financial from $115.00 to $95.00 and set an “outperform” rating for the company in a research report on Friday. Finally, Stephens reissued an “overweight” rating and set a $110.00 price objective on shares of Coastal Financial in a research note on Friday. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $122.60.

Institutional Trading of Coastal Financial

Institutional investors and hedge funds have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC lifted its holdings in Coastal Financial by 129.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 300 shares of the company’s stock worth $34,000 after buying an additional 169 shares during the period. Caitong International Asset Management Co. Ltd purchased a new stake in Coastal Financial in the fourth quarter worth about $50,000. State of Alaska Department of Revenue purchased a new stake in Coastal Financial in the third quarter worth about $64,000. Smartleaf Asset Management LLC lifted its holdings in shares of Coastal Financial by 20,700.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 624 shares of the company’s stock valued at $72,000 after purchasing an additional 621 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in shares of Coastal Financial by 229.5% during the second quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock valued at $80,000 after purchasing an additional 576 shares during the last quarter. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

Coastal Financial Company Profile

Coastal Financial Corporation is a bank holding company whose principal subsidiary, Coastal Community Bank, provides a full range of community banking services to clients along North Carolina’s central and eastern coastline. The company focuses on delivering personalized relationship banking to individuals, small businesses, and local professionals in seaside and inland communities.

Through Coastal Community Bank, Coastal Financial offers deposit products including checking, savings, money market accounts and certificates of deposit.