Coastal Financial (NASDAQ:CCB) Hits New 52-Week Low – What’s Next?

Coastal Financial Corporation (NASDAQ:CCB)’s share price hit a new 52-week low on Monday . The stock traded as low as $70.27 and last traded at $71.0040, with a volume of 74883 shares changing hands. The stock had previously closed at $72.86.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Hovde Group cut their target price on Coastal Financial from $140.00 to $133.00 and set an “outperform” rating on the stock in a research note on Friday, January 30th. Zacks Research downgraded Coastal Financial from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 5th. Wall Street Zen cut Coastal Financial from a “hold” rating to a “sell” rating in a research report on Saturday, May 2nd. Stephens reiterated an “overweight” rating and set a $110.00 price target on shares of Coastal Financial in a research report on Friday, May 1st. Finally, TD Cowen lowered their price target on Coastal Financial from $145.00 to $120.00 and set a “buy” rating on the stock in a research report on Thursday, April 30th. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Coastal Financial has an average rating of “Moderate Buy” and a consensus target price of $122.60.

Coastal Financial Trading Down 2.9%

The company has a market capitalization of $1.08 billion, a price-to-earnings ratio of 22.17 and a beta of 0.76. The firm has a 50-day moving average price of $78.50 and a 200-day moving average price of $96.09. The company has a current ratio of 1.06, a quick ratio of 1.04 and a debt-to-equity ratio of 0.10.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.24). Coastal Financial had a net margin of 7.35% and a return on equity of 10.35%. The firm had revenue of $56.30 million for the quarter, compared to analyst estimates of $138.63 million. As a group, sell-side analysts predict that Coastal Financial Corporation will post 4.56 EPS for the current year.

Hedge Funds Weigh In On Coastal Financial

A number of hedge funds have recently modified their holdings of CCB. Ranger Investment Management L.P. acquired a new position in shares of Coastal Financial in the 3rd quarter worth $16,895,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Coastal Financial by 364.1% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,764 shares of the company’s stock worth $18,255,000 after acquiring an additional 132,403 shares during the last quarter. UBS Group AG grew its holdings in shares of Coastal Financial by 158.7% in the 3rd quarter. UBS Group AG now owns 166,185 shares of the company’s stock worth $17,976,000 after acquiring an additional 101,935 shares during the last quarter. Next Century Growth Investors LLC grew its holdings in shares of Coastal Financial by 130.0% in the 4th quarter. Next Century Growth Investors LLC now owns 178,224 shares of the company’s stock worth $20,423,000 after acquiring an additional 100,731 shares during the last quarter. Finally, Loomis Sayles & Co. L P grew its holdings in shares of Coastal Financial by 43.8% in the 4th quarter. Loomis Sayles & Co. L P now owns 330,230 shares of the company’s stock worth $37,841,000 after acquiring an additional 100,661 shares during the last quarter. 59.24% of the stock is currently owned by institutional investors and hedge funds.

About Coastal Financial

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.