Short Interest in Forbright, Inc. (NASDAQ:FRBT) Drops By 67.7%

Forbright, Inc. (NASDAQ:FRBT) was the recipient of a significant decrease in short interest in the month of July. As of July 31st, there was short interest totaling 39,463 shares, a decrease of 67.7% from the July 15th total of 122,070 shares. Approximately 0.1% of the shares of the company are short sold. Based on an average trading volume of 138,208 shares, the days-to-cover ratio is presently 0.3 days.

Analyst Ratings Changes

A number of research firms recently issued reports on FRBT. TD Cowen started coverage on shares of Forbright in a research report on Monday, July 6th. They set a “buy” rating for the company. Wells Fargo & Company increased their price target on Forbright from $21.00 to $22.00 and gave the stock an “overweight” rating in a research report on Monday, August 10th. Barclays assumed coverage on Forbright in a research note on Monday, July 6th. They set an “overweight” rating and a $23.00 price objective for the company. Zacks Research raised Forbright to a “hold” rating in a report on Tuesday, July 7th. Finally, The Goldman Sachs Group started coverage on Forbright in a research note on Monday, July 6th. They issued a “buy” rating and a $23.50 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $22.60.

Forbright Price Performance

Shares of NASDAQ:FRBT traded down $0.09 during trading on Friday, hitting $19.34. 136,696 shares of the stock traded hands, compared to its average volume of 144,882. The business’s fifty day simple moving average is $19.02. Forbright has a 52-week low of $17.48 and a 52-week high of $22.00.

Forbright (NASDAQ:FRBT) last announced its quarterly earnings results on Thursday, July 30th. The company reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.04). The company had revenue of $84.87 million for the quarter, compared to analysts’ expectations of $85.24 million. On average, sell-side analysts anticipate that Forbright will post 1.09 earnings per share for the current fiscal year.

Forbright Company Profile

Forbright Inc operates as the bank holding company for Forbright Bank which provides various financial services for consumers and businesses principally in the United States. It offers checking and savings accounts, certificates of deposit, and other account and branch banking services and corporate, fund, healthcare, lender, and real estate financing as well as credit cards. Forbright Inc is based in Chevy Chase, Maryland.