BayCom Corp (NASDAQ:BCML) Sees Large Increase in Short Interest

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BayCom Corp (NASDAQ:BCML) was the recipient of a large growth in short interest in the month of May. As of May 15th, there was short interest totalling 102,500 shares, a growth of 15.6% from the April 15th total of 88,700 shares. Based on an average trading volume of 15,600 shares, the short-interest ratio is currently 6.6 days. Currently, 1.0% of the company’s stock are sold short.

Several institutional investors have recently bought and sold shares of the stock. BNP Paribas Arbitrage SA lifted its position in BayCom by 513.3% in the 1st quarter. BNP Paribas Arbitrage SA now owns 2,165 shares of the company’s stock valued at $49,000 after acquiring an additional 1,812 shares in the last quarter. Metropolitan Life Insurance Co. NY lifted its position in BayCom by 356.5% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 3,771 shares of the company’s stock valued at $87,000 after acquiring an additional 2,945 shares in the last quarter. Bank of Montreal Can lifted its position in BayCom by 25.4% in the 4th quarter. Bank of Montreal Can now owns 7,940 shares of the company’s stock valued at $183,000 after acquiring an additional 1,607 shares in the last quarter. Spark Investment Management LLC bought a new position in BayCom in the 1st quarter valued at approximately $201,000. Finally, First Trust Advisors LP bought a new position in BayCom in the 4th quarter valued at approximately $264,000. Institutional investors own 64.31% of the company’s stock.

A number of research firms have weighed in on BCML. ValuEngine upgraded BayCom from a “sell” rating to a “hold” rating in a report on Saturday, March 30th. Zacks Investment Research upgraded BayCom from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a research note on Friday, June 7th. Finally, B. Riley began coverage on BayCom in a research note on Friday, March 15th. They issued a “buy” rating and a $28.00 price target on the stock. One research analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $25.50.

Shares of BayCom stock traded up $0.61 during midday trading on Wednesday, hitting $22.59. The company had a trading volume of 8,000 shares, compared to its average volume of 17,458. The company has a market capitalization of $249.20 million, a P/E ratio of 13.69, a PEG ratio of 1.06 and a beta of 0.39. BayCom has a 52-week low of $17.19 and a 52-week high of $26.94.

BayCom (NASDAQ:BCML) last posted its quarterly earnings results on Monday, April 29th. The company reported $0.45 earnings per share for the quarter, hitting the consensus estimate of $0.45. The company had revenue of $16.99 million during the quarter, compared to analysts’ expectations of $16.56 million. Research analysts predict that BayCom will post 2.17 earnings per share for the current fiscal year.

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About BayCom

BayCom Corp operates as the bank holding company for United Business Bank that provides various financial services to businesses, business owners, and individuals. The company offers demand, savings, money market, and time deposit accounts. It also provides commercial and multi-family real estate loans, including owner-occupied and investor real estate loans; commercial and industrial loans, such as equipment loans and working capital lines of credit; small business administration loans; construction and land loans; agriculture-related loans; and consumer loans comprising installment loans, unsecured and secured personal lines of credit, and overdraft protection.

Read More: Neutral Rating

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