Coastal Financial Co. (NASDAQ:CCB) Short Interest Update

Coastal Financial Co. (NASDAQ:CCB) was the target of a large increase in short interest in July. As of July 15th, there was short interest totalling 529,500 shares, an increase of 5.7% from the June 30th total of 500,800 shares. Based on an average daily volume of 57,300 shares, the short-interest ratio is currently 9.2 days. Currently, 4.8% of the company’s stock are short sold.

Insider Buying and Selling at Coastal Financial

In related news, CFO Joel G. Edwards sold 1,034 shares of Coastal Financial stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $44.45, for a total transaction of $45,961.30. Following the transaction, the chief financial officer now directly owns 56,369 shares of the company’s stock, valued at $2,505,602.05. The sale was disclosed in a filing with the SEC, which is accessible through this link. 16.82% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Coastal Financial

A number of large investors have recently bought and sold shares of the business. EntryPoint Capital LLC raised its stake in shares of Coastal Financial by 642.4% during the 1st quarter. EntryPoint Capital LLC now owns 1,663 shares of the company’s stock worth $65,000 after buying an additional 1,439 shares during the period. SG Americas Securities LLC raised its position in Coastal Financial by 59.8% during the fourth quarter. SG Americas Securities LLC now owns 3,978 shares of the company’s stock worth $177,000 after acquiring an additional 1,489 shares during the period. Quadrature Capital Ltd purchased a new position in Coastal Financial during the first quarter valued at $207,000. Allspring Global Investments Holdings LLC grew its position in shares of Coastal Financial by 22,360.0% in the second quarter. Allspring Global Investments Holdings LLC now owns 4,492 shares of the company’s stock valued at $207,000 after purchasing an additional 4,472 shares during the period. Finally, Arcus Capital Partners LLC purchased a new stake in shares of Coastal Financial during the second quarter worth about $378,000. Institutional investors and hedge funds own 59.24% of the company’s stock.

Coastal Financial Trading Up 0.5 %

Shares of NASDAQ:CCB opened at $52.97 on Wednesday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.16. Coastal Financial has a 12-month low of $35.67 and a 12-month high of $53.15. The business has a 50 day moving average of $46.29 and a two-hundred day moving average of $42.02. The company has a market capitalization of $710.86 million, a PE ratio of 18.52 and a beta of 1.25.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings results on Monday, July 29th. The company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.81 by $0.03. The company had revenue of $167.41 million for the quarter, compared to analyst estimates of $168.30 million. Coastal Financial had a net margin of 6.07% and a return on equity of 13.60%. As a group, analysts forecast that Coastal Financial will post 3.47 EPS for the current year.

Analysts Set New Price Targets

Separately, Hovde Group increased their price objective on shares of Coastal Financial from $55.00 to $67.00 and gave the stock an “outperform” rating in a research note on Tuesday.

Coastal Financial Company Profile

Coastal Financial Corporation operates as the bank holding company for Coastal Community Bank that provides various banking products and services to small and medium-sized businesses, professionals, and individuals in the Puget Sound region in Washington. It accepts a range of deposit products, including demand and savings accounts, time deposits, and money market accounts.