Forbright, Inc. (NASDAQ:FRBT) Shares Shorted: Short Interest Up 290.7% in September

Forbright, Inc. (NASDAQ:FRBT) was the target of a significant growth in short interest during the month of September. As of September 30th, there was short interest totaling 256,317 shares, a growth of 290.7% from the September 15th total of 65,612 shares. Approximately 0.5% of the company’s stock are sold short. Based on an average daily trading volume, of 245,521 shares, the short-interest ratio is presently 1.0 days.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Wall Street Zen upgraded Forbright from a “sell” rating to a “hold” rating in a research note on Monday, July 20th. Weiss Ratings initiated coverage on Forbright in a research note on Tuesday, September 8th. They issued a “sell (e)” rating on the stock. The Goldman Sachs Group assumed coverage on Forbright in a research note on Monday, July 6th. They issued a “buy” rating and a $23.50 price target on the stock. Zacks Research upgraded shares of Forbright from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 6th. Finally, Piper Sandler assumed coverage on Forbright in a research report on Monday, July 6th. They issued a “neutral” rating and a $21.50 price target for the company. Five research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.40.

Forbright Stock Performance

FRBT stock opened at $17.63 on Tuesday. Forbright has a one year low of $16.81 and a one year high of $22.00. The stock has a fifty day moving average of $18.50. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.95 and a quick ratio of 0.88. The stock has a market capitalization of $894.97 million and a P/E ratio of 195.89.

Forbright (NASDAQ:FRBT) last issued its earnings results on Thursday, July 30th. The company reported $0.09 earnings per share 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, research analysts predict that Forbright will post 1.14 EPS for the current fiscal year.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Forbright stock. Wellington Management Group LLP bought a new position in Forbright, Inc. (NASDAQ:FRBT) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 2,596,821 shares of the company’s stock, valued at approximately $47,496,000. Wellington Management Group LLP owned about 5.23% of Forbright at the end of the most recent quarter.

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.