California BanCorp (NASDAQ:CALB) Short Interest Up 436.9% in July

California BanCorp (NASDAQ:CALB) was the recipient of a significant increase in short interest in the month of July. As of July 15th, there was short interest totalling 168,600 shares, an increase of 436.9% from the June 30th total of 31,400 shares. Based on an average daily volume of 44,100 shares, the days-to-cover ratio is currently 3.8 days. Approximately 2.4% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

Several analysts have commented on CALB shares. DA Davidson dropped their target price on shares of California BanCorp from $36.00 to $31.00 and set a “buy” rating on the stock in a report on Wednesday, May 1st. Truist Financial restated an “overweight” rating and set a $26.00 price objective (down from $27.00) on shares of California BanCorp in a report on Monday, May 6th. Finally, Keefe, Bruyette & Woods lowered their target price on California BanCorp from $23.50 to $23.00 and set an “outperform” rating for the company in a report on Monday, May 6th. Four analysts have rated the stock with a buy rating, According to data from MarketBeat, California BanCorp has a consensus rating of “Buy” and an average target price of $26.25.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Perigon Wealth Management LLC acquired a new position in California BanCorp during the fourth quarter worth approximately $210,000. Bedell Frazier Investment Counselling LLC acquired a new stake in California BanCorp during the 4th quarter worth approximately $216,000. Bank of New York Mellon Corp bought a new position in California BanCorp during the 2nd quarter worth $474,000. Mendon Capital Advisors Corp bought a new stake in shares of California BanCorp in the fourth quarter valued at about $583,000. Finally, Wasatch Advisors LP grew its stake in shares of California BanCorp by 2.3% in the fourth quarter. Wasatch Advisors LP now owns 315,160 shares of the company’s stock valued at $7,803,000 after acquiring an additional 7,192 shares in the last quarter. 59.52% of the stock is currently owned by institutional investors and hedge funds.

California BanCorp Price Performance

NASDAQ:CALB opened at $24.74 on Friday. California BanCorp has a 52-week low of $17.66 and a 52-week high of $27.82. The company has a market cap of $209.55 million, a P/E ratio of 10.23 and a beta of 0.95. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.06 and a current ratio of 1.06. The stock’s 50-day simple moving average is $21.82 and its 200 day simple moving average is $22.46.

California BanCorp (NASDAQ:CALB) last posted its quarterly earnings results on Monday, April 29th. The company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.02. The firm had revenue of $19.42 million for the quarter, compared to analyst estimates of $19.50 million. California BanCorp had a return on equity of 10.90% and a net margin of 17.16%. As a group, sell-side analysts forecast that California BanCorp will post 2.15 EPS for the current fiscal year.

About California BanCorp

California BanCorp operates as the bank holding company for California Bank of Commerce that provides commercial banking services to businesses and professionals in California. It accepts various deposit products, including commercial checking, savings, and money market accounts, as well as certificates of deposit.