Carter Bankshares, Inc. (NASDAQ:CARE) Sees Large Decline in Short Interest

Carter Bankshares, Inc. (NASDAQ:CARE) was the target of a significant drop in short interest in the month of December. As of December 31st, there was short interest totalling 638,700 shares, a drop of 8.0% from the December 15th total of 694,400 shares. Currently, 2.9% of the company’s stock are sold short. Based on an average daily trading volume, of 72,100 shares, the days-to-cover ratio is currently 8.9 days.

Carter Bankshares Price Performance

CARE stock remained flat at $17.36 during trading on Friday. 78,318 shares of the company traded hands, compared to its average volume of 62,153. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $400.50 million, a PE ratio of 28.00 and a beta of 1.00. Carter Bankshares has a one year low of $10.95 and a one year high of $20.40. The stock has a 50-day simple moving average of $18.20 and a 200 day simple moving average of $17.41.

Hedge Funds Weigh In On Carter Bankshares

Hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC bought a new stake in shares of Carter Bankshares in the 3rd quarter worth $138,000. Semanteon Capital Management LP purchased a new stake in shares of Carter Bankshares during the third quarter valued at $196,000. XTX Topco Ltd bought a new stake in Carter Bankshares in the 2nd quarter worth about $239,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Carter Bankshares in the 3rd quarter worth about $279,000. Finally, Truist Financial Corp lifted its stake in Carter Bankshares by 43.5% during the 2nd quarter. Truist Financial Corp now owns 17,790 shares of the company’s stock valued at $269,000 after acquiring an additional 5,394 shares during the period. 41.48% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Hovde Group initiated coverage on shares of Carter Bankshares in a research note on Wednesday, October 2nd. They issued an “outperform” rating and a $22.00 price target for the company.

Carter Bankshares Company Profile

Carter Bankshares, Inc operates as the bank holding company for Carter Bank & Trust that provides various banking products and services in the United States. It accepts various deposit products, including checking, savings, retirement, and money market accounts, as well as certificates of deposits.