Short Interest in Coastal Financial Co. (NASDAQ:CCB) Increases By 21.8%

Coastal Financial Co. (NASDAQ:CCB) saw a large increase in short interest in December. As of December 31st, there was short interest totalling 386,300 shares, an increase of 21.8% from the December 15th total of 317,100 shares. Based on an average trading volume of 102,800 shares, the short-interest ratio is currently 3.8 days.

Coastal Financial Stock Down 0.7 %

Shares of Coastal Financial stock traded down $0.59 during trading hours on Friday, hitting $84.22. The company had a trading volume of 101,962 shares, compared to its average volume of 127,606. The company’s 50-day moving average is $79.43 and its two-hundred day moving average is $62.09. The company has a market cap of $1.14 billion, a P/E ratio of 28.36 and a beta of 1.22. Coastal Financial has a twelve month low of $35.67 and a twelve month high of $88.60. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.03 and a quick ratio of 1.03.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings results on Monday, October 28th. The company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.96 by $0.01. Coastal Financial had a net margin of 5.98% and a return on equity of 13.86%. The firm had revenue of $185.15 million during the quarter, compared to the consensus estimate of $154.30 million. Analysts anticipate that Coastal Financial will post 3.53 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Eric M. Sprink sold 3,705 shares of Coastal Financial stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $60.01, for a total value of $222,337.05. Following the sale, the chief executive officer now owns 275,683 shares in the company, valued at $16,543,736.83. This trade represents a 1.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Jonathan E. Sand sold 1,000 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $74.15, for a total transaction of $74,150.00. Following the sale, the executive vice president now directly owns 19,611 shares of the company’s stock, valued at $1,454,155.65. The trade was a 4.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 22,346 shares of company stock worth $1,473,096 in the last three months. Corporate insiders own 16.82% of the company’s stock.

Hedge Funds Weigh In On Coastal Financial

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Point72 DIFC Ltd acquired a new stake in shares of Coastal Financial in the 3rd quarter worth $31,000. nVerses Capital LLC lifted its position in Coastal Financial by 300.0% in the third quarter. nVerses Capital LLC now owns 800 shares of the company’s stock valued at $43,000 after purchasing an additional 600 shares during the period. FMR LLC boosted its holdings in Coastal Financial by 21.0% in the 3rd quarter. FMR LLC now owns 1,316 shares of the company’s stock valued at $71,000 after purchasing an additional 228 shares in the last quarter. Quantbot Technologies LP acquired a new position in Coastal Financial during the 3rd quarter worth approximately $119,000. Finally, USA Financial Formulas acquired a new stake in shares of Coastal Financial in the 4th quarter valued at approximately $122,000. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have commented on CCB shares. Keefe, Bruyette & Woods increased their price objective on shares of Coastal Financial from $92.00 to $96.00 and gave the company an “outperform” rating in a research report on Thursday, December 12th. Raymond James increased their target price on Coastal Financial from $61.00 to $73.00 and gave the company a “strong-buy” rating in a report on Tuesday, October 29th. Finally, Hovde Group lifted their price target on Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th.

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.