Coastal Financial Co. (NASDAQ:CCB) Sees Significant Growth in Short Interest

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

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Hovde Group increased their target price on shares of Coastal Financial from $67.00 to $76.00 and gave the stock an "outperform" rating in a report on Tuesday, October 29th. Raymond James reiterated a "strong-buy" rating and set a $100.00 target price (up from $88.00) on shares of Coastal Financial in a report on Wednesday, January 29th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Coastal Financial from $92.00 to $96.00 and gave the stock an "outperform" rating in a report on Thursday, December 12th.

Insider Activity at Coastal Financial

In other Coastal Financial news, CEO Eric M. Sprink sold 3,482 shares of the company's stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $71.14, for a total transaction of $247,709.48. Following the completion of the sale, the chief executive officer now directly owns 244,906 shares in the company, valued at $17,422,612.84. This represents a 1.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Jonathan E. Sand sold 1,000 shares of the company's stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $74.15, for a total transaction of $74,150.00. Following the sale, the executive vice president now owns 19,611 shares of the company's stock, valued at approximately $1,454,155.65. The trade was a 4.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 6,482 shares of company stock valued at $463,759 over the last 90 days. 16.82% of the stock is owned by insiders.

Hedge Funds Weigh In On Coastal Financial

Large investors have recently modified their holdings of the stock. Envestnet Asset Management Inc. lifted its position in Coastal Financial by 3.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 58,061 shares of the company's stock valued at $2,679,000 after acquiring an additional 1,956 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Coastal Financial by 6.0% during the second quarter. Dimensional Fund Advisors LP now owns 359,861 shares of the company's stock valued at $16,603,000 after buying an additional 20,517 shares during the last quarter. AQR Capital Management LLC raised its position in Coastal Financial by 19.6% in the 2nd quarter. AQR Capital Management LLC now owns 11,684 shares of the company's stock worth $539,000 after buying an additional 1,912 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new position in Coastal Financial during the 2nd quarter valued at about $332,000. Finally, Truist Financial Corp boosted its holdings in shares of Coastal Financial by 19.5% during the 2nd quarter. Truist Financial Corp now owns 19,423 shares of the company's stock valued at $896,000 after acquiring an additional 3,171 shares during the last quarter. Hedge funds and other institutional investors own 59.24% of the company's stock.

Coastal Financial Stock Down 1.3 %

CCB traded down $1.12 on Tuesday, hitting $87.29. The company had a trading volume of 63,883 shares, compared to its average volume of 123,581. Coastal Financial has a 52-week low of $35.67 and a 52-week high of $91.39. The firm has a market capitalization of $1.18 billion, a P/E ratio of 26.86 and a beta of 1.23. The stock has a fifty day simple moving average of $82.33 and a 200-day simple moving average of $65.56. 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 - Get Free Report) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $0.94 EPS for the quarter, missing analysts' consensus estimates of $1.03 by ($0.09). Coastal Financial had a return on equity of 14.98% and a net margin of 6.43%. As a group, equities analysts expect that Coastal Financial will post 4.79 EPS for the current fiscal year.

About Coastal Financial

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.