Short Interest in Coastal Financial Co. (NASDAQ:CCB) Decreases By 12.6%

Coastal Financial Co. (NASDAQ:CCB - Get Free Report) was the target of a large drop in short interest in February. As of February 15th, there was short interest totalling 393,100 shares, a drop of 12.6% from the January 31st total of 449,700 shares. Based on an average trading volume of 116,600 shares, the days-to-cover ratio is presently 3.4 days.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Stephens reaffirmed an "overweight" rating and issued a $100.00 price target on shares of Coastal Financial in a research report on Thursday, February 13th. Raymond James reaffirmed a "strong-buy" rating and issued a $100.00 price target (up previously from $88.00) on shares of Coastal Financial in a research report on Wednesday, January 29th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Coastal Financial from $96.00 to $114.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 4th.

Coastal Financial Stock Performance

Shares of Coastal Financial stock traded down $1.59 during mid-day trading on Monday, hitting $81.40. 167,389 shares of the stock were exchanged, compared to its average volume of 129,146. Coastal Financial has a 12 month low of $35.67 and a 12 month high of $102.25. The company has a 50-day simple moving average of $87.60 and a 200 day simple moving average of $72.66. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.03. The company has a market capitalization of $1.10 billion, a P/E ratio of 25.05 and a beta of 1.21.

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Coastal Financial (NASDAQ:CCB - Get Free Report) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $0.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.09). Coastal Financial had a return on equity of 14.98% and a net margin of 6.43%. Sell-side analysts anticipate that Coastal Financial will post 4.59 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Point72 DIFC Ltd purchased a new position in shares of Coastal Financial during the 3rd quarter valued at $31,000. Tower Research Capital LLC TRC grew its position in shares of Coastal Financial by 179.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 718 shares of the company's stock valued at $61,000 after purchasing an additional 461 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in shares of Coastal Financial during the 4th quarter valued at $64,000. FMR LLC lifted its holdings in shares of Coastal Financial by 21.0% during the 3rd quarter. FMR LLC now owns 1,316 shares of the company's stock worth $71,000 after acquiring an additional 228 shares during the last quarter. Finally, New York State Teachers Retirement System bought a new stake in shares of Coastal Financial during the 4th quarter worth $87,000. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

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.