Carter Bankshares, Inc. (NASDAQ:CARE) Sees Significant Decrease in Short Interest

Carter Bankshares, Inc. (NASDAQ:CARE - Get Free Report) 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. Approximately 2.9% of the company's stock are sold short. Based on an average daily trading volume, of 72,100 shares, the short-interest ratio is presently 8.9 days.

Hedge Funds Weigh In On Carter Bankshares

Several institutional investors and hedge funds have recently modified their holdings of the stock. Fourthstone LLC boosted its position in Carter Bankshares by 205.3% during the third quarter. Fourthstone LLC now owns 274,481 shares of the company's stock valued at $4,773,000 after purchasing an additional 184,565 shares during the last quarter. Hotchkis & Wiley Capital Management LLC purchased a new stake in shares of Carter Bankshares during the 3rd quarter worth about $2,766,000. Dimensional Fund Advisors LP raised its stake in shares of Carter Bankshares by 9.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 892,414 shares of the company's stock worth $13,493,000 after purchasing an additional 74,317 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Carter Bankshares by 195.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 61,879 shares of the company's stock valued at $1,076,000 after buying an additional 40,962 shares in the last quarter. Finally, Basswood Capital Management L.L.C. acquired a new position in Carter Bankshares in the third quarter worth approximately $706,000. 41.48% of the stock is currently owned by hedge funds and other institutional investors.

Carter Bankshares Stock Performance

Shares of NASDAQ CARE remained flat at $17.36 during mid-day trading on Friday. 78,318 shares of the stock were exchanged, compared to its average volume of 62,153. The business has a 50-day simple moving average of $18.20 and a two-hundred day simple moving average of $17.43. Carter Bankshares has a 1-year low of $10.95 and a 1-year high of $20.40. The stock has a market capitalization of $400.50 million, a P/E ratio of 28.00 and a beta of 1.00. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.23.

Analysts Set New Price Targets

Separately, Hovde Group initiated coverage on Carter Bankshares in a research report on Wednesday, October 2nd. They set an "outperform" rating and a $22.00 price target on the stock.

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.