Coastal Financial Co. (NASDAQ:CCB – Get Rating) was the target of a significant increase in short interest during the month of April. As of April 30th, there was short interest totalling 400,200 shares, an increase of 5.3% from the April 15th total of 380,000 shares. Approximately 3.8% of the shares of the company are sold short. Based on an average trading volume of 62,900 shares, the short-interest ratio is presently 6.4 days.
Analyst Upgrades and Downgrades
A number of equities analysts recently weighed in on the stock. Stephens lifted their price objective on shares of Coastal Financial from $51.00 to $53.00 in a research report on Tuesday, May 2nd. Keefe, Bruyette & Woods reduced their target price on Coastal Financial from $70.00 to $66.00 and set an “outperform” rating for the company in a report on Thursday, April 6th.
Insider Transactions at Coastal Financial
In other Coastal Financial news, Director Andrew P. Skotdal bought 1,000 shares of the stock in a transaction dated Monday, March 13th. The shares were acquired at an average cost of $32.00 per share, for a total transaction of $32,000.00. Following the completion of the transaction, the director now owns 2,710 shares in the company, valued at approximately $86,720. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Eric M. Sprink sold 5,000 shares of Coastal Financial stock in a transaction on Monday, February 27th. The shares were sold at an average price of $45.24, for a total value of $226,200.00. Following the transaction, the chief executive officer now directly owns 280,519 shares in the company, valued at approximately $12,690,679.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Andrew P. Skotdal acquired 1,000 shares of the stock in a transaction that occurred on Monday, March 13th. The stock was purchased at an average price of $32.00 per share, for a total transaction of $32,000.00. Following the completion of the transaction, the director now owns 2,710 shares in the company, valued at $86,720. The disclosure for this purchase can be found here. Insiders own 19.21% of the company’s stock.
Institutional Investors Weigh In On Coastal Financial
Coastal Financial Price Performance
Coastal Financial stock opened at $33.47 on Wednesday. Coastal Financial has a one year low of $29.91 and a one year high of $54.53. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.03 and a current ratio of 1.03. The business has a fifty day moving average of $35.14 and a two-hundred day moving average of $42.95. The company has a market cap of $444.25 million, a P/E ratio of 9.70 and a beta of 1.05.
About Coastal Financial
Coastal Financial Corp. is a bank holding company, which engages in the provision of banking products and services to small and medium-sized businesses, professionals, and individuals. It operates through the Community Bank and CCBX segments. The Community Bank segment is involved in banking products and services to consumers and small to medium sized businesses in the broader Puget Sound region in the state of Washington.
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