Forbright, Inc.’s Quiet Period Will Expire on July 21st (NASDAQ:FRBT)

Forbright’s (NASDAQ:FRBT) quiet period is set to end on Tuesday, July 21st. Forbright had issued 7,900,000 shares in its public offering on June 11th. The total size of the offering was $142,200,000 based on an initial share price of $18.00. During Forbright’s quiet period, insiders and underwriters that worked on the IPO are restricted from issuing any earnings forecasts or research reports for the company because of regulations issued by the Securities and Exchange Commission. Following the end of the company’s quiet period, the brokerages that served as underwriters will likely initiate research coverage on the company.

Analyst Ratings Changes

Several brokerages have weighed in on FRBT. JPMorgan Chase & Co. began coverage on Forbright in a research report on Monday, July 6th. They issued a “neutral” rating and a $21.00 target price on the stock. The Goldman Sachs Group initiated coverage on shares of Forbright in a report on Monday, July 6th. They set a “buy” rating and a $23.50 price target for the company. Wells Fargo & Company initiated coverage on shares of Forbright in a research note on Monday, July 6th. They issued an “overweight” rating and a $21.00 price objective on the stock. Zacks Research raised Forbright to a “hold” rating in a research report on Tuesday, July 7th. Finally, Wall Street Zen lowered shares of Forbright from a “hold” rating to a “sell” rating in a report on Sunday, July 12th. Four research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $22.00.

Forbright Stock Up 2.0%

Shares of NASDAQ:FRBT opened at $19.05 on Friday. Forbright has a twelve month low of $17.48 and a twelve month high of $22.00.