Forbright, Inc. (NASDAQ:FRBT) Shares Shorted: Short Interest Up 290.7% in September

Key Points

• Forbright’s short interest surged 290.7% to 256,317 shares as of September 30, representing approximately 0.5% of shares outstanding and a short-interest ratio of 1.0 days.
• The stock fell 0.5% to $17.99, while the company’s latest quarterly results missed expectations: EPS was $0.09 versus a $0.13 consensus estimate, and revenue was slightly below forecasts.
• Analyst sentiment remains mixed but leans positive, with five Buy, two Hold, and one Sell rating; MarketBeat reports a “Moderate Buy” consensus and an average price target of $22.40.

Forbright, Inc. (NASDAQ:FRBT - Get Free Report) was the target of a significant increase in short interest in September. As of September 30th, there was short interest totaling 256,317 shares, an increase of 290.7% from the September 15th total of 65,612 shares. Approximately 0.5% of the company's stock are sold short. Based on an average trading volume of 245,521 shares, the short-interest ratio is presently 1.0 days.

Forbright Stock Down 0.5%

NASDAQ:FRBT traded down $0.09 during midday trading on Friday, reaching $17.99. The stock had a trading volume of 50,596 shares, compared to its average volume of 175,265. The business's fifty day simple moving average is $18.55. Forbright has a 12-month low of $16.81 and a 12-month high of $22.00. The company has a current ratio of 0.95, a quick ratio of 0.88 and a debt-to-equity ratio of 0.16. The stock has a market cap of $913.17 million and a PE ratio of 199.89.

Forbright (NASDAQ:FRBT - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.04). The business had revenue of $84.87 million for the quarter, compared to the consensus estimate of $85.24 million. On average, sell-side analysts anticipate that Forbright will post 1.14 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Forbright stock. Readystate Asset Management LP acquired a new stake in Forbright, Inc. (NASDAQ:FRBT - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 35,000 shares of the company's stock, valued at approximately $640,000. Readystate Asset Management LP owned 0.07% of Forbright as of its most recent SEC filing.

Analyst Upgrades and Downgrades

FRBT has been the subject of several analyst reports. Wall Street Zen raised Forbright from a "sell" rating to a "hold" rating in a research note on Monday, July 20th. JPMorgan Chase & Co. raised Forbright from a "neutral" rating to an "overweight" rating and reduced their price target for the company from $23.00 to $22.00 in a research report on Thursday, October 1st. Weiss Ratings started coverage on Forbright in a research note on Tuesday, September 8th. They issued a "sell (e)" rating for the company. The Goldman Sachs Group started coverage on Forbright in a research note on Monday, July 6th. They issued a "buy" rating and a $23.50 price objective for the company. Finally, Zacks Research raised Forbright from a "strong sell" rating to a "hold" rating in a research report on Tuesday, October 6th. Five research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Forbright has an average rating of "Moderate Buy" and an average target price of $22.40.

Forbright Company Profile

Forbright Inc operates as the bank holding company for Forbright Bank which provides various financial services for consumers and businesses principally in the United States. It offers checking and savings accounts, certificates of deposit, and other account and branch banking services and corporate, fund, healthcare, lender, and real estate financing as well as credit cards. Forbright Inc is based in Chevy Chase, Maryland.

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