Forbright, Inc. (NASDAQ:FRBT) Short Interest Up 56.8% in August

Key Points

• Forbright’s short interest jumped 56.8% to 61,892 shares as of August 14, representing 0.1% of shares outstanding and 0.4 days of average trading volume.
• The stock opened at $18.26, down 1.0%, after the company reported quarterly EPS of $0.09, missing analysts’ $0.13 estimate; revenue of $84.87 million was also slightly below expectations.
• Institutional and analyst sentiment remains generally positive: Wellington Management acquired a 5.23% stake, while analysts’ consensus rating is “Moderate Buy” with a $22.60 price target.

Forbright, Inc. (NASDAQ:FRBT - Get Free Report) was the target of a large increase in short interest in August. As of August 14th, there was short interest totaling 61,892 shares, an increase of 56.8% from the July 30th total of 39,463 shares. Currently, 0.1% of the shares of the stock are sold short. Based on an average daily trading volume, of 158,269 shares, the short-interest ratio is currently 0.4 days.

Forbright Trading Down 1.0%

Shares of FRBT opened at $18.26 on Tuesday. Forbright has a 12-month low of $17.48 and a 12-month high of $22.00. The firm's fifty day moving average price is $19.12.

Forbright (NASDAQ:FRBT - Get Free Report) last posted its quarterly earnings results 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 company had revenue of $84.87 million during the quarter, compared to analyst estimates of $85.24 million. Research analysts anticipate that Forbright will post 1.09 EPS for the current fiscal year.

Institutional Investors Weigh In On Forbright

A hedge fund recently bought a new stake in Forbright stock. Wellington Management Group LLP purchased a new position in shares of Forbright, Inc. (NASDAQ:FRBT - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,596,821 shares of the company's stock, valued at approximately $47,496,000. Wellington Management Group LLP owned about 5.23% of Forbright at the end of the most recent reporting period.

Analyst Upgrades and Downgrades

Several research firms have weighed in on FRBT. The Goldman Sachs Group initiated coverage on shares of Forbright in a research report on Monday, July 6th. They issued a "buy" rating and a $23.50 price objective for the company. Wells Fargo & Company upped their target price on shares of Forbright from $21.00 to $22.00 and gave the stock an "overweight" rating in a research report on Monday, August 10th. Piper Sandler began coverage on shares of Forbright in a research note on Monday, July 6th. They set a "neutral" rating and a $21.50 price target on the stock. Barclays assumed coverage on shares of Forbright in a research note on Monday, July 6th. They set an "overweight" rating and a $23.00 price target on the stock. Finally, TD Cowen assumed coverage on shares of Forbright in a report on Monday, July 6th. They issued a "buy" rating for the company. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $22.60.

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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