Short Interest in Chain Bridge Bancorp, Inc. (NYSE:CBNA) Rises By 143.7%

Key Points

• Short interest in Chain Bridge Bancorp surged 143.7% in June, rising to 27,552 shares as of June 30 from 11,305 shares on June 15. That equals about 0.6% of the float, with a days-to-cover ratio of 1.3.
• The stock edged higher, closing up 0.6% at $41.94 on Tuesday. It remains near its 52-week high of $45.26 and above both its 50-day and 200-day moving averages.
• Recent fundamentals were solid: the company reported Q1 EPS of $1.08, beating estimates, and revenue of $17.37 million topped expectations. Still, analysts are cautious overall, with a consensus rating of Reduce and an average target price of $38.50.

Chain Bridge Bancorp, Inc. (NYSE:CBNA - Get Free Report) was the recipient of a significant growth in short interest during the month of June. As of June 30th, there was short interest totaling 27,552 shares, a growth of 143.7% from the June 15th total of 11,305 shares. Currently, 0.6% of the company's stock are short sold. Based on an average daily trading volume, of 20,476 shares, the days-to-cover ratio is presently 1.3 days.

Chain Bridge Bancorp Stock Up 0.6%

CBNA traded up $0.27 during trading on Tuesday, hitting $41.94. 1,624 shares of the stock were exchanged, compared to its average volume of 6,586. The firm has a market capitalization of $275.21 million, a P/E ratio of 12.64 and a beta of 0.24. Chain Bridge Bancorp has a 1-year low of $25.39 and a 1-year high of $45.26. The stock has a fifty day moving average price of $38.38 and a two-hundred day moving average price of $36.29.

Chain Bridge Bancorp (NYSE:CBNA - Get Free Report) last announced its earnings results on Tuesday, April 28th. The company reported $1.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.95 by $0.13. Chain Bridge Bancorp had a net margin of 35.09% and a return on equity of 13.07%. The business had revenue of $17.37 million for the quarter, compared to analyst estimates of $15.49 million. Analysts predict that Chain Bridge Bancorp will post 4.93 EPS for the current year.

Analyst Ratings Changes

Several research firms recently weighed in on CBNA. Weiss Ratings upgraded Chain Bridge Bancorp from a "sell (d)" rating to a "sell (d+)" rating in a research note on Friday, May 1st. Zacks Research lowered shares of Chain Bridge Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 30th. Hovde Group raised their price objective on shares of Chain Bridge Bancorp from $38.00 to $39.50 and gave the stock a "market perform" rating in a report on Monday, May 4th. Finally, Piper Sandler started coverage on shares of Chain Bridge Bancorp in a research report on Monday, March 16th. They set a "neutral" rating and a $39.00 price objective for the company. Four research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Reduce" and a consensus target price of $38.50.

Hedge Funds Weigh In On Chain Bridge Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Hingham Institution for Savings acquired a new stake in Chain Bridge Bancorp during the 4th quarter worth approximately $10,169,000. Royce & Associates LP raised its stake in shares of Chain Bridge Bancorp by 13.2% during the fourth quarter. Royce & Associates LP now owns 278,136 shares of the company's stock worth $9,635,000 after purchasing an additional 32,415 shares during the last quarter. Gator Capital Management LLC raised its stake in shares of Chain Bridge Bancorp by 0.8% during the fourth quarter. Gator Capital Management LLC now owns 205,745 shares of the company's stock worth $7,127,000 after purchasing an additional 1,635 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Chain Bridge Bancorp by 4.2% during the third quarter. Vanguard Group Inc. now owns 112,494 shares of the company's stock worth $3,682,000 after purchasing an additional 4,484 shares during the period. Finally, Beartown Capital Management LLC acquired a new stake in shares of Chain Bridge Bancorp during the fourth quarter worth $2,626,000.

Chain Bridge Bancorp Company Profile

Chain Bridge Bancorp, Inc NYSE: CBNA is the bank holding company for Chain Bridge Bank, a full-service community commercial bank headquartered in Oakton, Virginia. Founded in 1999, the company is focused on serving small- and middle-market businesses, professional firms and individual clients throughout the Washington, DC metropolitan area.

Through its subsidiary, Chain Bridge Bank provides a comprehensive suite of deposit products, including checking, savings and money market accounts, as well as time deposits.

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