Coastal Financial (NASDAQ:CCB) Reaches New 1-Year Low – Should You Sell?

Coastal Financial Corporation (NASDAQ:CCB) shares hit a new 52-week low during mid-day trading on Monday . The company traded as low as $70.27 and last traded at $71.0040, with a volume of 74883 shares trading hands. The stock had previously closed at $72.86.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on CCB shares. Hovde Group cut their price target on shares of Coastal Financial from $140.00 to $133.00 and set an “outperform” rating for the company in a report on Friday, January 30th. Stephens reiterated an “overweight” rating and issued a $110.00 price target on shares of Coastal Financial in a report on Friday, May 1st. Wall Street Zen downgraded shares of Coastal Financial from a “hold” rating to a “sell” rating in a report on Saturday, May 2nd. Keefe, Bruyette & Woods cut their price target on shares of Coastal Financial from $115.00 to $95.00 and set an “outperform” rating for the company in a report on Friday, May 1st. Finally, TD Cowen cut their price target on shares of Coastal Financial from $145.00 to $120.00 and set a “buy” rating for the company in a report on Thursday, April 30th. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $122.60.

Coastal Financial Price Performance

The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.04 and a current ratio of 1.06. The company’s fifty day simple moving average is $78.00 and its two-hundred day simple moving average is $95.16. The stock has a market capitalization of $1.04 billion, a PE ratio of 21.39 and a beta of 0.76.

Coastal Financial (NASDAQ:CCB) last posted its earnings results on Wednesday, April 29th. The company reported $0.78 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.24). Coastal Financial had a net margin of 7.35% and a return on equity of 10.20%. The business had revenue of $56.30 million for the quarter, compared to analysts’ expectations of $138.63 million. As a group, sell-side analysts predict that Coastal Financial Corporation will post 4.56 EPS for the current year.

Hedge Funds Weigh In On Coastal Financial

Hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC increased its holdings in Coastal Financial by 129.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 300 shares of the company’s stock valued at $34,000 after acquiring an additional 169 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Coastal Financial during the 4th quarter worth about $50,000. State of Alaska Department of Revenue acquired a new stake in shares of Coastal Financial during the 3rd quarter worth about $64,000. Smartleaf Asset Management LLC boosted its stake in shares of Coastal Financial by 20,700.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 624 shares of the company’s stock worth $72,000 after purchasing an additional 621 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in shares of Coastal Financial by 229.5% during the 2nd quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock worth $80,000 after purchasing an additional 576 shares during the last quarter. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

About Coastal Financial

Coastal Financial Corporation is a bank holding company whose principal subsidiary, Coastal Community Bank, provides a full range of community banking services to clients along North Carolina’s central and eastern coastline. The company focuses on delivering personalized relationship banking to individuals, small businesses, and local professionals in seaside and inland communities.

Through Coastal Community Bank, Coastal Financial offers deposit products including checking, savings, money market accounts and certificates of deposit.