Forbright, Inc. (NASDAQ:FRBT) Sees Significant Decline in Short Interest

Forbright, Inc. (NASDAQ:FRBT) was the target of a large decline in short interest in July. As of July 31st, there was short interest totaling 39,463 shares, a decline of 67.7% from the July 15th total of 122,070 shares. Approximately 0.1% of the company’s shares are short sold. Based on an average daily volume of 138,208 shares, the short-interest ratio is presently 0.3 days.

Forbright Stock Performance

NASDAQ:FRBT opened at $19.34 on Friday. The firm has a 50-day moving average of $19.02. Forbright has a 12 month low of $17.48 and a 12 month high of $22.00.

Forbright (NASDAQ:FRBT) last issued its quarterly earnings data on Thursday, July 30th. The company reported $0.09 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.04). The business had revenue of $84.87 million during the quarter, compared to the consensus estimate of $85.24 million. Equities research analysts anticipate that Forbright will post 1.09 EPS for the current fiscal year.

Analyst Ratings Changes

FRBT has been the subject of a number of research reports. Wall Street Zen upgraded Forbright from a “sell” rating to a “hold” rating in a report on Monday, July 20th. Zacks Research upgraded shares of Forbright to a “hold” rating in a report on Tuesday, July 7th. Piper Sandler initiated coverage on shares of Forbright in a research report on Monday, July 6th. They set a “neutral” rating and a $21.50 price target on the stock. Barclays began coverage on shares of Forbright in a research note on Monday, July 6th. They set an “overweight” rating and a $23.00 price objective for the company. Finally, TD Cowen initiated coverage on shares of Forbright in a research 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 assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, Forbright currently has an average rating of “Moderate Buy” and an average price target of $22.60.

About Forbright

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.