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

Forbright, Inc. (NASDAQ:FRBT) saw a significant increase in short interest during the month of 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. Based on an average daily trading volume, of 245,521 shares, the short-interest ratio is currently 1.0 days. Currently, 0.5% of the shares of the company are short sold.

Forbright Trading Down 2.0%

FRBT stock traded down $0.36 during mid-day trading on Monday, hitting $17.63. 60,343 shares of the company were exchanged, compared to its average volume of 173,397. Forbright has a 1-year low of $16.81 and a 1-year high of $22.00. The business has a 50 day simple moving average of $18.50. The company has a quick ratio of 0.88, a current ratio of 0.95 and a debt-to-equity ratio of 0.16.

Forbright (NASDAQ:FRBT) last posted its earnings results on Thursday, July 30th. The company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.04). The firm had revenue of $84.87 million during the quarter, compared to the consensus estimate of $85.24 million. As a group, analysts predict that Forbright will post 1.14 earnings per share for the current year.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Forbright stock. Readystate Asset Management LP acquired a new stake in Forbright, Inc. (NASDAQ:FRBT) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 35,000 shares of the company’s stock, valued at approximately $640,000. Readystate Asset Management LP owned approximately 0.07% of Forbright at the end of the most recent reporting period.

Analysts Set New Price Targets

Several research analysts have recently commented on FRBT shares. Weiss Ratings initiated coverage on Forbright in a research note on Tuesday, September 8th. They set a “sell (e)” rating for the company. Zacks Research upgraded Forbright from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 6th. Piper Sandler started coverage on Forbright in a report on Monday, July 6th. They set a “neutral” rating and a $21.50 price target for the company. Barclays lifted their price objective on shares of Forbright from $23.00 to $24.00 and gave the stock an “overweight” rating in a research report on Monday, October 5th. Finally, Wells Fargo & Company reduced their price objective on shares of Forbright from $22.00 to $21.00 and set an “overweight” rating for the company in a research report on Wednesday, September 30th. Five research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Forbright presently has a consensus rating of “Moderate Buy” and an average price target of $22.40.

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.