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

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

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FRBT. Barclays initiated coverage on Forbright in a research report on Monday, July 6th. They issued an “overweight” rating and a $23.00 target price for the company. JPMorgan Chase & Co. upped their price target on Forbright from $21.00 to $23.00 and gave the stock a “neutral” rating in a research note on Friday, July 31st. Wells Fargo & Company upped their price target on Forbright from $21.00 to $22.00 and gave the stock an “overweight” rating in a research note on Monday, August 10th. Piper Sandler started coverage on Forbright in a research report on Monday, July 6th. They set a “neutral” rating and a $21.50 price objective for the company. Finally, Zacks Research upgraded shares of Forbright to a “hold” rating in a report on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $22.60.

Institutional Investors Weigh In On Forbright

A hedge fund recently bought a new position in Forbright stock. Wellington Management Group LLP bought a new position in Forbright, Inc. (NASDAQ:FRBT) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 2,596,821 shares of the company’s stock, valued at approximately $47,496,000. Wellington Management Group LLP owned approximately 5.23% of Forbright at the end of the most recent quarter.

Forbright Stock Performance

Shares of FRBT opened at $18.34 on Thursday. Forbright has a fifty-two week low of $17.48 and a fifty-two week high of $22.00. The business has a 50-day simple moving average of $19.12.

Forbright (NASDAQ:FRBT) last released its 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 firm had revenue of $84.87 million for the quarter, compared to analysts’ expectations of $85.24 million. As a group, equities analysts predict that Forbright will post 1.09 earnings per share for the current year.

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.