Carter Bankshares, Inc. (NASDAQ:CARE) Sees Significant Decline in Short Interest

Carter Bankshares, Inc. (NASDAQ:CARE) saw a significant decline in short interest in the month of December. As of December 31st, there was short interest totalling 638,700 shares, a decline of 8.0% from the December 15th total of 694,400 shares. Approximately 2.9% of the shares of the company are sold short. Based on an average trading volume of 72,100 shares, the short-interest ratio is presently 8.9 days.

Carter Bankshares Stock Performance

Shares of CARE stock remained flat at $17.36 during mid-day trading on Friday. 78,318 shares of the stock were exchanged, compared to its average volume of 62,153. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.23. The stock has a market cap of $400.50 million, a price-to-earnings ratio of 28.00 and a beta of 1.00. Carter Bankshares has a 12-month low of $10.95 and a 12-month high of $20.40. The firm’s 50 day moving average price is $18.20 and its 200 day moving average price is $17.41.

Analyst Upgrades and Downgrades

Separately, Hovde Group initiated coverage on shares of Carter Bankshares in a research report on Wednesday, October 2nd. They set an “outperform” rating and a $22.00 price target for the company.

Institutional Trading of Carter Bankshares

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC purchased a new position in shares of Carter Bankshares during the 3rd quarter valued at about $138,000. Semanteon Capital Management LP purchased a new position in Carter Bankshares during the third quarter valued at approximately $196,000. XTX Topco Ltd bought a new position in shares of Carter Bankshares in the second quarter worth approximately $239,000. Truist Financial Corp increased its stake in shares of Carter Bankshares by 43.5% in the second quarter. Truist Financial Corp now owns 17,790 shares of the company’s stock worth $269,000 after purchasing an additional 5,394 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Carter Bankshares during the 3rd quarter valued at $279,000. Hedge funds and other institutional investors own 41.48% of the company’s stock.

About Carter Bankshares

Carter Bankshares, Inc operates as the bank holding company for Carter Bank & Trust that provides various banking products and services in the United States. It accepts various deposit products, including checking, savings, retirement, and money market accounts, as well as certificates of deposits.