Short Interest in Carter Bankshares, Inc. (NASDAQ:CARE) Drops By 8.0%

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. SG Americas Securities LLC lifted its stake in shares of Carter Bankshares by 23.6% during the fourth quarter. SG Americas Securities LLC now owns 9,838 shares of the company’s stock worth $173,000 after buying an additional 1,879 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Carter Bankshares by 195.8% during the third quarter. JPMorgan Chase & Co. now owns 61,879 shares of the company’s stock worth $1,076,000 after buying an additional 40,962 shares during the period. Barclays PLC lifted its stake in shares of Carter Bankshares by 256.8% during the third quarter. Barclays PLC now owns 29,813 shares of the company’s stock worth $519,000 after buying an additional 21,457 shares during the period. Geode Capital Management LLC lifted its stake in shares of Carter Bankshares by 3.6% during the third quarter. Geode Capital Management LLC now owns 523,591 shares of the company’s stock worth $9,107,000 after buying an additional 18,109 shares during the period. Finally, XTX Topco Ltd lifted its stake in shares of Carter Bankshares by 42.2% during the third quarter. XTX Topco Ltd now owns 22,499 shares of the company’s stock worth $391,000 after buying an additional 6,676 shares during the period. Institutional investors own 41.48% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Carter Bankshares Price Performance

Shares of NASDAQ CARE remained flat at $17.36 during trading hours on Friday. 78,318 shares of the company traded hands, compared to its average volume of 62,153. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market capitalization of $400.50 million, a P/E ratio of 28.00 and a beta of 1.00. The firm’s 50 day simple moving average is $18.20 and its two-hundred day simple moving average is $17.39. Carter Bankshares has a 1 year low of $10.95 and a 1 year high of $20.40.

Carter Bankshares Company Profile

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.