Coastal Financial (NASDAQ:CCB) Shares Down 7.7% – Should You Sell?

Coastal Financial Corporation (NASDAQ:CCB)’s share price traded down 7.7% on Thursday . The company traded as low as $71.59 and last traded at $71.5480. 99,715 shares traded hands during mid-day trading, a decline of 33% from the average session volume of 149,848 shares. The stock had previously closed at $77.55.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CCB. TD Cowen dropped their target price on Coastal Financial from $145.00 to $120.00 and set a “buy” rating on the stock in a report on Thursday, April 30th. Stephens reissued an “overweight” rating and set a $110.00 price objective on shares of Coastal Financial in a report on Friday, May 1st. Zacks Research upgraded Coastal Financial from a “strong sell” rating to a “hold” rating in a report on Tuesday, June 30th. Wall Street Zen raised shares of Coastal Financial from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Coastal Financial in a research report on Monday, June 29th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Coastal Financial currently has an average rating of “Moderate Buy” and a consensus target price of $122.60.

Coastal Financial Price Performance

The business has a 50-day simple moving average of $73.86 and a two-hundred day simple moving average of $82.34. The stock has a market capitalization of $1.10 billion, a price-to-earnings ratio of 22.60 and a beta of 0.72. The company has a quick ratio of 1.03, a current ratio of 1.06 and a debt-to-equity ratio of 0.10.

Coastal Financial (NASDAQ:CCB) last released its earnings results on Wednesday, April 29th. The company reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.24). The firm had revenue of $56.30 million for the quarter, compared to analyst estimates of $138.63 million. Coastal Financial had a return on equity of 10.20% and a net margin of 7.35%. As a group, research analysts predict that Coastal Financial Corporation will post 4.57 earnings per share for the current fiscal year.

Institutional Trading of Coastal Financial

Several large investors have recently added to or reduced their stakes in CCB. EverSource Wealth Advisors LLC increased its holdings in shares of Coastal Financial by 129.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 300 shares of the company’s stock valued at $34,000 after purchasing an additional 169 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in Coastal Financial during the fourth quarter valued at approximately $50,000. Smartleaf Asset Management LLC increased its stake in shares of Coastal Financial by 20,700.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 624 shares of the company’s stock worth $72,000 after purchasing an additional 621 shares during the period. Russell Investments Group Ltd. increased its position in Coastal Financial by 229.5% in the 2nd quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock worth $80,000 after buying an additional 576 shares during the period. Finally, Tower Research Capital LLC TRC increased its position in Coastal Financial by 521.7% during the second quarter. Tower Research Capital LLC TRC now owns 1,262 shares of the company’s stock worth $122,000 after acquiring an additional 1,059 shares during the period. 59.24% of the stock is owned by institutional investors and hedge funds.

Coastal Financial Company Profile

Coastal Financial Corporation is a bank holding company whose principal subsidiary, Coastal Community Bank, provides a full range of community banking services to clients along North Carolina’s central and eastern coastline. The company focuses on delivering personalized relationship banking to individuals, small businesses, and local professionals in seaside and inland communities.

Through Coastal Community Bank, Coastal Financial offers deposit products including checking, savings, money market accounts and certificates of deposit.