Coastal Financial (NASDAQ:CCB) Trading Up 6.5% – Should You Buy?

Shares of Coastal Financial Corporation (NASDAQ:CCB) traded up 6.5% during trading on Tuesday . The stock traded as high as $51.06 and last traded at $51.7550. 111,160 shares were traded during trading, a decline of 40% from the average session volume of 185,029 shares. The stock had previously closed at $48.61.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. TD Cowen decreased their target price on shares of Coastal Financial from $110.00 to $47.00 and set a “buy” rating on the stock in a research report on Friday, July 31st. Keefe, Bruyette & Woods cut their price target on shares of Coastal Financial from $95.00 to $53.00 and set an “outperform” rating for the company in a research report on Friday, July 31st. Raymond James Financial cut Coastal Financial from a “strong-buy” rating to an “outperform” rating and set a $50.00 price objective on the stock. in a research note on Friday, July 31st. Zacks Research downgraded Coastal Financial from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 4th. Finally, Stephens reissued an “overweight” rating and issued a $110.00 target price on shares of Coastal Financial in a research note on Friday, May 1st. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Coastal Financial has a consensus rating of “Moderate Buy” and a consensus target price of $91.33.

Coastal Financial Trading Up 8.5%

The firm’s 50 day moving average is $69.80 and its 200 day moving average is $76.89. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.03. The company has a market capitalization of $804.35 million, a PE ratio of -188.33 and a beta of 0.77.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings results on Thursday, July 30th. The company reported ($2.76) earnings per share for the quarter, missing the consensus estimate of $1.01 by ($3.77). The firm had revenue of $178.07 million for the quarter, compared to analysts’ expectations of $148.50 million. Coastal Financial had a negative net margin of 0.53% and a negative return on equity of 0.79%. As a group, equities analysts predict that Coastal Financial Corporation will post 1.26 EPS for the current year.

Insider Activity

In other news, Director Steven D. Hovde bought 10,000 shares of the company’s stock in a transaction dated Thursday, August 6th. The stock was bought at an average cost of $43.83 per share, for a total transaction of $438,300.00. Following the completion of the acquisition, the director owned 26,500 shares in the company, valued at approximately $1,161,495. This trade represents a 60.61% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Eric M. Sprink bought 10,000 shares of the business’s stock in a transaction that occurred on Thursday, August 6th. The stock was acquired at an average cost of $44.45 per share, for a total transaction of $444,500.00. Following the completion of the purchase, the chief executive officer directly owned 173,238 shares of the company’s stock, valued at $7,700,429.10. The trade was a 6.13% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders have bought 25,290 shares of company stock valued at $1,115,894. Insiders own 13.49% of the company’s stock.

Institutional Investors Weigh In On Coastal Financial

Large investors have recently made changes to their positions in the business. EverSource Wealth Advisors LLC increased its stake in shares of Coastal Financial by 129.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 300 shares of the company’s stock valued at $34,000 after buying an additional 169 shares during the period. Caitong International Asset Management Co. Ltd bought a new stake in Coastal Financial in the fourth quarter valued at $50,000. Smartleaf Asset Management LLC boosted its holdings in Coastal Financial by 20,700.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 624 shares of the company’s stock valued at $72,000 after acquiring an additional 621 shares in the last quarter. Russell Investments Group Ltd. increased its position in Coastal Financial by 229.5% during the 2nd quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock valued at $80,000 after purchasing an additional 576 shares during the period. Finally, Tower Research Capital LLC TRC increased its position in Coastal Financial by 521.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,262 shares of the company’s stock valued at $122,000 after purchasing an additional 1,059 shares during the period. 59.24% of the stock is currently owned by institutional investors.

About Coastal Financial

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.