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

Carter Bankshares, Inc. (NASDAQ:CARE) was the target of a large growth in short interest in October. As of October 15th, there was short interest totalling 631,200 shares, a growth of 7.9% from the September 30th total of 585,000 shares. Based on an average daily volume of 70,300 shares, the days-to-cover ratio is currently 9.0 days. Currently, 2.8% of the shares of the stock are sold short.

Carter Bankshares Stock Down 1.1 %

Shares of NASDAQ CARE opened at $18.40 on Friday. Carter Bankshares has a 12-month low of $10.91 and a 12-month high of $19.00. The firm’s 50-day simple moving average is $17.59 and its 200 day simple moving average is $15.21. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.65. The company has a market cap of $424.54 million, a price-to-earnings ratio of 32.28 and a beta of 1.03.

Analyst Ratings Changes

A number of research firms have commented on CARE. 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 target on the stock. Raymond James increased their price target on Carter Bankshares from $20.00 to $21.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th.

Institutional Trading of Carter Bankshares

Several hedge funds have recently modified their holdings of the stock. Truist Financial Corp lifted its holdings in Carter Bankshares by 43.5% during the 2nd quarter. Truist Financial Corp now owns 17,790 shares of the company’s stock worth $269,000 after buying an additional 5,394 shares in the last quarter. Los Angeles Capital Management LLC raised its position in shares of Carter Bankshares by 22.4% during the second quarter. Los Angeles Capital Management LLC now owns 35,237 shares of the company’s stock worth $533,000 after acquiring an additional 6,450 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Carter Bankshares during the third quarter valued at $138,000. Bank of New York Mellon Corp boosted its holdings in Carter Bankshares by 9.6% in the second quarter. Bank of New York Mellon Corp now owns 93,138 shares of the company’s stock valued at $1,408,000 after acquiring an additional 8,160 shares during the last quarter. Finally, Semanteon Capital Management LP bought a new stake in Carter Bankshares during the 3rd quarter worth about $196,000. 41.48% of the stock is owned by institutional investors.

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.