Short Interest in Forbright, Inc. (NASDAQ:FRBT) Declines By 67.7%

Forbright, Inc. (NASDAQ:FRBT) saw a significant decline in short interest in July. As of July 31st, there was short interest totaling 39,463 shares, a decline of 67.7% from the July 15th total of 122,070 shares. Currently, 0.1% of the shares of the company are sold short. Based on an average daily volume of 138,208 shares, the days-to-cover ratio is presently 0.3 days.

Forbright Price Performance

FRBT stock traded down $0.11 during midday trading on Friday, reaching $19.32. The company had a trading volume of 40,705 shares, compared to its average volume of 137,708. The company’s 50-day moving average is $19.02. Forbright has a 1 year low of $17.48 and a 1 year high of $22.00.

Forbright (NASDAQ:FRBT) last announced its earnings results on Thursday, July 30th. The company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.04). The company had revenue of $84.87 million for the quarter, compared to the consensus estimate of $85.24 million. On average, research analysts expect that Forbright will post 1.09 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have weighed in on FRBT. The Goldman Sachs Group initiated coverage on Forbright in a report on Monday, July 6th. They set a “buy” rating and a $23.50 target price for the company. Zacks Research raised shares of Forbright to a “hold” rating in a research note on Tuesday, July 7th. Wall Street Zen upgraded shares of Forbright from a “sell” rating to a “hold” rating in a research note on Monday, July 20th. TD Cowen initiated coverage on shares of Forbright in a report on Monday, July 6th. They issued a “buy” rating on the stock. Finally, JPMorgan Chase & Co. increased their price objective on Forbright from $21.00 to $23.00 and gave the stock a “neutral” rating in a research report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $22.60.

About Forbright

Forbright Inc operates as the bank holding company for Forbright Bank which provides various financial services for consumers and businesses principally in the United States. It offers checking and savings accounts, certificates of deposit, and other account and branch banking services and corporate, fund, healthcare, lender, and real estate financing as well as credit cards. Forbright Inc is based in Chevy Chase, Maryland.