Short Interest in Carter Bankshares, Inc. (NASDAQ:CARE) Expands By 7.9%

Carter Bankshares, Inc. (NASDAQ:CARE) saw a significant increase in short interest in the month of October. As of October 15th, there was short interest totalling 631,200 shares, an increase of 7.9% from the September 30th total of 585,000 shares. Currently, 2.8% of the shares of the company are sold short. Based on an average daily volume of 70,300 shares, the short-interest ratio is presently 9.0 days.

Carter Bankshares Price Performance

CARE stock opened at $18.40 on Friday. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.91 and a quick ratio of 0.91. Carter Bankshares has a one year low of $10.91 and a one year high of $19.00. The stock has a market cap of $424.49 million, a PE ratio of 29.68 and a beta of 1.03. The firm has a 50 day simple moving average of $17.59 and a two-hundred day simple moving average of $15.21.

Analysts Set New Price Targets

CARE has been the topic of a number of analyst reports. Raymond James upped their target price on shares of Carter Bankshares from $20.00 to $21.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Hovde Group initiated coverage on shares of Carter Bankshares in a report on Wednesday, October 2nd. They set an “outperform” rating and a $22.00 target price on the stock.

Hedge Funds Weigh In On Carter Bankshares

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Truist Financial Corp grew its stake in Carter Bankshares by 43.5% in 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 grew its stake in Carter Bankshares by 22.4% in the 2nd quarter. Los Angeles Capital Management LLC now owns 35,237 shares of the company’s stock worth $533,000 after buying an additional 6,450 shares in the last quarter. SG Americas Securities LLC purchased a new position in Carter Bankshares in the 3rd quarter worth approximately $138,000. Bank of New York Mellon Corp grew its stake in Carter Bankshares by 9.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 93,138 shares of the company’s stock worth $1,408,000 after buying an additional 8,160 shares in the last quarter. Finally, Semanteon Capital Management LP purchased a new position in Carter Bankshares in the 3rd quarter worth approximately $196,000. Hedge funds and other institutional investors own 41.48% of the company’s stock.

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.