Short Interest in Carter Bankshares, Inc. (NASDAQ:CARE) Drops By 10.4%

Carter Bankshares, Inc. (NASDAQ:CAREGet Free Report) was the recipient of a significant drop in short interest in December. As of December 31st, there was short interest totalling 197,300 shares, a drop of 10.4% from the December 15th total of 220,300 shares. Based on an average daily trading volume, of 58,100 shares, the short-interest ratio is currently 3.4 days. Currently, 0.9% of the shares of the stock are sold short.

Hedge Funds Weigh In On Carter Bankshares

Several hedge funds and other institutional investors have recently modified their holdings of CARE. Cetera Advisor Networks LLC acquired a new stake in Carter Bankshares during the second quarter worth about $282,000. Los Angeles Capital Management LLC increased its position in Carter Bankshares by 4.0% during the second quarter. Los Angeles Capital Management LLC now owns 28,787 shares of the company’s stock worth $426,000 after purchasing an additional 1,100 shares during the last quarter. BHZ Capital Management LP increased its position in Carter Bankshares by 2.4% during the second quarter. BHZ Capital Management LP now owns 89,270 shares of the company’s stock worth $1,320,000 after purchasing an additional 2,056 shares during the last quarter. Truist Financial Corp increased its position in Carter Bankshares by 13.1% during the second quarter. Truist Financial Corp now owns 16,286 shares of the company’s stock worth $241,000 after purchasing an additional 1,890 shares during the last quarter. Finally, Panagora Asset Management Inc. increased its position in Carter Bankshares by 12.6% during the second quarter. Panagora Asset Management Inc. now owns 45,616 shares of the company’s stock worth $675,000 after purchasing an additional 5,102 shares during the last quarter. 40.55% of the stock is owned by hedge funds and other institutional investors.

Carter Bankshares Stock Performance

NASDAQ:CARE opened at $13.73 on Thursday. The company’s 50-day moving average price is $13.72 and its 200-day moving average price is $13.57. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.56. The company has a market cap of $315.24 million, a P/E ratio of 7.98 and a beta of 0.98. Carter Bankshares has a twelve month low of $10.43 and a twelve month high of $17.70.

Carter Bankshares (NASDAQ:CAREGet Free Report) last posted its quarterly earnings results on Thursday, October 26th. The company reported $0.20 earnings per share for the quarter, hitting the consensus estimate of $0.20. The firm had revenue of $54.16 million for the quarter, compared to the consensus estimate of $33.19 million. Carter Bankshares had a net margin of 19.16% and a return on equity of 12.09%. On average, sell-side analysts forecast that Carter Bankshares will post 1.3 earnings per share for the current fiscal year.

About Carter Bankshares

(Get Free Report)

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 longer-term certificates of deposits.

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