Short Interest in Carter Bankshares, Inc. (NASDAQ:CARE) Drops By 8.0%

Carter Bankshares, Inc. (NASDAQ:CARE) saw a significant decline in short interest in the month of December. As of December 31st, there was short interest totalling 638,700 shares, a decline of 8.0% from the December 15th total of 694,400 shares. Based on an average daily volume of 72,100 shares, the short-interest ratio is currently 8.9 days. Currently, 2.9% of the shares of the company are sold short.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC increased its stake in shares of Carter Bankshares by 23.6% during the fourth quarter. SG Americas Securities LLC now owns 9,838 shares of the company’s stock worth $173,000 after purchasing an additional 1,879 shares in the last quarter. Empowered Funds LLC increased its stake in shares of Carter Bankshares by 5.3% during the third quarter. Empowered Funds LLC now owns 80,475 shares of the company’s stock worth $1,399,000 after purchasing an additional 4,020 shares in the last quarter. Truist Financial Corp increased its stake in shares of Carter Bankshares by 43.5% during the second quarter. Truist Financial Corp now owns 17,790 shares of the company’s stock worth $269,000 after purchasing an additional 5,394 shares in the last quarter. XTX Topco Ltd increased its stake in shares of Carter Bankshares by 42.2% during the third quarter. XTX Topco Ltd now owns 22,499 shares of the company’s stock worth $391,000 after purchasing an additional 6,676 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Carter Bankshares by 9.6% during the second quarter. Bank of New York Mellon Corp now owns 93,138 shares of the company’s stock worth $1,408,000 after purchasing an additional 8,160 shares in the last quarter. Hedge funds and other institutional investors own 41.48% of the company’s stock.

Carter Bankshares Stock Performance

CARE remained flat at $17.36 on Friday. 78,318 shares of the company’s stock were exchanged, compared to its average volume of 62,153. Carter Bankshares has a one year low of $10.95 and a one year high of $20.40. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.23. The company has a 50-day moving average price of $18.20 and a 200-day moving average price of $17.39. The company has a market cap of $400.50 million, a P/E ratio of 28.00 and a beta of 1.00.

Analyst Upgrades and Downgrades

Separately, Hovde Group assumed coverage on shares of Carter Bankshares in a research report on Wednesday, October 2nd. They set an “outperform” rating and a $22.00 target price for the company.

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.