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

Carter Bankshares, Inc. (NASDAQ:CARE) was the target of a significant increase in short interest during 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. Based on an average daily volume of 70,300 shares, the days-to-cover ratio is presently 9.0 days. Approximately 2.8% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CARE. Hovde Group began coverage on shares of Carter Bankshares in a report on Wednesday, October 2nd. They set an “outperform” rating and a $22.00 price target on the stock. Raymond James boosted their price target 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.

Carter Bankshares Stock Down 1.1 %

CARE opened at $18.40 on Friday. 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 stock has a market cap of $424.49 million, a price-to-earnings ratio of 29.68 and a beta of 1.03. Carter Bankshares has a twelve month low of $10.91 and a twelve month high of $19.00. The company’s 50-day moving average price is $17.59 and its two-hundred day moving average price is $15.21.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Carter Bankshares by 1.4% in the first quarter. Vanguard Group Inc. now owns 1,245,205 shares of the company’s stock valued at $15,739,000 after acquiring an additional 17,327 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Carter Bankshares by 9.1% in the second quarter. Dimensional Fund Advisors LP now owns 892,414 shares of the company’s stock valued at $13,493,000 after purchasing an additional 74,317 shares during the period. American Century Companies Inc. raised its position in shares of Carter Bankshares by 8.2% in the second quarter. American Century Companies Inc. now owns 337,743 shares of the company’s stock valued at $5,107,000 after purchasing an additional 25,472 shares during the period. Bank of New York Mellon Corp raised its position in shares of 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 purchasing an additional 8,160 shares during the period. Finally, Renaissance Technologies LLC raised its position in shares of Carter Bankshares by 27.8% in the second quarter. Renaissance Technologies LLC now owns 83,100 shares of the company’s stock valued at $1,256,000 after purchasing an additional 18,100 shares during the period. 41.48% of the stock is currently owned by hedge funds and other 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.