Carter Bankshares, Inc. (NASDAQ:CARE) Short Interest Update

Carter Bankshares, Inc. (NASDAQ:CARE) was the target of 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 trading volume of 72,100 shares, the days-to-cover ratio is currently 8.9 days. Currently, 2.9% of the shares of the stock are sold short.

Carter Bankshares Stock Performance

Shares of Carter Bankshares stock remained flat at $17.36 during mid-day trading on Monday. 78,318 shares of the company were exchanged, compared to its average volume of 62,153. The company has a market capitalization of $400.50 million, a P/E ratio of 28.00 and a beta of 1.00. Carter Bankshares has a 1-year low of $10.95 and a 1-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 fifty day simple moving average of $18.20 and a 200-day simple moving average of $17.43.

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted its stake in shares of Carter Bankshares by 9.1% in the 2nd 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 last quarter. Geode Capital Management LLC grew its holdings in Carter Bankshares by 3.6% during the 3rd quarter. Geode Capital Management LLC now owns 523,591 shares of the company’s stock worth $9,107,000 after acquiring an additional 18,109 shares during the period. State Street Corp raised its position in shares of Carter Bankshares by 4.1% during the 3rd quarter. State Street Corp now owns 496,603 shares of the company’s stock valued at $8,636,000 after acquiring an additional 19,751 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of Carter Bankshares by 8.2% in the 2nd 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. Finally, Fourthstone LLC grew its stake in shares of Carter Bankshares by 205.3% during the third quarter. Fourthstone LLC now owns 274,481 shares of the company’s stock worth $4,773,000 after purchasing an additional 184,565 shares during the period. 41.48% of the stock is currently owned by 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.