California BanCorp (NASDAQ:CALB) Sees Significant Increase in Short Interest

California BanCorp (NASDAQ:CALB) was the recipient of a large growth in short interest in July. As of July 15th, there was short interest totalling 168,600 shares, a growth of 436.9% from the June 30th total of 31,400 shares. Currently, 2.4% of the company’s stock are sold short. Based on an average trading volume of 44,100 shares, the short-interest ratio is presently 3.8 days.

California BanCorp Stock Up 2.2 %

Shares of NASDAQ:CALB traded up $0.52 during trading on Thursday, hitting $24.25. 12,944 shares of the company were exchanged, compared to its average volume of 33,686. The stock has a market cap of $205.42 million, a price-to-earnings ratio of 10.01 and a beta of 0.95. California BanCorp has a fifty-two week low of $17.18 and a fifty-two week high of $27.82. The firm has a fifty day moving average price of $21.78 and a two-hundred day moving average price of $22.44. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.27.

California BanCorp (NASDAQ:CALB) last posted its quarterly earnings results on Monday, April 29th. The company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.02. The firm had revenue of $19.42 million for the quarter, compared to analyst estimates of $19.50 million. California BanCorp had a return on equity of 10.90% and a net margin of 17.16%. As a group, research analysts anticipate that California BanCorp will post 2.15 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CALB has been the topic of several research reports. Truist Financial restated an “overweight” rating and issued a $26.00 target price (down previously from $27.00) on shares of California BanCorp in a research note on Monday, May 6th. DA Davidson cut their target price on California BanCorp from $36.00 to $31.00 and set a “buy” rating on the stock in a research note on Wednesday, May 1st. Finally, Keefe, Bruyette & Woods lowered their price target on California BanCorp from $23.50 to $23.00 and set an “outperform” rating on the stock in a research report on Monday, May 6th. Four research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, California BanCorp has an average rating of “Buy” and an average target price of $26.25.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Perigon Wealth Management LLC acquired a new position in shares of California BanCorp during the 4th quarter worth approximately $210,000. Bedell Frazier Investment Counselling LLC acquired a new position in shares of California BanCorp during the 4th quarter worth approximately $216,000. Mendon Capital Advisors Corp acquired a new position in California BanCorp in the 4th quarter valued at $583,000. Wasatch Advisors LP grew its holdings in California BanCorp by 2.3% in the 4th quarter. Wasatch Advisors LP now owns 315,160 shares of the company’s stock valued at $7,803,000 after buying an additional 7,192 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in California BanCorp by 5.3% in the 1st quarter. Vanguard Group Inc. now owns 357,516 shares of the company’s stock valued at $7,865,000 after buying an additional 18,100 shares in the last quarter. 59.52% of the stock is owned by institutional investors and hedge funds.

About California BanCorp

California BanCorp operates as the bank holding company for California Bank of Commerce that provides commercial banking services to businesses and professionals in California. It accepts various deposit products, including commercial checking, savings, and money market accounts, as well as certificates of deposit.