Short Interest in Forbright, Inc. (NASDAQ:FRBT) Declines By 50.3%

Forbright, Inc. (NASDAQ:FRBT) was the recipient of a large decline in short interest in July. As of July 15th, there was short interest totaling 122,070 shares, a decline of 50.3% from the June 30th total of 245,669 shares. Approximately 0.2% of the shares of the company are sold short. Based on an average trading volume of 125,092 shares, the short-interest ratio is currently 1.0 days.

Forbright Price Performance

Shares of FRBT traded down $0.45 during trading hours on Wednesday, hitting $19.42. 114,354 shares of the company were exchanged, compared to its average volume of 136,335. Forbright has a one year low of $17.48 and a one year high of $22.00.

Wall Street Analyst Weigh In

FRBT has been the subject of several recent analyst reports. Zacks Research raised Forbright to a “hold” rating in a research note on Tuesday, July 7th. Piper Sandler began coverage on shares of Forbright in a research note on Monday, July 6th. They set a “neutral” rating and a $21.50 price objective on the stock. Wall Street Zen raised shares of Forbright from a “sell” rating to a “hold” rating in a report on Monday, July 20th. Wells Fargo & Company began coverage on shares of Forbright in a research report on Monday, July 6th. They issued an “overweight” rating and a $21.00 target price for the company. Finally, Barclays assumed coverage on shares of Forbright in a research report on Monday, July 6th. They issued an “overweight” rating and a $23.00 target price for the company. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Forbright has a consensus rating of “Moderate Buy” and an average target price of $22.00.