California BanCorp (NASDAQ:CALB) Short Interest Up 6.5% in April

California BanCorp (NASDAQ:CALB) was the target of a significant growth in short interest in April. As of April 15th, there was short interest totalling 80,000 shares, a growth of 6.5% from the March 31st total of 75,100 shares. Based on an average daily volume of 26,900 shares, the days-to-cover ratio is currently 3.0 days. Approximately 1.1% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CALB. DA Davidson decreased their price objective on shares of California BanCorp from $36.00 to $31.00 and set a “buy” rating on the stock in a research report on Wednesday. Keefe, Bruyette & Woods decreased their price target on California BanCorp from $26.50 to $23.50 and set an “outperform” rating on the stock in a report on Friday, April 5th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CALB. Mendon Capital Advisors Corp purchased a new stake in shares of California BanCorp in the fourth quarter worth about $583,000. Wasatch Advisors LP increased its stake in California BanCorp by 2.3% in the 4th quarter. Wasatch Advisors LP now owns 315,160 shares of the company’s stock worth $7,803,000 after acquiring an additional 7,192 shares during the last quarter. Bedell Frazier Investment Counselling LLC purchased a new stake in shares of California BanCorp during the 4th quarter worth approximately $216,000. Perigon Wealth Management LLC bought a new position in shares of California BanCorp during the 4th quarter valued at approximately $210,000. Finally, Kennedy Capital Management LLC grew its holdings in shares of California BanCorp by 13.8% in the third quarter. Kennedy Capital Management LLC now owns 120,689 shares of the company’s stock valued at $2,426,000 after purchasing an additional 14,610 shares in the last quarter. Institutional investors own 59.52% of the company’s stock.

California BanCorp Trading Down 0.8 %

Shares of CALB opened at $21.53 on Thursday. The firm has a market cap of $181.07 million, a P/E ratio of 9.08 and a beta of 0.92. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.09 and a quick ratio of 1.09. California BanCorp has a 1 year low of $12.78 and a 1 year high of $27.82. The company has a 50 day simple moving average of $22.39 and a two-hundred day simple moving average of $22.87.

California BanCorp (NASDAQ:CALB) last posted its earnings results on Tuesday, January 30th. The company reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.02. The company had revenue of $29.74 million during the quarter, compared to analysts’ expectations of $20.10 million. California BanCorp had a net margin of 17.16% and a return on equity of 11.05%. On average, equities analysts expect that California BanCorp will post 2.25 earnings per share for the current fiscal year.

California BanCorp Company Profile

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.