During October, the number of California BanCorp (NASDAQ: CALB) shares sold short by investors fell sharply. As of October 31, the total number of shares subject to short interest was 2,400. This figure represents a decrease of 27.3% compared to the total of 3,300 actions registered the previous day. There are currently zero shares of the company’s stock going short on the market. It is possible to derive the current short-term interest rate of 0.4 days based on an average daily trading volume of 5,800 shares. This relationship has been calculated.
Recent research has focused on CALB, and several studies addressing this topic have been published. The Hovde Group announced on November 1, in a report made available to the general public, that it has raised its price target for California Bancorp to $27.00. Piper Sandler stated that they have lowered their price target for California Bancorp to $23.00 in a report published on Friday, September 30. Piper Sandler’s report was made public.
CALB’s share price fell $0.30 to $23.55 during mid-day trading on Friday. The stock market usually has a volume of 15,121 transactions per day, but today it was 28,328. This is a significant increase. Over the past 52 weeks, the price of a California Bancorp share has fluctuated between $18.51 and $24.30. The debt-to-equity ratio is calculated at 0.97, the current ratio is calculated at 1.07, and the quick ratio is also calculated at 1.07. The company’s moving average price over the previous 50 days is $21.09 and the company’s moving average price over the previous 200 days is $20.56. The company’s current market capitalization is $195.94 million, determined by the company’s beta value of 1.03 and its P/E ratio of 11.83.
Over the past few months, several hedge funds and other institutional investors have increased the proportion of company shares they own:
Wasatch Advisors Inc. increased its stake in California Bancorp by 2,489.1% during the first three months of the year. Wasatch Advisors Inc. now owns a total of 312,828 shares of the company’s common stock, which have a value of $7,198, as a result of the acquisition of an additional 300,735 shares during the previous quarter.
LFS Asset Management spent $649.00 during the second quarter to acquire a new stake in California Bancorp. This purchase was possible thanks to the company’s decision to acquire a new stake.
Petiole USA Ltd. increased the proportion of California Bancorp shares it owns by 22.5% during the second quarter of the fiscal year. Petiole USA Ltd. now holds a total of 37,704 shares of the company’s common stock, which has a market value of $717,000 due to the acquisition of an additional 6,914 shares during the prior quarter.
Manufacturers Life Insurance Company increased the proportion of its California Bancorp stake it owned by 1.1% during the first quarter.
Manufacturers Life Insurance Company now owns 522,082 shares of the company, with a market value of $12,013,000. This resulted from the acquisition of an additional 5,826 shares during the previous quarter. Last but not least, Intersect Capital LLC increased its stake in California BanCorp by 2.9% during the second quarter by purchasing additional shares. Intersect Capital LLC now owns 166,202 shares of the company, which are worth $3,203,000 after acquiring an additional 4,655 shares during the prior quarter. The majority of the company’s shares, or 52.88 percent, are owned by various institutional investors.
A commercial bank in California is known as the California Bank of Commerce. The California Bank of Commerce is a subsidiary of the bank holding company known as California BanCorp. In addition to accepting certificates of deposit, it can accommodate a wide variety of deposit accounts, including business checking, savings, and money market accounts. In addition, the company offers loans that are based on asset-based loans, standby letters of credit, construction and development loans, real estate loans such as commercial real estate loans and other loans, SBA loans such as SBA 7(a) and SBA 504. loans, consumer loans, such as secured and unsecured installment loans and revolving lines of credit, as well as commercial and industrial loans, such as installment loans, working capital, accounts receivable, and inventory financing.