During October, the number of shares of California BanCorp (NASDAQ: CALB) sold short by investors decreased by a sizeable amount. As of October 31st, the total number of shares subject to short interest was 2,400. This figure represents a decrease of 27.3% compared to the total number of 3,300 shares recorded the previous day. There are currently zero shares of the company’s stock being sold short on the market. It is possible to derive the current short-interest ratio of 0.4 days based on an average daily trading volume of 5,800 shares. This ratio has been calculated.
Recent research has concentrated on CALB, and several studies dealing with this subject have been published. The Hovde Group announced on November 1st, in a report made available to the general public, that they have raised their price target for California Bancorp to $27.00. Piper Sandler stated that they had reduced their price target for California Bancorp to $23.00 in a report published on Friday, September 30th. Piper Sandler’s report was made public.
The price of a share of CALB fell $0.30 to $23.55 during the trading that took place on Friday during the middle of the day. The stock usually has a volume of 15,121 transactions per day, but today there were 28,328. This is a significant increase. Over the past 52 weeks, the price of a share of California Bancorp has fluctuated between $18.51 and $24.30. The debt-to-equity ratio is calculated to be 0.97, the current ratio is calculated to be 1.07, and the quick ratio is also calculated to be 1.07. The moving average price of the company over the previous 50 days is $21.09, and the moving average price of the company over the previous 200 days is $20.56. The current market capitalization of the business is $195.94 million, which is determined by the company’s beta value of 1.03 and its P/E ratio of 11.83.
During the past few months, several hedge funds and other institutional investors have increased the proportion of the company’s stock they own:
Wasatch Advisors Inc. increased its holdings in California Bancorp by 2,489.1% during the year’s first three months. Wasatch Advisors Inc. now has a total of 312,828 shares of the company’s stock, which has a value of $7,198, as a result of the acquisition of an additional 300,735 shares during the preceding quarter.
LFS Asset Management spent $649,00 during the second quarter to acquire a new interest in California Bancorp. This purchase was made possible thanks to the company’s decision to acquire a new stake.
Petiole USA Ltd. increased the proportion of California Bancorp stock it owns by 22.5% during the second quarter of the fiscal year. Petiole USA Ltd. now has a total of 37,704 shares of the company’s stock, which has a market value of $717,000 due to the acquisition of 6,914 additional shares during the preceding quarter.
Manufacturers Life Insurance Company increased the proportion of its holdings in California Bancorp that it owned by 1.1% over the first quarter.
Manufacturers Life Insurance Company now holds 522,082 shares of the company’s stock, with a market value of $12,013,000. This resulted from acquiring an additional 5,826 shares during the preceding quarter. Last but certainly not least, Intersect Capital LLC increased its holdings in California BanCorp by 2.9% during the second quarter by purchasing additional shares. Intersect Capital LLC now holds 166,202 shares of the company’s stock, which has a value of $3,203,000 following the acquisition of 4,655 additional shares during the preceding quarter. The majority of the company’s stock, or 52.88 percent, is owned by various institutional investors.
One commercial bank in California is known as the California Bank of Commerce. The California Bank of Commerce is an affiliate of the bank holding company known as California BanCorp. In addition to taking certificates of deposit, it can accommodate a wide variety of deposit accounts, including commercial checking, savings, and money market accounts. Additionally, the company offers loans that are based on asset-based lending, 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 term loans, working capital, accounts receivable, and inventory financing.