Insider Transactions: Coastal Financial Corp (NASDAQ:CCB) Director Sells Stock Worth $186,020
In a recent development, Steven D. Hovde, a director and ten percent owner of Coastal Financial Corp (NASDAQ:CCB), sold a significant amount of company stock, resulting in proceeds of $186,020. The sales took place on two separate days, with the first sale occurring on August 26, 2024, where Hovde disposed of 2,003 shares at $53.26 per share. This was followed by a second sale on August 28, where he sold 1,497 shares at $53.00 per share, reducing his direct ownership to 26,500 shares.
It's important to note that these sales did not represent Hovde's entire stake in the company, as he still indirectly holds 1,714,870 shares of common stock. Insider transactions like these can provide insights into an executive's confidence in the company's future prospects, which is why investors often keep a close eye on them.
The transactions were disclosed in a mandatory filing with the Securities and Exchange Commission, as per regulatory requirements. This transparency allows the public to be informed of such activities and helps shareholders in assessing their investment in the company.
InvestingPro Insights:
Following these insider transactions, investors may be looking for additional context on Coastal Financial Corp's financial health and future outlook. According to InvestingPro data, the company's market capitalization stands at $707.53 million, with a P/E ratio of 18.54 and a PEG ratio of -0.77. While the company's revenue growth is at 5.88% for the last twelve months, the share price is close to its 52-week high at 97.48%.
For more comprehensive insights, InvestingPro offers 15 additional tips that could provide further guidance on Coastal Financial Corp's financial health and stock performance.
In conclusion, understanding insider transactions and analyzing key financial metrics can help investors make informed decisions about their investments. By keeping track of such activities and data points, investors can better assess the company's prospects and make strategic investment choices.