Eric M. Sprink, CEO of Coastal Financial Corp (NASDAQ:CCB), recently sold a significant portion of his common stock holdings in the company. The transactions, disclosed in a recent SEC filing, indicate that Sprink sold a total of 8,518 shares over three days in October and November. The sales were executed at prices ranging from $59.33 to $70.95 per share, amounting to a total value of approximately $557,393.
Following these transactions, Sprink retains direct ownership of 240,388 shares of Coastal Financial. The sales were conducted under a Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined plan to sell stocks in accordance with insider trading laws. Additionally, the filing notes that some of the shares were omitted from earlier disclosures unintentionally.
InvestingPro Insights
As Eric M. Sprink, CEO of Coastal Financial Corp (NASDAQ:CCB), divests a portion of his holdings, investors might find additional context in recent market data and analyst insights. According to InvestingPro, CCB's stock has shown remarkable performance, with a 89.42% total return over the past year and is currently trading near its 52-week high, with the price at 97.66% of its peak.
The company's financial health appears robust, with a market capitalization of $983.46 million and a price-to-earnings ratio of 23.55. Revenue growth has been solid, with a 17.89% increase in the most recent quarter, suggesting the company is in an expansion phase.
InvestingPro Tips highlight that CCB has been profitable over the last twelve months, and analysts predict continued profitability this year. However, it's worth noting that the stock's recent performance has pushed it into potentially overbought territory, according to the Relative Strength Index (RSI).
For investors seeking a more comprehensive analysis, InvestingPro offers 13 additional tips for Coastal Financial Corp, providing a deeper dive into the company's financial outlook and market position.
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