First Internet Bancorp (NASDAQ:INBK) Short Interest Down 13.5% in August

First Internet Bancorp (NASDAQ:INBK) was the target of a significant drop in short interest during the month of August. As of August 31st, there was short interest totalling 138,500 shares, a drop of 13.5% from the August 15th total of 160,100 shares. Approximately 1.8% of the company’s shares are sold short. Based on an average daily trading volume, of 83,200 shares, the short-interest ratio is currently 1.7 days.

First Internet Bancorp Stock Down 1.6 %

NASDAQ INBK traded down $0.28 during mid-day trading on Tuesday, hitting $17.24. The company’s stock had a trading volume of 24,115 shares, compared to its average volume of 76,719. The firm has a market capitalization of $150.33 million, a price-to-earnings ratio of 9.32 and a beta of 0.63. The company’s 50 day simple moving average is $19.66 and its 200 day simple moving average is $16.91. The company has a current ratio of 1.07, a quick ratio of 1.06 and a debt-to-equity ratio of 2.03. First Internet Bancorp has a twelve month low of $9.68 and a twelve month high of $36.99.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings results on Wednesday, July 26th. The bank reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.03. The business had revenue of $24.02 million for the quarter, compared to analysts’ expectations of $23.40 million. First Internet Bancorp had a net margin of 8.03% and a return on equity of 6.56%. Analysts anticipate that First Internet Bancorp will post 1.2 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on INBK. Craig Hallum boosted their price objective on First Internet Bancorp from $18.00 to $22.00 and gave the company a “hold” rating in a research note on Friday, July 28th. StockNews.com upgraded First Internet Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, September 13th. Finally, Piper Sandler boosted their target price on shares of First Internet Bancorp from $17.00 to $25.00 and gave the company a “neutral” rating in a research report on Monday, July 31st. Five equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, First Internet Bancorp presently has an average rating of “Hold” and an average target price of $26.50.

Institutional Investors Weigh In On First Internet Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the stock. Russell Investments Group Ltd. purchased a new stake in shares of First Internet Bancorp in the first quarter valued at about $38,000. Tower Research Capital LLC TRC lifted its position in shares of First Internet Bancorp by 148.9% during the 3rd quarter. Tower Research Capital LLC TRC now owns 1,267 shares of the bank’s stock worth $42,000 after buying an additional 758 shares in the last quarter. Column Capital Advisors LLC bought a new position in shares of First Internet Bancorp in the first quarter valued at approximately $50,000. Point72 Middle East FZE purchased a new stake in shares of First Internet Bancorp during the second quarter valued at approximately $51,000. Finally, Barclays PLC lifted its holdings in First Internet Bancorp by 521.7% during the fourth quarter. Barclays PLC now owns 2,325 shares of the bank’s stock worth $56,000 after acquiring an additional 1,951 shares during the period. 62.43% of the stock is owned by hedge funds and other institutional investors.

First Internet Bancorp Company Profile

First Internet Bancorp operates as the bank holding company for First Internet Bank of Indiana that provides commercial, small business, consumer, and municipal products and services to individuals and commercial customers in the United States. The company accepts non-interest bearing and interest-bearing demand deposit, savings, money market, commercial and brokered deposit accounts, as well as certificates of deposit.