First Internet Bancorp (NASDAQ:INBK) Sees Large Increase in Short Interest

First Internet Bancorp (NASDAQ:INBK) was the target of a large growth in short interest in August. As of August 31st, there was short interest totalling 154,400 shares, a growth of 5.7% from the August 15th total of 146,100 shares. Approximately 2.1% of the company’s stock are short sold. Based on an average trading volume of 63,200 shares, the short-interest ratio is currently 2.4 days.

First Internet Bancorp Stock Performance

Shares of First Internet Bancorp stock traded up $0.25 during trading on Tuesday, reaching $35.40. The company’s stock had a trading volume of 20,340 shares, compared to its average volume of 54,302. The company has a 50-day moving average price of $34.46 and a two-hundred day moving average price of $31.91. First Internet Bancorp has a fifty-two week low of $14.11 and a fifty-two week high of $39.46. The firm has a market cap of $306.42 million, a PE ratio of 18.63 and a beta of 0.66. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 1.83.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings data on Wednesday, July 24th. The bank reported $0.72 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.72. First Internet Bancorp had a net margin of 6.12% and a return on equity of 5.23%. The company had revenue of $81.99 million for the quarter, compared to the consensus estimate of $30.55 million. During the same period last year, the firm posted $0.44 EPS. On average, analysts forecast that First Internet Bancorp will post 3 EPS for the current year.

Hedge Funds Weigh In On First Internet Bancorp

Several institutional investors have recently added to or reduced their stakes in the stock. Foundry Partners LLC lifted its position in First Internet Bancorp by 56.6% during the 1st quarter. Foundry Partners LLC now owns 97,245 shares of the bank’s stock worth $3,378,000 after acquiring an additional 35,140 shares during the period. Acadian Asset Management LLC raised its stake in shares of First Internet Bancorp by 263.2% during the first quarter. Acadian Asset Management LLC now owns 97,600 shares of the bank’s stock worth $3,389,000 after purchasing an additional 70,725 shares during the last quarter. Quadrature Capital Ltd raised its stake in shares of First Internet Bancorp by 33.0% during the fourth quarter. Quadrature Capital Ltd now owns 47,209 shares of the bank’s stock worth $1,142,000 after purchasing an additional 11,707 shares during the last quarter. LSV Asset Management lifted its holdings in shares of First Internet Bancorp by 2.1% during the second quarter. LSV Asset Management now owns 39,200 shares of the bank’s stock worth $1,059,000 after purchasing an additional 800 shares during the period. Finally, Valeo Financial Advisors LLC grew its position in First Internet Bancorp by 2.6% in the 2nd quarter. Valeo Financial Advisors LLC now owns 23,967 shares of the bank’s stock valued at $648,000 after buying an additional 606 shares during the last quarter. Institutional investors and hedge funds own 65.46% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on INBK shares. Keefe, Bruyette & Woods raised their price objective on shares of First Internet Bancorp from $36.00 to $42.00 and gave the stock a “market perform” rating in a report on Friday, July 26th. Piper Sandler lifted their price target on shares of First Internet Bancorp from $30.00 to $40.50 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Craig Hallum upped their price objective on shares of First Internet Bancorp from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Finally, Hovde Group lifted their target price on First Internet Bancorp from $38.00 to $44.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $42.88.

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 banking products and services to individuals and commercial customers in the United States. The company accepts non-interest bearing and interest-bearing demand deposit, commercial deposit, savings, money market, and Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.