Forbright, Inc.’s Quiet Period Set To Expire on July 21st (NASDAQ:FRBT)

Forbright’s (NASDAQ:FRBT) quiet period is set to expire on Tuesday, July 21st. Forbright had issued 7,900,000 shares in its initial public offering on June 11th. The total size of the offering was $142,200,000 based on an initial share price of $18.00. During Forbright’s quiet period, insiders and underwriters involved in the IPO are prevented from issuing any earnings forecasts or research reports for the company because of regulations issued by the Securities and Exchange Commission. Following the end of the company’s quiet period, the brokerages that served as underwriters will likely initiate research coverage on the company.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on FRBT shares. Piper Sandler initiated coverage on Forbright in a research report on Monday, July 6th. They set a “neutral” rating and a $21.50 price objective for the company. Barclays assumed coverage on Forbright in a report on Monday, July 6th. They issued an “overweight” rating and a $23.00 target price on the stock. TD Cowen started coverage on shares of Forbright in a research report on Monday, July 6th. They set a “buy” rating for the company. Zacks Research upgraded shares of Forbright to a “hold” rating in a report on Tuesday, July 7th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Forbright in a research report on Monday, July 6th. They issued a “neutral” rating and a $21.00 price target on the stock. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $22.00.

Forbright Stock Down 3.6%

Shares of Forbright stock opened at $19.46 on Tuesday. Forbright has a 1-year low of $17.48 and a 1-year high of $22.00.