Coastal Financial CEO Eric Sprink buys $444,500 in company stock By Investing.com

Eric M. Sprink, CEO and Director of Coastal Financial Corp. (), purchased 10,000 shares of the company’s common stock on August 6, 2026. The transaction totaled $444,500, with shares acquired at a price of $44.45 each. The purchase comes as the stock trades near its 52-week low of $36.61, down 54% over the past year. According to InvestingPro analysis, CCB appears undervalued at current levels, with analysts predicting the company will return to profitability this year. The stock has gained over 10% in the past week, with InvestingPro data showing RSI levels suggest oversold territory—one of 13 key ProTips available to subscribers.

Following this transaction, Mr. Sprink directly holds 173,238 shares of Coastal Financial common stock. This total includes 26,351 time-based restricted stock units (RSUs) with varying vesting schedules, and 100,000 performance-based RSUs that are set to vest on October 4, 2027, contingent upon achieving specified performance goals. Each restricted stock unit represents the right to receive one share of common stock upon vesting.

Additionally, Mr. Sprink indirectly holds 885 shares through his spouse and 1,200 shares through custodians for his three children, with 400 shares held for each child.

In other recent news, Coastal Financial Corp reported a significant second-quarter loss, primarily due to large accounting charges associated with a troubled partner portfolio. The company announced a net loss of $42.1 million, or $2.76 per diluted share, which was a stark contrast to analysts’ expectations of a $1.01 per share profit. Despite this, Coastal Financial’s revenue exceeded forecasts, reaching $178.07 million compared to the anticipated $148.5 million.

In response to these financial results, Raymond James downgraded Coastal Financial from Strong Buy to Outperform and reduced the price target from $100 to $50. This decision was influenced by $68.8 million in pre-tax charges related to a single CCBX partner, including a $22.8 million provision for credit losses and a $46 million write-down of a credit enhancement asset. Similarly, TD Cowen adjusted its price target for Coastal Financial shares from $110 to $47, although it maintained a Buy rating. This adjustment was due to a $46 million valuation adjustment and a $23 million specific reserve concerning one CCBX partner. These developments highlight the challenges Coastal Financial faces with its partner-related issues.

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