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

Eric M Sprink, CEO and a director of Coastal Financial Corp (), purchased 10,000 shares of the company’s common stock on August 6, 2026. The transaction, valued at $444,500, saw shares acquired at a price of $44.45 each. The purchase comes as the stock has declined 51% over the past year, though shares have rebounded nearly 8% in the past week to trade at $52.47. According to InvestingPro analysis, the stock appears undervalued at current levels, with a Fair Value of $56.18.

Following this direct acquisition, Mr. Sprink directly holds 173,238 shares of Coastal Financial common stock. His indirect holdings include 885 shares held by his spouse and 400 shares each held by a custodian for three different children.

The direct holdings of 173,238 shares include 26,351 time-based restricted stock units (RSUs) under the Coastal Financial Corporation 2018 Omnibus Incentive Plan. These RSUs vest in various installments: 12,315 units in four remaining installments, 3,165 units in three, 6,688 units in two, and 4,183 units in one remaining installment. Additionally, Mr. Sprink holds 100,000 shares of performance-based restricted stock units, which are scheduled to vest on October 4, 2027, with the final quantity dependent on the achievement of specified performance goals. Each restricted stock unit represents the right to receive one share of common stock upon vesting.

In other recent news, Coastal Financial Corp reported a second-quarter 2026 loss, largely due to significant accounting charges related to a troubled partner portfolio. The company posted a loss of $2.76 per share, which was a stark contrast to analysts’ expectations of a $1.01 profit per share. Despite this loss, Coastal Financial’s revenue exceeded forecasts, reaching $178.07 million compared to the anticipated $148.5 million. The company’s financial results included a GAAP net loss of $42.1 million, driven by a $46 million valuation adjustment and a $23 million specific reserve related to one CCBX partner.

Additionally, Coastal Financial faced a $68.8 million pre-tax charge, which included a $22.8 million provision for credit losses and a $46 million write-down of its credit enhancement asset. In response to these developments, Raymond James downgraded Coastal Financial’s stock rating to Outperform from Strong Buy, lowering the price target to $50 from $100. Similarly, TD Cowen reduced its price target for the company to $47 from $110 while maintaining a Buy rating. These recent developments highlight the challenges Coastal Financial is facing with its CCBX partner, impacting both its financial performance and stock ratings.

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