Avidbank Holdings Inc. (NASDAQ:AVBH) Short Interest Down 63.2% in December

Avidbank Holdings Inc. (NASDAQ:AVBH) saw a significant drop in short interest in December. As of December 15th, there was short interest totaling 11,975 shares, a drop of 63.2% from the November 30th total of 32,507 shares. Based on an average daily trading volume, of 59,939 shares, the days-to-cover ratio is currently 0.2 days. Approximately 0.1% of the shares of the company are sold short. Approximately 0.1% of the shares of the company are sold short. Based on an average daily trading volume, of 59,939 shares, the days-to-cover ratio is currently 0.2 days.

Hedge Funds Weigh In On Avidbank

Institutional investors have recently added to or reduced their stakes in the stock. Quarry LP acquired a new stake in Avidbank in the third quarter valued at approximately $26,000. Citadel Advisors LLC acquired a new position in shares of Avidbank during the third quarter worth $207,000. BetterWealth LLC bought a new position in shares of Avidbank in the 3rd quarter valued at $216,000. Ghisallo Capital Management LLC acquired a new stake in shares of Avidbank during the third quarter valued at about $255,000. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new stake in Avidbank during the 3rd quarter worth approximately $270,000. 15.87% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

AVBH has been the topic of several research reports. DA Davidson restated a “buy” rating and issued a $31.50 price target on shares of Avidbank in a research note on Tuesday, October 28th. Piper Sandler began coverage on shares of Avidbank in a report on Tuesday, September 2nd. They issued an “overweight” rating and a $31.00 price objective for the company. Wall Street Zen upgraded shares of Avidbank to a “hold” rating in a research report on Saturday, September 20th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Avidbank in a research report on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Avidbank currently has a consensus rating of “Buy” and an average target price of $31.25.

Avidbank Stock Performance

Shares of AVBH stock opened at $27.20 on Friday. The firm has a fifty day simple moving average of $25.99. The firm has a market cap of $297.84 million, a P/E ratio of -14.95 and a beta of 0.36. Avidbank has a fifty-two week low of $19.75 and a fifty-two week high of $27.99. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.05 and a current ratio of 1.05.

Avidbank (NASDAQ:AVBH) last announced its quarterly earnings data on Thursday, October 23rd. The company reported $0.72 earnings per share for the quarter, missing the consensus estimate of $0.77 by ($0.05). The business had revenue of $24.19 million for the quarter, compared to the consensus estimate of $23.80 million. Avidbank had a positive return on equity of 10.22% and a negative net margin of 13.50%.

Avidbank Company Profile

Avidbank Holdings, Inc operates as a bank holding company for Avidbank that provides financial products and services to small and middle-market businesses, professionals, and individuals in the Santa Clara, San Mateo, and San Francisco counties. It offers business and personal deposit products, such as checking, money market, and savings accounts; and certificates of deposit. The company also provides personal lending products include secured and unsecured lines of credit, home equity lines of credit, remodel and new home construction loans, and term loans; corporate banking comprises working capital lines of credit, equipment loans, acquisition financing, shareholder buyouts, ESOP loans, and owner-occupied real estate loans; and commercial real estate lending, such as permanent loans and bridge financing products.