DA Davidson Forecasts Strong Price Appreciation for Avidbank (NASDAQ:AVBH) Stock

Avidbank (NASDAQ:AVBH) had its price objective boosted by DA Davidson from $31.50 to $33.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. DA Davidson’s target price points to a potential upside of 8.52% from the company’s previous close.

Separately, Weiss Ratings restated a “buy (b-)” rating on shares of Avidbank in a research note on Wednesday, January 21st. Three investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $32.00.

Avidbank Price Performance

AVBH opened at $30.41 on Monday. The firm has a market capitalization of $332.99 million, a P/E ratio of -15.13 and a beta of 0.38. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.05 and a quick ratio of 1.05. The business’s fifty day simple moving average is $26.98. Avidbank has a fifty-two week low of $19.75 and a fifty-two week high of $31.07.

Avidbank (NASDAQ:AVBH) last released its quarterly earnings data on Thursday, January 29th. The company reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.11). Avidbank had a positive return on equity of 10.42% and a negative net margin of 12.88%.The business had revenue of $26.78 million for the quarter, compared to the consensus estimate of $25.70 million.

Institutional Trading of Avidbank

Several hedge funds have recently modified their holdings of AVBH. Algebris UK Ltd. bought a new position in Avidbank in the 3rd quarter valued at $3,123,000. BetterWealth LLC bought a new stake in shares of Avidbank during the third quarter worth $216,000. Rhino Investment Partners Inc bought a new stake in shares of Avidbank during the third quarter worth $2,040,000. Elizabeth Park Capital Advisors Ltd. acquired a new stake in shares of Avidbank in the third quarter valued at $510,000. Finally, Kennedy Capital Management LLC bought a new position in shares of Avidbank in the third quarter valued at about $667,000. Institutional investors and hedge funds own 15.87% of the company’s stock.

About Avidbank

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.