Piper Sandler Cuts Avidbank (NASDAQ:AVBH) Price Target to $35.00

Avidbank (NASDAQ:AVBH) had its price target reduced by Piper Sandler from $37.00 to $35.00 in a report issued on Thursday,Benzinga reports. They currently have an overweight rating on the stock.

Other equities analysts also recently issued research reports about the stock. Stephens increased their price target on shares of Avidbank from $30.00 to $35.00 and gave the stock an “overweight” rating in a research note on Monday, February 23rd. Weiss Ratings cut shares of Avidbank from a “buy (b-)” rating to a “hold (c-)” rating in a research note on Tuesday, March 17th. Finally, DA Davidson upped their price objective on Avidbank from $31.50 to $33.00 and gave the stock a “buy” rating in a report on Monday, February 2nd. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $34.33.

Avidbank Stock Performance

NASDAQ AVBH opened at $28.80 on Thursday. The company has a market cap of $316.22 million, a P/E ratio of -14.33 and a beta of 0.34. Avidbank has a 12 month low of $19.75 and a 12 month high of $31.61. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.03 and a quick ratio of 1.03. The company has a 50-day moving average of $28.76 and a 200-day moving average of $27.01.

Avidbank (NASDAQ:AVBH) last released its earnings results on Thursday, January 29th. The company reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.11). Avidbank had a positive return on equity of 9.84% and a negative net margin of 12.88%.The company had revenue of $26.78 million during the quarter, compared to analyst estimates of $25.70 million.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of AVBH. Quarry LP acquired a new position in Avidbank during the third quarter valued at approximately $26,000. Kestra Advisory Services LLC acquired a new stake in shares of Avidbank in the fourth quarter worth $36,000. Wells Fargo & Company MN purchased a new position in shares of Avidbank in the 4th quarter valued at $86,000. Barclays PLC purchased a new position in shares of Avidbank in the 4th quarter valued at $123,000. Finally, Citadel Advisors LLC acquired a new position in shares of Avidbank during the 3rd quarter valued at $207,000. Hedge funds and other institutional investors 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.