Avidbank (NASDAQ:AVBH) Shares Up 0.5% – What’s Next?

Avidbank Holdings Inc. (NASDAQ:AVBH)’s share price traded up 0.5% on Monday . The stock traded as high as $32.72 and last traded at $32.29. Approximately 255,269 shares were traded during trading, an increase of 47% from the average session volume of 173,344 shares. The stock had previously closed at $32.12.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on AVBH. Weiss Ratings raised Avidbank from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, April 22nd. Wall Street Zen raised Avidbank from a “hold” rating to a “buy” rating in a report on Saturday, May 23rd. DA Davidson raised their price objective on Avidbank from $33.00 to $36.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. Finally, Piper Sandler dropped their price objective on Avidbank from $37.00 to $35.00 and set an “overweight” rating on the stock in a report on Thursday, April 2nd. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, Avidbank has an average rating of “Moderate Buy” and a consensus target price of $35.33.

Avidbank Stock Up 0.5%

The stock has a market capitalization of $353.58 million, a price-to-earnings ratio of -17.18 and a beta of 0.33. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.08. The firm has a 50-day moving average of $31.24 and a two-hundred day moving average of $29.45.

Avidbank (NASDAQ:AVBH) last issued its earnings results on Monday, April 27th. The company reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.04. The firm had revenue of $27.97 million for the quarter, compared to the consensus estimate of $28.10 million. Avidbank had a positive return on equity of 10.88% and a negative net margin of 10.20%. As a group, sell-side analysts anticipate that Avidbank Holdings Inc. will post 3.44 earnings per share for the current year.

Hedge Funds Weigh In On Avidbank

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE lifted its position in Avidbank by 314.7% during the 1st quarter. Bank of America Corp DE now owns 7,551 shares of the company’s stock worth $215,000 after acquiring an additional 5,730 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Avidbank during the first quarter worth approximately $207,000. Hsbc Holdings PLC acquired a new position in Avidbank during the 1st quarter valued at $527,000. Millennium Management LLC bought a new position in shares of Avidbank during the 4th quarter worth about $677,000. Finally, Bridgeway Capital Management LLC acquired a new position in shares of Avidbank during the fourth quarter valued at about $332,000. 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.