Avidbank Holdings Inc. (NASDAQ:AVBH) Short Interest Update

Avidbank Holdings Inc. (NASDAQ:AVBH) was the target of a large increase in short interest in June. As of June 30th, there was short interest totaling 422,389 shares, an increase of 76.0% from the June 15th total of 239,978 shares. Based on an average daily volume of 243,609 shares, the days-to-cover ratio is presently 1.7 days. Approximately 4.3% of the company’s stock are sold short.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On Avidbank

A number of large investors have recently made changes to their positions in the business. First Eagle Investment Management LLC grew its stake in Avidbank by 80.6% during the 4th quarter. First Eagle Investment Management LLC now owns 153,500 shares of the company’s stock worth $4,077,000 after buying an additional 68,500 shares during the last quarter. Maltese Capital Management LLC raised its stake in Avidbank by 38.6% in the fourth quarter. Maltese Capital Management LLC now owns 305,000 shares of the company’s stock valued at $8,101,000 after buying an additional 85,000 shares during the last quarter. ExodusPoint Capital Management LP purchased a new stake in Avidbank in the fourth quarter valued at about $256,000. Barclays PLC acquired a new stake in Avidbank in the fourth quarter worth about $123,000. Finally, Kestra Advisory Services LLC acquired a new stake in Avidbank in the fourth quarter worth about $36,000. 15.87% of the stock is owned by institutional investors and hedge funds.

Avidbank Stock Down 1.6%

NASDAQ:AVBH opened at $32.23 on Friday. Avidbank has a fifty-two week low of $21.25 and a fifty-two week high of $34.17. The stock has a market capitalization of $352.92 million, a P/E ratio of -17.14 and a beta of 0.33. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.03 and a current ratio of 1.03. The company’s 50-day simple moving average is $31.45 and its 200-day simple moving average is $29.58.

Avidbank (NASDAQ:AVBH) last issued its quarterly earnings data on Monday, April 27th. The company reported $0.84 earnings per share (EPS) for the quarter, topping 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 negative net margin of 10.20% and a positive return on equity of 10.88%. On average, equities analysts anticipate that Avidbank will post 3.44 earnings per share for the current fiscal year.

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.