Avidbank (NASDAQ:AVBH) Stock Price Down 1.5% – Should You Sell?

Shares of Avidbank Holdings Inc. (NASDAQ:AVBH) were down 1.5% on Monday . The company traded as low as $31.92 and last traded at $32.01. Approximately 68,145 shares changed hands during mid-day trading, a decline of 27% from the average daily volume of 93,217 shares. The stock had previously closed at $32.51.

Analyst Ratings Changes

A number of research analysts have weighed in on AVBH shares. Wall Street Zen upgraded Avidbank from a “hold” rating to a “buy” rating in a research note on Saturday, May 23rd. Stephens raised their price target on Avidbank from $30.00 to $35.00 and gave the company an “overweight” rating in a research note on Monday, February 23rd. Weiss Ratings upgraded Avidbank from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, April 22nd. Piper Sandler cut their price objective on Avidbank from $37.00 to $35.00 and set an “overweight” rating for the company in a research report on Thursday, April 2nd. Finally, DA Davidson raised their price objective on Avidbank from $33.00 to $36.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $35.33.

Avidbank Stock Performance

The company has a market capitalization of $350.51 million, a price-to-earnings ratio of -17.03 and a beta of 0.34. The stock has a 50-day moving average price of $30.15 and a 200-day moving average price of $28.64. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.03 and a quick ratio of 1.03.

Avidbank (NASDAQ:AVBH) last released its quarterly earnings data on Monday, April 27th. The company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.04. Avidbank had a positive return on equity of 10.88% and a negative net margin of 10.20%.The company had revenue of $27.97 million during the quarter, compared to analysts’ expectations of $28.10 million. As a group, analysts forecast that Avidbank Holdings Inc. will post 3.42 earnings per share for the current year.

Institutional Investors Weigh In On Avidbank

A number of hedge funds and other institutional investors have recently modified their holdings of AVBH. Bank of America Corp DE boosted its position in shares of Avidbank by 314.7% in the first quarter. Bank of America Corp DE now owns 7,551 shares of the company’s stock valued at $215,000 after acquiring an additional 5,730 shares during the period. Bank of New York Mellon Corp acquired a new position in shares of Avidbank in the first quarter valued at about $207,000. Hsbc Holdings PLC bought a new position in Avidbank during the first quarter worth about $527,000. Millennium Management LLC bought a new position in Avidbank during the fourth quarter worth about $677,000. Finally, Bridgeway Capital Management LLC acquired a new stake in Avidbank in the 4th quarter worth about $332,000. Institutional investors and hedge funds own 15.87% of the company’s stock.

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.