Avidbank (NASDAQ:AVBH) Trading 0.5% Higher – What’s Next?

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

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on AVBH. Piper Sandler reduced 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. Weiss Ratings raised Avidbank from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, April 22nd. DA Davidson boosted their price target on Avidbank from $33.00 to $36.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Finally, Wall Street Zen raised Avidbank from a “hold” rating to a “buy” rating in a research note on Saturday, May 23rd. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Avidbank presently has a consensus rating of “Moderate Buy” and an average target price of $35.33.

Avidbank Price Performance

The business’s 50-day simple moving average is $31.30 and its 200 day simple moving average is $29.48. The company has a market capitalization of $352.15 million, a P/E ratio of -17.11 and a beta of 0.33. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.08.

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

Institutional Trading of Avidbank

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