Avidbank (NASDAQ:AVBH) Stock Lifted to “Buy” by Wall Street Zen

Wall Street Zen upgraded shares of Avidbank (NASDAQ:AVBH) from a hold rating to a buy rating in a report released on Saturday,Wall Street Zen reports.

Several other research analysts have also commented on the stock. Weiss Ratings lowered shares of Avidbank from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, September 25th. Benchmark raised shares of Avidbank to a “strong-buy” rating in a research report on Wednesday, September 23rd. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Avidbank has an average rating of “Buy” and an average target price of $35.33.

Avidbank Stock Performance

Shares of Avidbank stock opened at $31.70 on Friday. The company has a market capitalization of $348.16 million, a PE ratio of -16.51 and a beta of 0.33. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.03 and a current ratio of 1.03. The company has a 50-day simple moving average of $31.48 and a two-hundred day simple moving average of $31.34. Avidbank has a one year low of $24.02 and a one year high of $34.17.

Avidbank (NASDAQ:AVBH) last released its quarterly earnings results on Thursday, July 23rd. The company reported $0.76 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.07). Avidbank had a negative net margin of 8.69% and a positive return on equity of 10.85%. The firm had revenue of $29.73 million for the quarter, compared to analysts’ expectations of $28.61 million. Research analysts expect that Avidbank will post 3.40 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Squarepoint Ops LLC acquired a new position in Avidbank during the 2nd quarter valued at about $439,000. Public Employees Retirement System of Ohio purchased a new stake in Avidbank in the second quarter valued at about $58,000. Bank of America Corp DE acquired a new stake in Avidbank in the second quarter worth about $435,000. Hsbc Holdings PLC acquired a new stake in Avidbank in the second quarter worth about $301,000. Finally, Legal & General Group Plc purchased a new stake in shares of Avidbank during the second quarter worth about $30,000. 15.87% of the stock is currently owned by hedge funds and other institutional investors.

Avidbank Company Profile

Avidbank, the banking subsidiary of Avidbank Holdings, Inc (NASDAQ: AVBH), is a commercial bank headquartered in Silicon Valley. Founded in 2003, the company provides banking services to businesses, entrepreneurs, and professionals, with a particular focus on technology, life sciences, venture capital, private equity, and other innovation-driven industries.

Avidbank offers commercial lending, business checking and savings accounts, treasury management, cash management, and other deposit services.