Avidbank (NASDAQ:AVBH) Stock Price Down 1.5% – Here’s What Happened

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

Analyst Upgrades and Downgrades

Several research firms recently weighed in on AVBH. Weiss Ratings raised shares of Avidbank from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, April 22nd. Stephens raised their target price on shares of Avidbank from $30.00 to $35.00 and gave the company an “overweight” rating in a research note on Monday, February 23rd. Piper Sandler decreased their target price 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 raised their target price on shares of Avidbank from $33.00 to $36.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. Finally, Wall Street Zen raised shares of Avidbank from a “hold” rating to a “buy” rating in a research report on Saturday, May 23rd. 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 company has a consensus rating of “Moderate Buy” and a consensus price target of $35.33.

Avidbank Stock Performance

The company has a debt-to-equity ratio of 0.08, a current ratio of 1.03 and a quick ratio of 1.03. The stock’s 50-day simple moving average is $30.28 and its 200 day simple moving average is $28.72. The stock has a market capitalization of $347.66 million, a P/E ratio of -16.89 and a beta of 0.34.

Avidbank (NASDAQ:AVBH) last released its quarterly earnings data on Monday, April 27th. The company reported $0.84 EPS for the quarter, topping 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 firm had revenue of $27.97 million during the quarter, compared to analysts’ expectations of $28.10 million. Research analysts expect that Avidbank Holdings Inc. will post 3.42 EPS for the current fiscal year.

Hedge Funds Weigh In On Avidbank

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AVBH. Quarry LP bought a new position in Avidbank during the third quarter worth $26,000. Kestra Advisory Services LLC bought a new stake in shares of Avidbank in the fourth quarter valued at about $36,000. Wells Fargo & Company MN bought a new stake in shares of Avidbank in the fourth quarter valued at about $86,000. Barclays PLC bought a new stake in shares of Avidbank in the fourth quarter valued at about $123,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Avidbank in the first quarter valued at about $207,000. 15.87% of the stock is owned by institutional investors.

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.