Avidbank Holdings Inc. (NASDAQ:AVBH) Short Interest Up 76.0% in June

Avidbank Holdings Inc. (NASDAQ:AVBH) was the recipient of a large increase in short interest during the month of 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. Currently, 4.3% of the shares of the company are short sold. Based on an average trading volume of 243,609 shares, the short-interest ratio is currently 1.7 days.

Avidbank Price Performance

AVBH stock traded down $0.51 during trading on Friday, hitting $32.23. 107,801 shares of the stock traded hands, compared to its average volume of 195,184. Avidbank has a one year low of $21.25 and a one year high of $34.17. The stock has a market cap of $352.92 million, a price-to-earnings ratio of -17.14 and a beta of 0.33. The company has a 50 day simple moving average of $31.45 and a 200 day simple moving average of $29.58. 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 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.04. The company had revenue of $27.97 million during the quarter, compared to analyst estimates of $28.10 million. Avidbank had a negative net margin of 10.20% and a positive return on equity of 10.88%. Equities analysts expect that Avidbank will post 3.44 EPS for the current fiscal year.

Hedge Funds Weigh In On Avidbank

Several institutional investors have recently bought and sold shares of the business. Quarry LP bought a new stake in shares of Avidbank during the third quarter worth $26,000. Kestra Advisory Services LLC bought a new position in shares of Avidbank in the fourth quarter valued at about $36,000. Wells Fargo & Company MN acquired a new position in Avidbank during the 4th quarter worth about $86,000. Barclays PLC bought a new stake in Avidbank during the 4th quarter worth about $123,000. Finally, Citadel Advisors LLC bought a new stake in Avidbank during the 3rd quarter worth about $207,000. Institutional investors own 15.87% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. DA Davidson raised their price objective on shares of Avidbank from $33.00 to $36.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. 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 target on shares of Avidbank from $37.00 to $35.00 and set an “overweight” rating for the company in a report on Thursday, April 2nd. Finally, Weiss Ratings upgraded shares of Avidbank from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, April 22nd. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $35.33.

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.