Avidbank Holdings Inc. (NASDAQ:AVBH) Sees Large Growth in Short Interest

Avidbank Holdings Inc. (NASDAQ:AVBH) was the target of a significant increase in short interest in December. As of December 31st, there was short interest totaling 65,300 shares, an increase of 445.3% from the December 15th total of 11,975 shares. Approximately 0.6% of the company’s shares are sold short. Based on an average trading volume of 77,969 shares, the short-interest ratio is presently 0.8 days. Based on an average trading volume of 77,969 shares, the short-interest ratio is presently 0.8 days. Approximately 0.6% of the company’s shares are sold short.

Avidbank Price Performance

Shares of NASDAQ AVBH opened at $26.41 on Wednesday. The stock has a market cap of $289.19 million, a PE ratio of -14.51 and a beta of 0.37. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.05 and a current ratio of 1.05. Avidbank has a 1 year low of $19.75 and a 1 year high of $27.99. The company’s 50-day simple moving average is $26.21.

Avidbank (NASDAQ:AVBH) last announced its earnings results on Thursday, October 23rd. The company reported $0.72 earnings per share for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.05). Avidbank had a negative net margin of 13.50% and a positive return on equity of 10.22%. The business had revenue of $24.19 million for the quarter, compared to the consensus estimate of $23.80 million.

Institutional Investors Weigh In On Avidbank

Several hedge funds have recently added to or reduced their stakes in AVBH. Quarry LP purchased a new stake in shares of Avidbank in the third quarter worth $26,000. Citadel Advisors LLC bought a new position in Avidbank in the 3rd quarter worth about $207,000. BetterWealth LLC purchased a new stake in Avidbank during the 3rd quarter valued at about $216,000. Ghisallo Capital Management LLC bought a new stake in Avidbank during the 3rd quarter valued at about $255,000. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new stake in Avidbank during the 3rd quarter valued at about $270,000. 15.87% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on AVBH. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Avidbank in a research report on Wednesday, October 8th. Wall Street Zen raised shares of Avidbank to a “hold” rating in a research note on Saturday, September 20th. Finally, DA Davidson reaffirmed a “buy” rating and set a $31.50 price objective on shares of Avidbank in a research report on Tuesday, October 28th. Three research analysts have rated the stock with a Buy rating, According to MarketBeat, Avidbank has an average rating of “Buy” and a consensus price target of $31.25.

About Avidbank

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.