Avidbank Holdings Inc. (NASDAQ:AVBH) Short Interest Up 29.7% in March

Avidbank Holdings Inc. (NASDAQ:AVBH) was the target of a significant increase in short interest in March. As of March 13th, there was short interest totaling 71,248 shares, an increase of 29.7% from the February 26th total of 54,925 shares. Currently, 0.6% of the company’s stock are short sold. Based on an average daily volume of 96,970 shares, the days-to-cover ratio is presently 0.7 days.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. BetterWealth LLC purchased a new stake in Avidbank during the 3rd quarter valued at $216,000. Algebris UK Ltd. bought a new stake in shares of Avidbank in the third quarter worth $3,123,000. ELCO Management Co. LLC purchased a new stake in Avidbank during the third quarter valued at $396,000. Vanguard Group Inc. bought a new position in Avidbank in the third quarter valued at about $3,401,000. Finally, Endeavour Capital Advisors Inc. purchased a new position in Avidbank in the third quarter worth about $17,796,000. Hedge funds and other institutional investors own 15.87% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on AVBH shares. Weiss Ratings downgraded shares of Avidbank from a “buy (b-)” rating to a “hold (c-)” rating in a research report on Tuesday, March 17th. DA Davidson lifted their price target on shares of Avidbank from $31.50 to $33.00 and gave the company a “buy” rating in a research report on Monday, February 2nd. Finally, Stephens boosted their price objective on shares of Avidbank from $30.00 to $35.00 and gave the stock an “overweight” rating in a research note on Monday, February 23rd. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $33.00.

Avidbank Price Performance

AVBH opened at $28.39 on Tuesday. The firm has a market cap of $311.78 million, a PE ratio of -14.02 and a beta of 0.38. The stock has a 50-day moving average price of $28.65 and a 200-day moving average price of $26.94. Avidbank has a 1 year low of $19.75 and a 1 year high of $31.61. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.03 and a quick ratio of 1.03.

Avidbank (NASDAQ:AVBH) last released its quarterly earnings data on Thursday, January 29th. The company reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.11). The firm had revenue of $26.78 million for the quarter, compared to the consensus estimate of $25.70 million. Avidbank had a negative net margin of 12.88% and a positive return on equity of 9.84%.

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.