Avidbank (NASDAQ:AVBH) Trading 0.5% Higher - Here's Why

Key Points

• Avidbank shares rose 0.5% on Monday, trading as high as $32.72 on volume that was 47% above its daily average.
• Analyst sentiment is broadly positive, with three Buy ratings and one Hold, and a consensus price target of $35.33. Wall Street Zen upgraded the stock to Buy, while DA Davidson raised its target to $36.
• Recent earnings beat expectations: Avidbank posted $0.84 EPS versus the $0.80 estimate, though revenue came in slightly below forecast at $27.97 million.

Shares of Avidbank Holdings Inc. (NASDAQ:AVBH - Get Free Report) traded up 0.5% during trading on Monday . The stock traded as high as $32.72 and last traded at $32.29. 255,269 shares changed hands during mid-day trading, an increase of 47% from the average daily volume of 173,344 shares. The stock had previously closed at $32.12.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on AVBH shares. Wall Street Zen raised Avidbank from a "hold" rating to a "buy" rating in a research note on Saturday, May 23rd. DA Davidson lifted their price objective on Avidbank from $33.00 to $36.00 and gave the company a "buy" rating in a research report on Wednesday, April 29th. Piper Sandler dropped their target price on Avidbank from $37.00 to $35.00 and set an "overweight" rating for the company in a research note on Thursday, April 2nd. Finally, Weiss Ratings upgraded Avidbank from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday, April 22nd. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $35.33.

Avidbank Trading Up 0.5%

The firm has a fifty day moving average of $31.24 and a 200-day moving average of $29.45. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market capitalization of $353.58 million, a price-to-earnings ratio of -17.18 and a beta of 0.33.

Avidbank (NASDAQ:AVBH - Get Free Report) last issued 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 positive return on equity of 10.88% and a negative net margin of 10.20%.The company had revenue of $27.97 million for the quarter, compared to analysts' expectations of $28.10 million. As a group, equities analysts predict that Avidbank Holdings Inc. will post 3.44 earnings per share for the current fiscal year.

Institutional Trading of Avidbank

Several large investors have recently bought and sold shares of the company. Patriot Financial Partners GP II L.P. purchased a new stake in shares of Avidbank during the third quarter valued at approximately $26,798,000. Alliancebernstein L.P. purchased a new position in shares of Avidbank in the third quarter valued at $21,780,000. Wellington Management Group LLP acquired a new stake in Avidbank during the 3rd quarter valued at $12,716,000. Mendon Capital Advisors Corp acquired a new stake in Avidbank during the 3rd quarter valued at $7,596,000. Finally, Maltese Capital Management LLC acquired a new stake in Avidbank during the 3rd quarter valued at $5,610,000. Institutional investors and hedge funds own 15.87% of the company's stock.

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.

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