DA Davidson Boosts Avidbank (NASDAQ:AVBH) Price Target to $36.00

Key Points

• DA Davidson raised Avidbank's price target to $36.00 (from $33) and kept a "buy" rating, implying roughly a 22% upside.
• Avidbank traded down to $29.51 (‑2.9%) despite a quarterly EPS beat of $0.84 vs. $0.80; analysts are mixed with three buys and one hold and a consensus target of $35.33.

Avidbank (NASDAQ:AVBH - Get Free Report) had its price objective increased by stock analysts at DA Davidson from $33.00 to $36.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. DA Davidson's price objective points to a potential upside of 22.01% from the stock's previous close.

AVBH has been the subject of a number of other reports. Weiss Ratings raised Avidbank from a "hold (c-)" rating to a "hold (c)" rating in a research note on Wednesday, April 22nd. Stephens upped their price target on 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 price objective on Avidbank from $37.00 to $35.00 and set an "overweight" rating for the company in a research report on Thursday, April 2nd. Finally, Wall Street Zen upgraded Avidbank from a "hold" rating to a "buy" rating in a research report on Saturday, April 4th. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Avidbank has a consensus rating of "Moderate Buy" and a consensus target price of $35.33.

Avidbank Trading Down 2.9%

NASDAQ:AVBH traded down $0.89 on Wednesday, hitting $29.51. 90,829 shares of the stock were exchanged, compared to its average volume of 81,225. The stock has a market capitalization of $323.09 million, a price-to-earnings ratio of -15.73 and a beta of 0.34. Avidbank has a 52 week low of $19.75 and a 52 week high of $31.61. 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 company's 50-day moving average price is $28.86 and its 200 day moving average price is $27.51.

Avidbank (NASDAQ:AVBH - Get Free Report) last announced its quarterly earnings results on Monday, April 27th. The company reported $0.84 EPS for the quarter, beating analysts' consensus estimates of $0.80 by $0.04. The company had revenue of $27.97 million during the quarter, compared to analysts' expectations of $28.03 million. Avidbank had a positive return on equity of 11.26% and a negative net margin of 10.20%. On average, equities research analysts forecast that Avidbank will post 3.42 earnings per share for the current year.

Hedge Funds Weigh In On Avidbank

A number of large investors have recently bought and sold shares of the company. Millennium Management LLC acquired a new position in Avidbank during the 4th quarter worth approximately $677,000. Bridgeway Capital Management LLC acquired a new position in Avidbank during the 4th quarter worth approximately $332,000. Adage Capital Partners GP L.L.C. boosted its position in Avidbank by 15.8% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 220,315 shares of the company's stock worth $5,852,000 after acquiring an additional 30,000 shares during the last quarter. ExodusPoint Capital Management LP acquired a new position in Avidbank during the 4th quarter worth approximately $256,000. Finally, Maltese Capital Management LLC boosted its position in Avidbank by 38.6% during the 4th quarter. Maltese Capital Management LLC now owns 305,000 shares of the company's stock worth $8,101,000 after acquiring an additional 85,000 shares during the last quarter. Institutional investors and hedge funds own 15.87% of the company's stock.

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.

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