137,525 Shares in Avidbank Holdings Inc. $AVBH Purchased by Boothbay Fund Management LLC

Key Points

• Boothbay Fund Management acquired 137,525 shares of Avidbank (NASDAQ:AVBH) in Q3—about $3.51M—giving it roughly a 1.26% stake, while institutional investors own about 15.87% of the stock.
• Analysts are broadly positive with a consensus "Buy" rating and a $33.00 price target, including recent upgrades (Stephens raised its target to $35 and DA Davidson to $33).
• Avidbank reported quarterly EPS of $0.65 (missed by $0.11) with revenue of $26.78M (above estimates); the company has a market cap of about $300.6M and a negative PE of -13.66.

Boothbay Fund Management LLC acquired a new stake in Avidbank Holdings Inc. (NASDAQ:AVBH - Free Report) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 137,525 shares of the company's stock, valued at approximately $3,507,000. Boothbay Fund Management LLC owned about 1.26% of Avidbank as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. BetterWealth LLC acquired a new stake in Avidbank in the 3rd quarter valued at approximately $216,000. Ghisallo Capital Management LLC acquired a new position in Avidbank during the 3rd quarter worth $255,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new position in shares of Avidbank in the third quarter worth $270,000. ELCO Management Co. LLC acquired a new position in shares of Avidbank during the third quarter valued at $396,000. Finally, Elizabeth Park Capital Advisors Ltd. acquired a new position in shares of Avidbank during the third quarter valued at $510,000. 15.87% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have commented on the stock. Stephens boosted their price target on shares of Avidbank from $30.00 to $35.00 and gave the stock an "overweight" rating in a research report on Monday, February 23rd. DA Davidson raised their price objective on shares of Avidbank from $31.50 to $33.00 and gave the company a "buy" rating in a research note on Monday, February 2nd. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of Avidbank in a report on Wednesday, January 21st. Four research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $33.00.

Avidbank Price Performance

NASDAQ AVBH opened at $27.45 on Tuesday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.08. Avidbank Holdings Inc. has a 1 year low of $19.75 and a 1 year high of $31.61. The company has a market cap of $300.58 million, a PE ratio of -13.66 and a beta of 0.38. The stock's 50-day moving average price is $28.46 and its two-hundred day moving average price is $26.79.

Avidbank (NASDAQ:AVBH - Get Free Report) last announced its earnings results on Thursday, January 29th. The company reported $0.65 EPS for the quarter, missing the consensus estimate of $0.76 by ($0.11). The firm had revenue of $26.78 million during the quarter, compared to analyst estimates of $25.70 million. Avidbank had a positive return on equity of 10.42% and a negative net margin of 12.88%.

Avidbank 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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