North Reef Capital Management LP Purchases New Position in Avidbank Holdings Inc. $AVBH

Key Points

• North Reef Capital Management LP bought a new stake of 141,496 shares of Avidbank (NASDAQ:AVBH) in Q3, worth about $3.61 million and representing 1.29% ownership.
• Analysts are broadly positive: four firms rate AVBH a Buy with an average target of $33.00, and recent upgrades raised targets to $33 (DA Davidson) and $35 (Stephens).
• Avidbank reported Q4 EPS of $0.65 versus $0.76 expected while revenue of $26.78M topped estimates; the company has a market cap near $300.6M and a negative trailing P/E of -13.66.

North Reef Capital Management LP acquired a new stake in shares of Avidbank Holdings Inc. (NASDAQ:AVBH - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 141,496 shares of the company's stock, valued at approximately $3,608,000. North Reef Capital Management LP owned 1.29% of Avidbank as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Citadel Advisors LLC acquired a new stake in Avidbank in the third quarter worth $207,000. BetterWealth LLC acquired a new position in shares of Avidbank in the 3rd quarter valued at $216,000. Ghisallo Capital Management LLC acquired a new position in shares of Avidbank in the 3rd quarter valued at $255,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new stake in shares of Avidbank in the 3rd quarter valued at $270,000. Finally, ELCO Management Co. LLC bought a new stake in shares of Avidbank in the 3rd quarter valued at $396,000. Institutional investors own 15.87% of the company's stock.

Analyst Ratings Changes

Several research firms have weighed in on AVBH. Weiss Ratings reiterated a "buy (b-)" rating on shares of Avidbank in a report on Wednesday, January 21st. DA Davidson increased their price target on Avidbank from $31.50 to $33.00 and gave the stock a "buy" rating in a report on Monday, February 2nd. Finally, Stephens raised their price target on Avidbank from $30.00 to $35.00 and gave the stock an "overweight" rating in a research report on Monday, February 23rd. Four investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Avidbank presently has an average rating of "Buy" and an average target price of $33.00.

Avidbank Stock Down 0.1%

Shares of NASDAQ AVBH opened at $27.45 on Tuesday. The company's 50 day moving average price is $28.46 and its 200-day moving average price is $26.79. 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 Holdings Inc. has a 52-week low of $19.75 and a 52-week high of $31.61. The company has a market capitalization of $300.58 million, a P/E ratio of -13.66 and a beta of 0.38.

Avidbank (NASDAQ:AVBH - Get Free Report) last announced its earnings results 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 positive return on equity of 10.42% and a negative net margin of 12.88%.

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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