Short Interest in Avidbank Holdings Inc. (NASDAQ:AVBH) Increases By 65.5%

Key Points

• Short interest in Avidbank (NASDAQ:AVBH) jumped 65.5% in March to 117,909 shares, equal to about 1.1% of shares outstanding and a short-interest ratio of 1.1 days based on average daily volume.
• Wall Street shows a consensus "Moderate Buy" with a $34.33 average price target (three Buy, one Hold); the stock trades around $29.76 with a market cap of about $325.9M and a negative P/E of -14.81.

Avidbank Holdings Inc. (NASDAQ:AVBH - Get Free Report) saw a large increase in short interest during the month of March. As of March 31st, there was short interest totaling 117,909 shares, an increase of 65.5% from the March 15th total of 71,248 shares. Based on an average daily volume of 109,226 shares, the short-interest ratio is presently 1.1 days. Currently, 1.1% of the shares of the company are sold short.

Hedge Funds Weigh In On Avidbank

Hedge funds have recently bought and sold shares of the business. Quarry LP purchased a new stake in shares of Avidbank in the 3rd quarter worth $26,000. Kestra Advisory Services LLC purchased a new stake in Avidbank in the 4th quarter worth approximately $36,000. Wells Fargo & Company MN purchased a new stake in Avidbank in the 4th quarter worth approximately $86,000. Barclays PLC purchased a new stake in Avidbank in the 4th quarter worth approximately $123,000. Finally, Citadel Advisors LLC purchased a new stake in Avidbank in the 3rd quarter worth approximately $207,000. Hedge funds and other institutional investors own 15.87% of the company's stock.

Wall Street Analysts Forecast Growth

AVBH has been the subject of several recent research reports. DA Davidson lifted their price objective on Avidbank from $31.50 to $33.00 and gave the stock a "buy" rating in a report on Monday, February 2nd. Piper Sandler reduced their target price on Avidbank from $37.00 to $35.00 and set an "overweight" rating for the company in a report on Thursday, April 2nd. Stephens lifted their target price on Avidbank from $30.00 to $35.00 and gave the company an "overweight" rating in a report on Monday, February 23rd. Weiss Ratings lowered Avidbank from a "buy (b-)" rating to a "hold (c-)" rating in a report on Tuesday, March 17th. Finally, Wall Street Zen raised Avidbank from a "hold" rating to a "buy" rating in a report on Saturday, April 4th. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Avidbank has an average rating of "Moderate Buy" and a consensus price target of $34.33.

Avidbank Stock Performance

NASDAQ AVBH opened at $29.76 on Monday. The firm has a market cap of $325.87 million, a price-to-earnings ratio of -14.81 and a beta of 0.34. Avidbank has a 12-month low of $19.75 and a 12-month high of $31.61. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.08. The company has a 50-day simple moving average of $28.92 and a two-hundred day simple moving average of $27.14.

Avidbank (NASDAQ:AVBH - Get Free Report) last posted 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). Avidbank had a positive return on equity of 9.84% and a negative net margin of 12.88%.The firm had revenue of $26.78 million for the quarter, compared to analysts' expectations of $25.70 million.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.