Short Interest in Avidbank Holdings Inc. (NASDAQ:AVBH) Increases By 76.0%

Key Points

• Short interest in Avidbank Holdings jumped 76% in June to 422,389 shares, or about 4.3% of the float, with a days-to-cover ratio of 1.7 days.
• The stock was up 1.8% and opened at $32.74, trading near its 52-week high of $34.17; it also sits above both its 50-day and 200-day moving averages.
• Analysts remain generally positive, with three Buy ratings and one Hold and a consensus price target of $35.33, while Avidbank recently beat EPS estimates in its latest quarterly report.

Avidbank Holdings Inc. (NASDAQ:AVBH - Get Free Report) saw a large increase in short interest in June. As of June 30th, there was short interest totaling 422,389 shares, an increase of 76.0% from the June 15th total of 239,978 shares. Based on an average trading volume of 243,609 shares, the days-to-cover ratio is currently 1.7 days. Currently, 4.3% of the company's stock are short sold.

Avidbank Stock Up 1.8%

Avidbank stock opened at $32.74 on Friday. The company has a market capitalization of $358.50 million, a P/E ratio of -17.41 and a beta of 0.33. The firm's fifty day simple moving average is $31.40 and its 200-day simple moving average is $29.56. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.08. Avidbank has a 1-year low of $21.25 and a 1-year high of $34.17.

Avidbank (NASDAQ:AVBH - Get Free Report) last issued its quarterly earnings data on Monday, April 27th. The company reported $0.84 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.80 by $0.04. Avidbank had a negative net margin of 10.20% and a positive return on equity of 10.88%. The firm had revenue of $27.97 million during the quarter, compared to analysts' expectations of $28.10 million. Sell-side analysts forecast that Avidbank will post 3.44 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Avidbank

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Patriot Financial Partners GP II L.P. acquired a new position in Avidbank during the third quarter valued at approximately $26,798,000. Alliancebernstein L.P. bought a new position in Avidbank in the 3rd quarter worth $21,780,000. Wellington Management Group LLP acquired a new position in Avidbank during the 3rd quarter worth $12,716,000. Mendon Capital Advisors Corp bought a new stake in Avidbank during the third quarter valued at about $7,596,000. Finally, Vanguard Group Inc. acquired a new stake in shares of Avidbank in the third quarter valued at about $3,401,000. 15.87% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently commented on AVBH. Piper Sandler decreased their price target on shares of Avidbank from $37.00 to $35.00 and set an "overweight" rating for the company in a report on Thursday, April 2nd. Weiss Ratings upgraded shares of Avidbank from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday, April 22nd. Wall Street Zen raised shares of Avidbank from a "hold" rating to a "buy" rating in a research note on Saturday, May 23rd. Finally, DA Davidson boosted their price target on shares of Avidbank from $33.00 to $36.00 and gave the company a "buy" rating in a report on Wednesday, April 29th. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $35.33.

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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