Wall Street Zen Downgrades Avidbank (NASDAQ:AVBH) to Hold

Key Points

• Wall Street Zen downgraded Avidbank (NASDAQ:AVBH) from a Buy to a Hold in its latest research note.
• Despite the downgrade, analysts maintain a Moderate Buy consensus with an average price target of $35.33 (three Buy/Overweight ratings vs. one Hold).
• Avidbank beat Q results on EPS ($0.84 vs. $0.80) but slightly missed on revenue ($27.97M); the stock trades around $29.87 with a market cap near $327M.

Avidbank (NASDAQ:AVBH - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued to investors on Saturday.

AVBH has been the topic of several other reports. DA Davidson upped 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. Piper Sandler cut their price target on shares of Avidbank from $37.00 to $35.00 and set an "overweight" rating on the stock in a report on Thursday, April 2nd. Stephens upped their price target on shares of Avidbank from $30.00 to $35.00 and gave the company an "overweight" rating in a report on Monday, February 23rd. Finally, Weiss Ratings raised shares of Avidbank from a "hold (c-)" rating to a "hold (c)" rating in a report on Wednesday, April 22nd. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, Avidbank has a consensus rating of "Moderate Buy" and an average price target of $35.33.

Avidbank Trading Up 0.8%

NASDAQ AVBH opened at $29.87 on Friday. The company's fifty day simple moving average is $28.85 and its 200-day simple moving average is $27.54. Avidbank has a 52 week low of $19.75 and a 52 week high of $31.61. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.08. The stock has a market cap of $327.08 million, a P/E ratio of -15.89 and a beta of 0.33.

Avidbank (NASDAQ:AVBH - Get Free Report) last posted its earnings results on Monday, April 27th. The company reported $0.84 EPS for the quarter, topping analysts' consensus estimates of $0.80 by $0.04. The business had revenue of $27.97 million for the quarter, compared to analysts' expectations of $28.10 million. Avidbank had a negative net margin of 10.20% and a positive return on equity of 11.26%. Equities research analysts predict that Avidbank will post 3.42 EPS for the current fiscal year.

Institutional Trading of Avidbank

Several institutional investors have recently added to or reduced their stakes in AVBH. Quarry LP acquired a new stake in shares of Avidbank during the third quarter worth $26,000. Kestra Advisory Services LLC acquired a new stake in shares of Avidbank during the fourth quarter worth $36,000. Wells Fargo & Company MN acquired a new stake in shares of Avidbank during the fourth quarter worth $86,000. Barclays PLC acquired a new stake in shares of Avidbank during the fourth quarter worth $123,000. Finally, Citadel Advisors LLC acquired a new stake in shares of Avidbank during the third quarter worth $207,000. 15.87% of the stock is owned by institutional investors and hedge funds.

About Avidbank

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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