Avidbank Holdings Inc. (NASDAQ:AVBH) Sees Significant Decrease in Short Interest

Avidbank Holdings Inc. (NASDAQ:AVBH) was the target of a significant decline in short interest in October. As of October 15th, there was short interest totaling 57,200 shares, a decline of 32.9% from the September 30th total of 85,200 shares. Currently, 0.8% of the company’s shares are short sold. Based on an average daily trading volume, of 44,400 shares, the days-to-cover ratio is presently 1.3 days. Based on an average daily trading volume, of 44,400 shares, the days-to-cover ratio is presently 1.3 days. Currently, 0.8% of the company’s shares are short sold.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Avidbank stock. BetterWealth LLC purchased a new stake in shares of Avidbank Holdings Inc. (NASDAQ:AVBH) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 8,484 shares of the company’s stock, valued at approximately $216,000. BetterWealth LLC owned approximately 0.08% of Avidbank as of its most recent SEC filing. 15.87% of the stock is owned by hedge funds and other institutional investors.

Avidbank Stock Up 0.5%

Shares of AVBH traded up $0.12 during mid-day trading on Tuesday, hitting $26.25. The company had a trading volume of 2,207 shares, compared to its average volume of 19,516. The business has a 50-day moving average of $25.56. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.11. Avidbank has a 1-year low of $19.75 and a 1-year high of $26.59. The company has a market cap of $287.07 million, a PE ratio of -14.42 and a beta of 0.58.

Avidbank (NASDAQ:AVBH) last announced its quarterly earnings results on Thursday, October 23rd. The company reported $0.72 earnings per share for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.05). The business had revenue of $24.19 million for the quarter, compared to analyst estimates of $23.80 million. Avidbank had a negative net margin of 13.50% and a positive return on equity of 11.94%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Weiss Ratings reiterated a “buy (b-)” rating on shares of Avidbank in a report on Wednesday, October 8th. Wall Street Zen upgraded shares of Avidbank to a “hold” rating in a report on Saturday, September 20th. DA Davidson reiterated a “buy” rating and set a $31.50 price target on shares of Avidbank in a report on Tuesday, October 28th. Finally, Piper Sandler assumed coverage on shares of Avidbank in a report on Tuesday, September 2nd. They set an “overweight” rating and a $31.00 price target for the company. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat, Avidbank has an average rating of “Buy” and an average price target of $31.25.

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.