Wall Street Zen Upgrades Avidbank (NASDAQ:AVBH) to “Buy”

Avidbank (NASDAQ:AVBH) was upgraded by research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Saturday.

A number of other brokerages have also issued reports on AVBH. Piper Sandler reduced their target price on Avidbank from $37.00 to $35.00 and set an “overweight” rating for the company in a research note on Thursday. Stephens lifted their price target on shares of Avidbank from $30.00 to $35.00 and gave the stock an “overweight” rating in a research note on Monday, February 23rd. Weiss Ratings cut shares of Avidbank from a “buy (b-)” rating to a “hold (c-)” rating in a report on Tuesday, March 17th. Finally, DA Davidson increased their price objective on shares of Avidbank from $31.50 to $33.00 and gave the company a “buy” rating in a research note on Monday, February 2nd. Three equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Avidbank presently has a consensus rating of “Moderate Buy” and an average price target of $34.33.

Avidbank Price Performance

Shares of NASDAQ AVBH opened at $28.80 on Friday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.03 and a current ratio of 1.03. Avidbank has a 1 year low of $19.75 and a 1 year high of $31.61. The stock’s 50-day simple moving average is $28.76 and its 200-day simple moving average is $27.01. The firm has a market cap of $316.22 million, a price-to-earnings ratio of -14.33 and a beta of 0.34.

Avidbank (NASDAQ:AVBH) last issued its quarterly earnings results on Thursday, January 29th. The company reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.11). Avidbank had a negative net margin of 12.88% and a positive return on equity of 9.84%. The business had revenue of $26.78 million during the quarter, compared to analysts’ expectations of $25.70 million.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. BetterWealth LLC bought a new stake in shares of Avidbank in the 3rd quarter valued at approximately $216,000. Algebris UK Ltd. bought a new position in Avidbank during the third quarter worth $3,123,000. ELCO Management Co. LLC bought a new position in Avidbank during the third quarter worth $396,000. Vanguard Group Inc. acquired a new position in Avidbank in the third quarter worth $3,401,000. Finally, Endeavour Capital Advisors Inc. bought a new stake in Avidbank during the third quarter valued at $17,796,000. Institutional investors and hedge funds own 15.87% of the company’s stock.

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.