Avidbank Holdings Inc. (NASDAQ:AVBH) Short Interest Up 76.0% in June

Avidbank Holdings Inc. (NASDAQ:AVBH) saw a large increase in short interest in the month of 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. Approximately 4.3% of the shares of the company are short sold. Based on an average daily trading volume, of 243,609 shares, the short-interest ratio is currently 1.7 days.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AVBH. Fourthstone LLC boosted its holdings in Avidbank by 4.7% during the fourth quarter. Fourthstone LLC now owns 1,091,019 shares of the company’s stock valued at $28,977,000 after purchasing an additional 48,850 shares in the last quarter. Patriot Financial Partners GP II L.P. bought a new stake in Avidbank in the third quarter valued at $26,798,000. Alliancebernstein L.P. acquired a new position in Avidbank during the third quarter worth $21,780,000. Wellington Management Group LLP bought a new position in shares of Avidbank during the third quarter valued at $12,716,000. Finally, Maltese Capital Management LLC boosted its stake in shares of Avidbank by 38.6% in the 4th quarter. Maltese Capital Management LLC now owns 305,000 shares of the company’s stock valued at $8,101,000 after purchasing an additional 85,000 shares in the last quarter. Institutional investors own 15.87% of the company’s stock.

Avidbank Stock Up 1.8%

AVBH 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 company has a debt-to-equity ratio of 0.08, a current ratio of 1.03 and a quick ratio of 1.03. The firm’s fifty day moving average price is $31.40 and its two-hundred day moving average price is $29.56. Avidbank has a fifty-two week low of $21.25 and a fifty-two week high of $34.17.

Avidbank (NASDAQ:AVBH) last released its quarterly earnings data on Monday, April 27th. The company reported $0.84 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 company had revenue of $27.97 million during the quarter, compared to the consensus estimate of $28.10 million. On average, analysts anticipate that Avidbank will post 3.44 EPS for the current year.

Analysts Set New Price Targets

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