Avidbank Holdings Inc. (NASDAQ:AVBH) Short Interest Down 63.2% in December

Avidbank Holdings Inc. (NASDAQ:AVBH) was the target of a large drop in short interest during the month of December. As of December 15th, there was short interest totaling 11,975 shares, a drop of 63.2% from the November 30th total of 32,507 shares. Based on an average daily trading volume, of 59,939 shares, the days-to-cover ratio is presently 0.2 days. Approximately 0.1% of the shares of the company are sold short. Approximately 0.1% of the shares of the company are sold short. Based on an average daily trading volume, of 59,939 shares, the days-to-cover ratio is presently 0.2 days.

Wall Street Analysts Forecast Growth

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

Avidbank Stock Performance

Shares of Avidbank stock traded up $0.07 during midday trading on Friday, hitting $27.27. 64,945 shares of the company traded hands, compared to its average volume of 69,967. Avidbank has a 12 month low of $19.75 and a 12 month high of $27.99. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a market capitalization of $298.61 million, a PE ratio of -14.98 and a beta of 0.36. The business has a fifty day simple moving average of $26.04.

Avidbank (NASDAQ:AVBH) last issued its quarterly earnings results on Thursday, October 23rd. The company reported $0.72 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.05). Avidbank had a positive return on equity of 10.22% and a negative net margin of 13.50%.The business had revenue of $24.19 million for the quarter, compared to analyst estimates of $23.80 million.

Institutional Trading of Avidbank

Several institutional investors and hedge funds have recently bought and sold shares of the company. Quarry LP purchased a new stake in Avidbank in the third quarter worth approximately $26,000. Citadel Advisors LLC bought a new stake in shares of Avidbank in the third quarter valued at about $207,000. BetterWealth LLC bought a new position in Avidbank during the 3rd quarter worth about $216,000. Ghisallo Capital Management LLC acquired a new stake in Avidbank in the third quarter valued at approximately $255,000. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new stake in shares of Avidbank in the 3rd quarter worth $270,000. 15.87% of the stock is currently owned by hedge funds and other institutional investors.

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.