Avidbank (NASDAQ:AVBH) Price Target Lowered to $35.00 at Piper Sandler

Avidbank (NASDAQ:AVBH) had its price objective dropped by research analysts at Piper Sandler from $37.00 to $35.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s price target indicates a potential upside of 21.91% from the company’s current price.

A number of other analysts have also commented on AVBH. Stephens upped their price objective on shares of Avidbank from $30.00 to $35.00 and gave the company an “overweight” rating in a research note on Monday, February 23rd. Weiss Ratings lowered shares of Avidbank from a “buy (b-)” rating to a “hold (c-)” rating in a report on Tuesday, March 17th. Finally, DA Davidson upped their price target on shares of Avidbank from $31.50 to $33.00 and gave the company a “buy” rating in a research report on Monday, February 2nd. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $34.33.

Avidbank Stock Performance

Shares of NASDAQ AVBH opened at $28.71 on Thursday. The stock’s fifty day simple moving average is $28.71 and its 200 day simple moving average is $26.97. The stock has a market capitalization of $315.24 million, a price-to-earnings ratio of -14.28 and a beta of 0.34. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.08. Avidbank has a 52-week low of $19.75 and a 52-week high of $31.61.

Avidbank (NASDAQ:AVBH) last announced its earnings results on Thursday, January 29th. The company reported $0.65 EPS for the quarter, missing the consensus estimate 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 company had revenue of $26.78 million for the quarter, compared to analysts’ expectations of $25.70 million.

Institutional Investors Weigh In On Avidbank

A number of institutional investors have recently bought and sold shares of the business. Millennium Management LLC acquired a new stake in Avidbank during the 4th quarter worth about $677,000. Bridgeway Capital Management LLC acquired a new position in shares of Avidbank in the 4th quarter valued at about $332,000. Adage Capital Partners GP L.L.C. lifted its position in shares of Avidbank by 15.8% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 220,315 shares of the company’s stock worth $5,852,000 after purchasing an additional 30,000 shares in the last quarter. ExodusPoint Capital Management LP purchased a new stake in shares of Avidbank in the fourth quarter worth approximately $256,000. Finally, Maltese Capital Management LLC boosted its holdings in shares of Avidbank by 38.6% during the fourth quarter. Maltese Capital Management LLC now owns 305,000 shares of the company’s stock worth $8,101,000 after purchasing an additional 85,000 shares during the period. 15.87% of the stock is currently owned by institutional investors and hedge funds.

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.