Avidbank Holdings Inc. (NASDAQ:AVBH) Sees Large Increase in Short Interest

Avidbank Holdings Inc. (NASDAQ:AVBH) was the recipient of a large growth in short interest during the month of December. As of December 31st, there was short interest totaling 65,300 shares, a growth of 445.3% from the December 15th total of 11,975 shares. Approximately 0.6% of the company’s shares are sold short. Based on an average trading volume of 77,969 shares, the days-to-cover ratio is currently 0.8 days. Based on an average trading volume of 77,969 shares, the days-to-cover ratio is currently 0.8 days. Approximately 0.6% of the company’s shares are sold short.

Analyst Ratings Changes

AVBH has been the topic of a number of recent analyst reports. Wall Street Zen raised shares of Avidbank to a “hold” rating in a research report on Saturday, September 20th. DA Davidson reaffirmed a “buy” rating and set a $31.50 target price on shares of Avidbank in a research note on Tuesday, October 28th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Avidbank in a research note on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $31.25.

Hedge Funds Weigh In On Avidbank

Hedge funds and other institutional investors have recently made changes to their positions in the company. Patriot Financial Partners GP II L.P. purchased a new position in shares of Avidbank during the third quarter valued at $26,798,000. Alliancebernstein L.P. bought a new position in Avidbank during the 3rd quarter worth about $21,780,000. Endeavour Capital Advisors Inc. purchased a new position in Avidbank during the 3rd quarter valued at about $17,796,000. Banc Funds Co. LLC purchased a new position in Avidbank during the 3rd quarter valued at about $17,282,000. Finally, Wellington Management Group LLP bought a new stake in shares of Avidbank in the 3rd quarter valued at about $12,716,000. Institutional investors own 15.87% of the company’s stock.

Avidbank Price Performance

Shares of AVBH stock opened at $26.43 on Thursday. The company has a market cap of $289.41 million, a P/E ratio of -14.52 and a beta of 0.37. The stock has a 50-day moving average of $26.22. Avidbank has a one year low of $19.75 and a one year high of $27.99. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.05 and a quick ratio of 1.05.

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

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.