Avidbank (NASDAQ:AVBH) Stock Rating Upgraded by Wall Street Zen

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

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

Avidbank Price Performance

AVBH opened at $28.80 on Friday. Avidbank has a 1 year low of $19.75 and a 1 year high of $31.61. The company’s 50 day simple moving average is $28.76 and its 200 day simple moving average is $27.00. The stock has a market capitalization of $316.22 million, a PE ratio of -14.33 and a beta of 0.34. 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 (NASDAQ:AVBH) last issued its quarterly 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). The company had revenue of $26.78 million for the quarter, compared to analyst estimates of $25.70 million. Avidbank had a positive return on equity of 9.84% and a negative net margin of 12.88%.

Hedge Funds Weigh In On Avidbank

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Patriot Financial Partners GP II L.P. purchased a new stake in Avidbank during the 3rd quarter worth $26,798,000. Alliancebernstein L.P. acquired a new position in shares of Avidbank during the third quarter worth about $21,780,000. Endeavour Capital Advisors Inc. acquired a new position in shares of Avidbank during the third quarter worth about $17,796,000. Banc Funds Co. LLC purchased a new stake in shares of Avidbank in the third quarter worth about $17,282,000. Finally, Wellington Management Group LLP purchased a new stake in shares of Avidbank in the third quarter worth about $12,716,000. 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.