Short Interest in Avidbank Holdings Inc. (NASDAQ:AVBH) Declines By 32.9%

Avidbank Holdings Inc. (NASDAQ:AVBH) was the recipient of a significant drop in short interest in October. As of October 15th, there was short interest totaling 57,200 shares, a drop of 32.9% from the September 30th total of 85,200 shares. Based on an average daily volume of 44,400 shares, the days-to-cover ratio is currently 1.3 days. Approximately 0.8% of the shares of the stock are sold short. Approximately 0.8% of the shares of the stock are sold short. Based on an average daily volume of 44,400 shares, the days-to-cover ratio is currently 1.3 days.

Hedge Funds Weigh In On Avidbank

An institutional investor recently bought a new position in Avidbank stock. Algebris UK Ltd. bought a new position in Avidbank Holdings Inc. (NASDAQ:AVBH) in the third quarter, according to the company in its most recent filing with the SEC. The fund bought 122,582 shares of the company’s stock, valued at approximately $3,123,000. Algebris UK Ltd. owned 1.12% of Avidbank as of its most recent filing with the SEC. 15.87% of the stock is currently owned by institutional investors and hedge funds.

Avidbank Price Performance

Shares of Avidbank stock traded up $0.07 on Monday, reaching $26.20. The company had a trading volume of 4,738 shares, compared to its average volume of 19,555. The firm has a market capitalization of $286.52 million, a price-to-earnings ratio of -14.40 and a beta of 0.58. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.11. The firm’s 50-day simple moving average is $25.54. Avidbank has a 1 year low of $19.75 and a 1 year high of $26.59.

Avidbank (NASDAQ:AVBH) last announced its 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). The company had revenue of $24.19 million during the quarter, compared to analysts’ expectations of $23.80 million. Avidbank had a positive return on equity of 11.94% and a negative net margin of 13.50%.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Piper Sandler began coverage on Avidbank in a research report on Tuesday, September 2nd. They set an “overweight” rating and a $31.00 target price for the company. Weiss Ratings restated a “buy (b-)” rating on shares of Avidbank in a report on Wednesday, October 8th. DA Davidson restated a “buy” rating and set a $31.50 price target on shares of Avidbank in a report on Tuesday, October 28th. Finally, Wall Street Zen upgraded Avidbank to a “hold” rating in a report on Saturday, September 20th. Three investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $31.25.

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.