Avidbank (NASDAQ:AVBH) Announces Quarterly Earnings Results, Beats Expectations By $0.07 EPS

Avidbank (NASDAQ:AVBH) announced its quarterly earnings results on Monday. The company reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.07, FiscalAI reports. The business had revenue of $30.37 million during the quarter, compared to the consensus estimate of $29.26 million. Avidbank had a positive return on equity of 10.85% and a negative net margin of 8.69%.

Avidbank Stock Performance

Shares of Avidbank stock traded down $0.13 on Monday, reaching $31.57. 58,296 shares of the company traded hands, compared to its average volume of 90,504. Avidbank has a 52 week low of $24.02 and a 52 week high of $34.17. The company has a 50 day moving average of $31.48 and a 200 day moving average of $31.36. The firm has a market capitalization of $346.64 million, a PE ratio of -16.44 and a beta of 0.33. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.03 and a quick ratio of 1.03.

Wall Street Analyst Weigh In

AVBH has been the topic of several recent analyst reports. Benchmark upgraded Avidbank to a “strong-buy” rating in a research note on Wednesday, September 23rd. Wall Street Zen upgraded shares of Avidbank from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Weiss Ratings downgraded shares of Avidbank from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, September 25th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $35.33.

About Avidbank

Avidbank, the banking subsidiary of Avidbank Holdings, Inc (NASDAQ: AVBH), is a commercial bank headquartered in Silicon Valley. Founded in 2003, the company provides banking services to businesses, entrepreneurs, and professionals, with a particular focus on technology, life sciences, venture capital, private equity, and other innovation-driven industries.

Avidbank offers commercial lending, business checking and savings accounts, treasury management, cash management, and other deposit services.