Avid Technology, Inc. (NASDAQ:AVID) Sees Large Drop in Short Interest

Avid Technology, Inc. (NASDAQ:AVID) was the recipient of a significant decrease in short interest in August. As of August 31st, there was short interest totalling 1,693,100 shares, a decrease of 20.9% from the July 31st total of 2,139,700 shares. Based on an average trading volume of 483,800 shares, the days-to-cover ratio is presently 3.5 days. Approximately 4.5% of the company’s stock are short sold.

Several brokerages recently weighed in on AVID. Maxim Group reiterated a “buy” rating and issued a $14.00 price target on shares of Avid Technology in a report on Friday, June 7th. Jefferies Financial Group increased their price target on shares of Avid Technology from $6.50 to $8.50 and gave the stock a “hold” rating in a report on Friday, June 7th. BidaskClub downgraded shares of Avid Technology from a “strong-buy” rating to a “buy” rating in a report on Wednesday. Finally, ValuEngine downgraded shares of Avid Technology from a “hold” rating to a “sell” rating in a report on Thursday. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $8.25.

Institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Arbitrage SA lifted its position in shares of Avid Technology by 86.8% during the 1st quarter. BNP Paribas Arbitrage SA now owns 5,722 shares of the technology company’s stock valued at $43,000 after buying an additional 2,659 shares in the last quarter. Meeder Asset Management Inc. lifted its position in shares of Avid Technology by 505.5% during the 2nd quarter. Meeder Asset Management Inc. now owns 5,468 shares of the technology company’s stock valued at $51,000 after buying an additional 4,565 shares in the last quarter. Quantamental Technologies LLC purchased a new position in shares of Avid Technology during the 1st quarter valued at approximately $58,000. Zacks Investment Management purchased a new position in shares of Avid Technology during the 2nd quarter valued at approximately $105,000. Finally, SG Americas Securities LLC purchased a new position in shares of Avid Technology during the 2nd quarter valued at approximately $114,000. Institutional investors and hedge funds own 53.09% of the company’s stock.



Avid Technology stock traded down $0.04 during mid-day trading on Friday, hitting $6.43. The company had a trading volume of 1,643 shares, compared to its average volume of 436,278. Avid Technology has a 12-month low of $4.37 and a 12-month high of $10.79. The company’s fifty day moving average is $7.50 and its 200-day moving average is $7.75. The company has a market capitalization of $291.24 million, a price-to-earnings ratio of 53.58, a P/E/G ratio of 1.60 and a beta of 1.85.

Avid Technology (NASDAQ:AVID) last released its quarterly earnings data on Monday, August 5th. The technology company reported $0.02 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by ($0.02). Avid Technology had a negative return on equity of 11.13% and a negative net margin of 0.99%. The company had revenue of $98.70 million during the quarter, compared to analysts’ expectations of $101.29 million. During the same quarter in the prior year, the company posted ($0.20) EPS. The company’s revenue for the quarter was up .1% on a year-over-year basis. On average, sell-side analysts expect that Avid Technology will post 0.43 earnings per share for the current fiscal year.

Avid Technology Company Profile

Avid Technology, Inc develops, markets, sells, and supports software, hardware, and integrated solutions for video and audio content creation, management, and distribution worldwide. The company's video products and solutions include the Media Composer, which is used to edit video content, such as television programming, commercials, and films; Avid NEXIS shared storage systems; and Maestro product line solutions for the integration of virtual sets, augmented reality, and video wall control into existing workflows.

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