The stock of Avid Technology, Inc. (NASDAQ:AVID) hit a new 52-week low and has $4.11 target or 5.00% below today’s $4.33 share price. The 8 months bearish chart indicates high risk for the $168.86 million company. The 1-year low was reported on Nov, 23 by Barchart.com. If the $4.11 price target is reached, the company will be worth $8.44 million less.
The 52-week low event is an important milestone for every stock because it shows very negative momentum and is time when sellers come in. During such technical setups, fundamental investors usually stay away and are careful buying the stock. About 470,920 shares traded hands. Avid Technology, Inc. (NASDAQ:AVID) has declined 27.32% since April 21, 2016 and is downtrending. It has underperformed by 32.65% the S&P500.
Analysts await Avid Technology, Inc. (NASDAQ:AVID) to report earnings on March, 21. They expect $0.15 earnings per share, up 66.67% or $0.06 from last year’s $0.09 per share. AVID’s profit will be $5.85M for 7.22 P/E if the $0.15 EPS becomes a reality. After $0.42 actual earnings per share reported by Avid Technology, Inc. for the previous quarter, Wall Street now forecasts -64.29% negative EPS growth.
Avid Technology, Inc. (NASDAQ:AVID) Ratings Coverage
Out of 3 analysts covering Avid Technology (NASDAQ:AVID), 2 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 67% are positive. Avid Technology has been the topic of 5 analyst reports since August 11, 2015 according to StockzIntelligence Inc. The rating was maintained by BWS Financial on Wednesday, November 11 with “Buy”. The company was initiated on Wednesday, December 9 by Singular Research. On Thursday, November 10 the stock rating was downgraded by BWS Financial to “Hold”. On Tuesday, August 11 the stock rating was downgraded by Dougherty & Company to “Buy”.
According to Zacks Investment Research, “Avid Technology, Inc. develops, markets, sells and supports a wide range of software and systems for creating and manipulating digital media content. Digital media are media elements, whether video or audio or graphics, in which the image, sound or picture is recorded and stored as digital values, as opposed to analog signals. The company’s systems are designed to improve the productivity of video and film editors by enabling them to edit moving pictures and sound in a faster, easier, and more cost-effective manner than traditional analog tape-based systems.”
Insitutional Activity: The institutional sentiment decreased to 1.55 in 2016 Q2. Its down 0.02, from 1.57 in 2016Q1. The ratio dived, as 8 funds sold all Avid Technology, Inc. shares owned while 20 reduced positions. 13 funds bought stakes while 31 increased positions. They now own 26.65 million shares or 21.23% less from 33.83 million shares in 2016Q1.
Metropolitan Life Insur owns 25,456 shares or 0% of their US portfolio. Legal General Gp Pcl last reported 6,431 shares in the company. Spark Investment Mngmt Lc reported 156,400 shares or 0.08% of all its holdings. Blum Capital Prtn L P last reported 100% of its portfolio in the stock. Jacobs Levy Equity Management Inc holds 284,805 shares or 0.03% of its portfolio. Moreover, Royal State Bank Of Canada has 0% invested in Avid Technology, Inc. (NASDAQ:AVID) for 372 shares. Jefferies Group Incorporated Limited Liability Corp reported 1.29M shares or 0.03% of all its holdings. Eidelman Virant has 10,000 shares for 0.04% of their US portfolio. Paradigm Mngmt New York holds 1.02% or 1.44 million shares in its portfolio. Vanguard Grp reported 1.67 million shares or 0% of all its holdings. Moreover, Private Capital Management Ltd Liability Corp has 0.7% invested in Avid Technology, Inc. (NASDAQ:AVID) for 823,703 shares. Deutsche Natl Bank Ag holds 33,691 shares or 0% of its portfolio. Intl Gp accumulated 18,510 shares or 0% of the stock. Wells Fargo Mn accumulated 0% or 931,288 shares. Barnett holds 0% or 100 shares in its portfolio.
Insider Transactions: Since June 2, 2016, the stock had 1 buy, and 2 sales for $5.41 million net activity. Frederick John W. had sold 152,813 shares worth $1.35 million. Another trade for 16,500 shares valued at $101,492 was made by BOGGS PAULA on Thursday, June 2.
More recent Avid Technology, Inc. (NASDAQ:AVID) news were published by: Seekingalpha.com which released: “Is Avid Misleading Investors?” on November 23, 2016. Also Prnewswire.com published the news titled: “Johnson & Weaver, LLP Files Class Action Suit against Avid Technology, Inc.” on November 22, 2016. Globenewswire.com‘s news article titled: “SHAREHOLDER ALERT: Levi & Korsinsky, LLP Notifies Shareholders of Avid …” with publication date: November 22, 2016 was also an interesting one.
AVID Company Profile
Avid Technology, Inc., incorporated on October 4, 1987, provides an open and integrated technology platform, along with applications and services that enable the creation, distribution and monetization of audio and video content. The Firm develops, markets, sells and supports software and hardware for digital media content production, management, secured content storage and distribution. The Company’s products are used in production and post-production facilities; film studios; network, affiliate, independent and cable television stations; recording studios; live-sound performance venues; advertising agencies; government and educational institutions; corporate communication departments, and by independent video and audio creative professionals, as well as aspiring professionals and enthusiasts. Projects produced using its products include feature films, television programs, live events, news broadcasts, commercials, music, video and other digital media content.
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