The stock of Avid Technology, Inc. (NASDAQ:AVID) reached all time low today, Nov, 28 and still has $3.90 target or 9.00% below today’s $4.29 share price. This indicates more downside for the $173.48M company. This technical setup was reported by Barchart.com. If the $3.90 PT is reached, the company will be worth $15.61M less.
Trading stocks at an all time low is not easy. Stock at an all time low usually experience even more downside due to very negative fundament. Even thought the pullback rate is high, shorting is not an easy job because the risk of being wrong is big and the risk-reward ratio is always worse than if trading lon only. The stock decreased 0.92% or $0.04 during the last trading session, hitting $4.29. About 1.15M shares traded hands or 57.11% up from the average. Avid Technology, Inc. (NASDAQ:AVID) has declined 25.47% since April 25, 2016 and is downtrending. It has underperformed by 31.49% 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 $6.07M for 7.15 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. BWS Financial downgraded it to “Hold” rating and $5 target price in Thursday, November 10 report. The stock has “Buy” rating given by Dougherty & Company on Tuesday, August 11. The rating was initiated by Singular Research on Wednesday, December 9 with “Buy”. The stock of Avid Technology, Inc. (NASDAQ:AVID) has “Buy” rating given on Wednesday, November 11 by BWS Financial.
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 fall, 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.
Gabelli Funds Lc owns 44,000 shares or 0% of their US portfolio. Teachers Advisors holds 0% of its portfolio in Avid Technology, Inc. (NASDAQ:AVID) for 51,280 shares. West Coast Fincl Limited Com holds 0.89% of its portfolio in Avid Technology, Inc. (NASDAQ:AVID) for 425,413 shares. Moreover, Van Den Berg Mngmt I has 1.98% invested in Avid Technology, Inc. (NASDAQ:AVID) for 2.66 million shares. Tiaa Cref Inv Mngmt Lc owns 119,806 shares or 0% of their US portfolio. Blum Partners Limited Partnership holds 100% or 6.56 million shares in its portfolio. Spark Mngmt Limited Liability Company reported 156,400 shares or 0.08% of all its holdings. Pnc Group Incorporated last reported 0% of its portfolio in the stock. Voya Investment Management Limited Liability Corporation accumulated 16,483 shares or 0% of the stock. Axa last reported 0% of its portfolio in the stock. Brave Asset Mngmt Inc last reported 200 shares in the company. Creative Planning accumulated 0% or 151 shares. Prudential accumulated 0% or 179,700 shares. Paradigm Mngmt holds 1.44 million shares or 1.02% of its portfolio. Moreover, D E Shaw has 0% invested in Avid Technology, Inc. (NASDAQ:AVID) for 111,785 shares.
Insider Transactions: Since June 2, 2016, the stock had 1 insider buy, and 2 sales for $5.41 million net activity. Another trade for 457,506 shares valued at $4.16M was made by Frederick John W. on Monday, August 15. 16,500 shares with value of $101,492 were bought by BOGGS PAULA on Thursday, June 2.
More news for Avid Technology, Inc. (NASDAQ:AVID) were recently published by: Prnewswire.com, which released: “Johnson & Weaver, LLP Files Class Action Suit against Avid Technology, Inc.” on November 22, 2016. Globenewswire.com‘s article titled: “SHAREHOLDER ALERT: Levi & Korsinsky, LLP Notifies Shareholders of Avid …” and published on November 22, 2016 is yet another important article.
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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