The stock of Avid Technology, Inc. (NASDAQ:AVID) hit a new 52-week low and has $4.03 target or 6.00% below today’s $4.29 share price. The 9 months bearish chart indicates high risk for the $173.48 million company. The 1-year low was reported on Nov, 28 by Barchart.com. If the $4.03 price target is reached, the company will be worth $10.41 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. 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 EPS, 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 EPS 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 company was downgraded on Thursday, November 10 by BWS Financial. The stock of Avid Technology, Inc. (NASDAQ:AVID) earned “Buy” rating by BWS Financial on Wednesday, November 11. As per Wednesday, December 9, the company rating was initiated by Singular Research. As per Tuesday, August 11, the company rating was downgraded by Dougherty & Company.
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 Q2 2016. Its down 0.02, from 1.57 in 2016Q1. The ratio worsened, 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.
Geode Mgmt Lc, a Massachusetts-based fund reported 219,880 shares. Ativo Capital Management Limited Liability Co last reported 0.22% of its portfolio in the stock. Eidelman Virant Cap holds 0.04% or 10,000 shares in its portfolio. Spark Invest Ltd has 0.08% invested in the company for 156,400 shares. Envestnet Asset Mngmt holds 32,269 shares or 0% of its portfolio. Thompson Davis & last reported 0.27% of its portfolio in the stock. Ladenburg Thalmann Services Inc owns 205 shares or 0% of their US portfolio. Coe Cap Limited Liability Corporation, a Illinois-based fund reported 150,000 shares. Metropolitan Life Ins Ny has 0% invested in the company for 25,456 shares. Moreover, D E Shaw & Inc has 0% invested in Avid Technology, Inc. (NASDAQ:AVID) for 111,785 shares. Wells Fargo And Com Mn holds 0% or 931,288 shares in its portfolio. Financial Architects has 0% invested in the company for 500 shares. Fincl Bank Of America De holds 0% or 15,416 shares in its portfolio. Credit Suisse Ag last reported 0% of its portfolio in the stock. Oxford Asset last reported 0.04% of its portfolio in the stock.
Insider Transactions: Since June 2, 2016, the stock had 1 insider purchase, and 2 sales for $5.41 million net activity. $1.35 million worth of Avid Technology, Inc. (NASDAQ:AVID) was sold by Frederick John W. on Friday, August 12. On Thursday, June 2 the insider BOGGS PAULA bought $101,492.
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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