Avid Technology, Inc. (NASDAQ:AVID – Get Rating) saw a significant decline in short interest in August. As of August 31st, there was short interest totalling 749,700 shares, a decline of 11.3% from the August 15th total of 845,600 shares. Based on an average daily volume of 511,900 shares, the days-to-cover ratio is presently 1.5 days. Currently, 1.8% of the shares of the company are sold short.
Avid Technology Price Performance
Shares of Avid Technology stock opened at $23.41 on Wednesday. Avid Technology has a 1 year low of $20.83 and a 1 year high of $37.31. The firm has a market cap of $1.04 billion, a PE ratio of 22.51 and a beta of 1.20. The company has a 50 day simple moving average of $26.46 and a two-hundred day simple moving average of $28.57.
Avid Technology (NASDAQ:AVID – Get Rating) last announced its earnings results on Tuesday, August 2nd. The technology company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.01. Avid Technology had a net margin of 11.44% and a negative return on equity of 35.68%. During the same period last year, the firm earned $0.17 earnings per share. As a group, research analysts anticipate that Avid Technology will post 1.12 earnings per share for the current year.
Hedge Funds Weigh In On Avid Technology
Analysts Set New Price Targets
A number of analysts recently issued reports on AVID shares. Northland Securities boosted their price objective on Avid Technology from $48.00 to $53.00 and gave the company an “outperform” rating in a research note on Wednesday, May 25th. Rosenblatt Securities initiated coverage on shares of Avid Technology in a report on Monday, July 11th. They set a “neutral” rating and a $30.00 target price on the stock. JPMorgan Chase & Co. began coverage on shares of Avid Technology in a report on Wednesday, July 6th. They issued an “overweight” rating and a $33.00 price target for the company. Finally, TheStreet cut shares of Avid Technology from a “b-” rating to a “c” rating in a report on Wednesday, May 25th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.60.
Avid Technology Company Profile
Avid Technology, Inc, together with its subsidiaries, develops, markets, sells, and supports software and integrated solutions for video and audio content creation, management, and distribution worldwide. The company's video products and solutions include the Media Composer, a cloud-enabled solution used to edit video content; Avid NEXIS shared storage systems; Maestro solutions for the integration of virtual sets, augmented reality, and video wall control into existing workflows; AirSpeed 5000 and AirSpeed 5500 on-air server solutions; and MediaCentral, a media production suite.
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