AvePoint, Inc. (NASDAQ:AVPT) Sees Large Growth in Short Interest

AvePoint, Inc. (NASDAQ:AVPT) was the target of a large growth in short interest in the month of April. As of April 15th, there was short interest totalling 6,500,000 shares, a growth of 5.7% from the March 31st total of 6,150,000 shares. Based on an average daily volume of 834,600 shares, the days-to-cover ratio is presently 7.8 days. Approximately 5.7% of the company’s stock are sold short.

AvePoint Stock Up 1.0 %

Shares of AvePoint stock opened at $7.85 on Thursday. AvePoint has a 12-month low of $4.28 and a 12-month high of $8.61. The stock has a market cap of $1.44 billion, a P/E ratio of -65.42 and a beta of 0.85. The business’s 50 day moving average is $7.85 and its 200-day moving average is $7.92.

AvePoint (NASDAQ:AVPT) last announced its quarterly earnings data on Thursday, February 29th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.01). AvePoint had a negative return on equity of 9.94% and a negative net margin of 7.94%. The company had revenue of $74.60 million for the quarter, compared to the consensus estimate of $71.57 million. During the same quarter in the prior year, the company earned ($0.07) EPS. The company’s revenue for the quarter was up 17.3% on a year-over-year basis. On average, sell-side analysts expect that AvePoint will post -0.15 EPS for the current year.

Insider Activity at AvePoint

In related news, insider Brian Michael Brown sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $8.11, for a total value of $162,200.00. Following the completion of the transaction, the insider now directly owns 1,286,088 shares in the company, valued at approximately $10,430,173.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 27.78% of the stock is owned by insiders.

Institutional Investors Weigh In On AvePoint

A number of institutional investors and hedge funds have recently made changes to their positions in AVPT. Principal Financial Group Inc. increased its holdings in shares of AvePoint by 370.3% during the 1st quarter. Principal Financial Group Inc. now owns 80,697 shares of the company’s stock worth $639,000 after acquiring an additional 63,538 shares during the last quarter. Quadrature Capital Ltd acquired a new position in shares of AvePoint during the 4th quarter worth approximately $148,000. Vanguard Group Inc. increased its holdings in shares of AvePoint by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 14,517,907 shares of the company’s stock worth $119,192,000 after acquiring an additional 89,564 shares during the last quarter. CenterBook Partners LP acquired a new position in shares of AvePoint during the 4th quarter worth approximately $1,097,000. Finally, Aigen Investment Management LP increased its holdings in shares of AvePoint by 197.2% during the 4th quarter. Aigen Investment Management LP now owns 29,971 shares of the company’s stock worth $246,000 after acquiring an additional 19,886 shares during the last quarter. Institutional investors own 44.49% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Cantor Fitzgerald boosted their target price on AvePoint from $10.00 to $11.00 and gave the company an “overweight” rating in a research note on Friday, March 1st. Evercore ISI boosted their target price on AvePoint from $9.00 to $10.00 and gave the company an “outperform” rating in a research note on Friday, March 1st. Finally, Citigroup boosted their target price on AvePoint from $8.00 to $9.00 and gave the company a “neutral” rating in a research note on Wednesday, January 10th.

AvePoint Company Profile

AvePoint, Inc provides cloud-native data management software platform in North America, Europe, Middle East, Africa, and Asia Pacific. It also offers software-as-a-service solutions and productivity applications. The company offers modularity and cloud services architecture to address critical challenges and the management of data to organizations that leverage third-party cloud vendors, including Microsoft, Salesforce, Google, AWS, Box, DropBox, and others; license and support; and maintenance services.