Zacks: Avid (AVID) Given Average Rating of “Sell” by Analysts

Shares of Avid (NASDAQ:AVID) have been given a consensus broker rating score of 4.00 (Sell) from the two brokers that provide coverage for the company, Zacks Investment Research reports. One equities research analyst has rated the stock with a strong sell recommendation and one has assigned a hold recommendation to the company.

Brokers have set a 12-month consensus price target of $4.75 for the company, according to Zacks. Zacks has also assigned Avid an industry rank of 67 out of 255 based on the ratings given to related companies.

Several analysts have commented on AVID shares. Zacks Investment Research lowered shares of Avid from a “hold” rating to a “strong sell” rating in a research report on Wednesday, March 21st. ValuEngine lowered shares of Avid from a “buy” rating to a “hold” rating in a research report on Tuesday, April 3rd.

Shares of AVID traded down $0.11 during midday trading on Friday, hitting $4.89. The stock had a trading volume of 197,500 shares, compared to its average volume of 228,839. Avid has a 1 year low of $3.99 and a 1 year high of $7.65. The company has a market cap of $203.77 million, a P/E ratio of 12.13 and a beta of 1.95. The company has a current ratio of 0.90, a quick ratio of 0.73 and a debt-to-equity ratio of -1.18.

Avid (NASDAQ:AVID) last posted its quarterly earnings results on Thursday, May 10th. The technology company reported ($0.07) EPS for the quarter, missing the Zacks’ consensus estimate of $0.11 by ($0.18). Avid had a negative return on equity of 2.51% and a negative net margin of 4.99%. The company had revenue of $97.94 million during the quarter. analysts predict that Avid will post 0.09 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Millennium Management LLC raised its holdings in Avid by 1,366.2% in the 4th quarter. Millennium Management LLC now owns 1,353,543 shares of the technology company’s stock valued at $7,296,000 after buying an additional 1,261,229 shares during the period. Two Sigma Investments LP grew its position in shares of Avid by 539.7% during the fourth quarter. Two Sigma Investments LP now owns 294,268 shares of the technology company’s stock worth $1,586,000 after buying an additional 248,268 shares in the last quarter. Renaissance Technologies LLC acquired a new position in shares of Avid during the fourth quarter worth about $1,021,000. Algert Global LLC acquired a new position in Avid in the fourth quarter valued at approximately $765,000. Finally, Spark Investment Management LLC boosted its holdings in Avid by 252.1% in the fourth quarter. Spark Investment Management LLC now owns 134,500 shares of the technology company’s stock valued at $724,000 after purchasing an additional 96,300 shares in the last quarter. 70.97% of the stock is currently owned by institutional investors.

Avid Company Profile

Avid Technology, Inc develops, markets, sells, and supports software, hardware, and integrated solutions for video and audio content creation, management, and distribution worldwide. The company's video products and solutions include the Media Composer product line that is used to edit film, television programming, news broadcasts, commercials, and other video content; Avid shared storage systems and Avid Interplay asset management solutions, which provide complete network, storage, and database solutions to enable users to simultaneously share and manage media assets throughout a project or organization.

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