AvePoint (NASDAQ:AVPT) Shares Gap Up – Should You Buy?

AvePoint, Inc. (NASDAQ:AVPT)’s stock price gapped up before the market opened on Wednesday. The stock had previously closed at $16.46, but opened at $17.10. AvePoint shares last traded at $17.0560, with a volume of 428,943 shares traded.

Wall Street Analysts Forecast Growth

Several research firms recently commented on AVPT. DA Davidson reaffirmed a “buy” rating and issued a $18.00 price objective on shares of AvePoint in a research report on Monday, July 6th. Wall Street Zen cut AvePoint from a “buy” rating to a “hold” rating in a report on Saturday, October 10th. Evercore reissued an “outperform” rating and issued a $16.00 price target on shares of AvePoint in a research note on Friday, August 7th. Citigroup reaffirmed a “neutral” rating on shares of AvePoint in a research report on Wednesday, August 12th. Finally, Weiss Ratings upgraded AvePoint from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. Ten equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.55.

AvePoint Price Performance

The stock’s 50-day moving average price is $14.14 and its 200 day moving average price is $11.89. The firm has a market cap of $3.67 billion, a P/E ratio of 54.22 and a beta of 1.17.

AvePoint (NASDAQ:AVPT) last announced its earnings results on Thursday, August 6th. The company reported $0.12 EPS for the quarter, topping the consensus estimate of $0.08 by $0.04. The business had revenue of $124.50 million during the quarter, compared to analysts’ expectations of $121.38 million. AvePoint had a net margin of 15.33% and a return on equity of 15.97%. As a group, analysts forecast that AvePoint, Inc. will post 0.25 EPS for the current fiscal year.

Insider Buying and Selling at AvePoint

In related news, insider Brian Brown sold 72,606 shares of AvePoint stock in a transaction dated Tuesday, October 20th. The stock was sold at an average price of $15.26, for a total value of $1,107,967.56. Following the sale, the insider owned 259,604 shares of the company’s stock, valued at approximately $3,961,557.04. The trade was a 21.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 230,000 shares of company stock valued at $3,430,412. 22.66% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP raised its position in AvePoint by 25.7% during the first quarter. Dimensional Fund Advisors LP now owns 3,264,082 shares of the company’s stock worth $31,040,000 after acquiring an additional 666,422 shares in the last quarter. Wellington Management Group LLP lifted its stake in AvePoint by 106.7% in the second quarter. Wellington Management Group LLP now owns 2,776,579 shares of the company’s stock valued at $31,125,000 after acquiring an additional 1,433,299 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of AvePoint by 25.0% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,675,587 shares of the company’s stock valued at $25,445,000 after acquiring an additional 535,015 shares during the period. Renaissance Technologies LLC grew its position in shares of AvePoint by 16.4% in the 1st quarter. Renaissance Technologies LLC now owns 2,580,153 shares of the company’s stock valued at $24,537,000 after acquiring an additional 363,200 shares during the period. Finally, Bank of America Corp DE grew its position in shares of AvePoint by 185.8% in the 1st quarter. Bank of America Corp DE now owns 1,253,662 shares of the company’s stock valued at $11,922,000 after acquiring an additional 815,074 shares during the period. 44.49% of the stock is currently owned by institutional investors.

About AvePoint

AvePoint, Inc (NASDAQ:AVPT) is a data management and governance software company that helps organizations protect, manage and modernize information across cloud, hybrid and on-premises environments. Its solutions are designed primarily for collaboration and productivity platforms, including Microsoft 365, SharePoint, Dynamics 365 and Salesforce.

The company’s product portfolio includes cloud backup and recovery, data migration, governance, security, compliance and administration tools.