Avid Technology, Inc. (NASDAQ:AVID)’s share price dropped 5.5% on Thursday . The company traded as low as $5.52 and last traded at $5.66. Approximately 759,400 shares changed hands during trading, an increase of 105% from the average daily volume of 369,636 shares. The stock had previously closed at $5.99.
AVID has been the subject of a number of research reports. Zacks Investment Research upgraded shares of Avid Technology from a “sell” rating to a “hold” rating in a research report on Tuesday, October 17th. ValuEngine upgraded shares of Avid Technology from a “hold” rating to a “buy” rating in a research report on Tuesday, November 21st. Finally, Dougherty & Co lowered shares of Avid Technology from a “neutral” rating to a “sell” rating and set a $4.50 target price for the company. in a research report on Thursday, December 7th.
The company has a quick ratio of 0.46, a current ratio of 0.65 and a debt-to-equity ratio of -0.71. The company has a market capitalization of $231.88, a PE ratio of -31.61 and a beta of 1.80.
In other news, Director Robert M. Bakish acquired 20,000 shares of the business’s stock in a transaction dated Thursday, December 7th. The stock was bought at an average cost of $6.00 per share, for a total transaction of $120,000.00. Following the completion of the transaction, the director now owns 693,058 shares of the company’s stock, valued at $4,158,348. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 7.50% of the stock is currently owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the company. Petrus Trust Company LTA bought a new position in shares of Avid Technology in the second quarter valued at approximately $105,000. Tower Research Capital LLC TRC bought a new position in shares of Avid Technology in the second quarter valued at approximately $105,000. Voya Investment Management LLC boosted its position in shares of Avid Technology by 25.6% in the second quarter. Voya Investment Management LLC now owns 20,703 shares of the technology company’s stock valued at $109,000 after acquiring an additional 4,220 shares during the period. Dynamic Technology Lab Private Ltd bought a new position in shares of Avid Technology in the third quarter valued at approximately $109,000. Finally, Trexquant Investment LP bought a new position in shares of Avid Technology in the third quarter valued at approximately $130,000. Institutional investors own 71.77% of the company’s stock.
About Avid Technology
Avid Technology, Inc is a provider of an open and integrated technology platform, along with applications and services that enable the creation, distribution and monetization of audio and video content. The Company develops, markets, sells and supports software and hardware for digital media content production, management, secured content storage and distribution.
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