During the last session, Avid Technology Inc. (NASDAQ:AVID)’s traded shares were 1.12 million, with the beta value of the company hitting 1.25. At the end of the trading day, the stock’s price was $24.18, reflecting an intraday loss of -3.90% or -$0.98. The 52-week high for the AVID share is $33.41, that puts it down -38.17 from that peak though still a striking 18.2% gain since the share price plummeted to a 52-week low of $19.78. The company’s market capitalization is $1.07B, and the average intraday trading volume over the past 10 days was 1.19 million shares, and the average trade volume was 432.08K shares over the past three months.
Avid Technology Inc. (AVID) received a consensus recommendation of an Overweight from analysts. That translates to a mean rating of 2.30. AVID has a Sell rating from 0 analyst(s) out of 7 analysts who have looked at this stock. 2 analyst(s) recommend to Hold the stock while 0 suggest Overweight, and 5 recommend a Buy rating for it. 0 analyst(s) has rated the stock Underweight. Company’s earnings per share (EPS) for the current quarter are expected to be $0.2.
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Avid Technology Inc. (NASDAQ:AVID) trade information
Avid Technology Inc. (AVID) registered a -3.90% downside in the last session and has traded in the green over the past 5 sessions. The stock plummet -3.90% in intraday trading to $24.18 this Thursday, 05/25/23, hitting a weekly high. The stock’s 5-day price performance is 17.89%, and it has moved by -15.78% in 30 days. Based on these gigs, the overall price performance for the year is -5.91%. The short interest in Avid Technology Inc. (NASDAQ:AVID) is 1.68 million shares and it means that shorts have 7.06 day(s) to cover.
The consensus price target of analysts on Wall Street is $36.14, which implies an increase of 33.09% to the stock’s current value. The extremes of the forecast give a target low and a target high price of $25.00 and $48.00 respectively. As a result, AVID is trading at a discount of -98.51% off the target high and -3.39% off the low.
Avid Technology Inc. (AVID) estimates and forecasts
Statistics show that Avid Technology Inc. has outperformed its competitors in share price, compared to the industry in which it operates. Avid Technology Inc. (AVID) shares have gone down -13.27% during the last six months, with a year-to-date growth rate more than the industry average at 14.18% against 12.60. Yet analysts are ramping up their growth forecast for the fiscal year 2023. Revenue is predicted to shrink -23.10% this quarter and then jump 47.40% in the quarter after that. In the rating firms’ projections, revenue will increase 8.40% compared to the previous financial year.
Revenue for the current quarter is expected to be $103.24 million as predicted by 7 analyst(s). Meanwhile, a consensus of 7 analyst(s) estimates revenue growth to $118.63 million by the end of Sep 2023. As per earnings report from last fiscal year’s results, sales for the corresponding quarters totaled $97.68 million and $102.98 million respectively. In this case, analysts expect current quarter sales to grow by 5.70% and then jump by 15.20% in the coming quarter.
An analysis of the company’s performance over the past 5 years shows that the company’s earnings grew an estimated 18.70%. While earnings are projected to return 37.80% in 2023, the next five years will return 15.00% per annum.
Avid Technology Inc. is due to release its next quarterly earnings between July 31 and August 04. However, it is important to remember that the dividend yield ratio is merely an indicator meant to only serve as guidance.
Avid Technology Inc. (NASDAQ:AVID)’s Major holders
Avid Technology Inc. insiders own 8.42% of total outstanding shares while institutional holders control 88.32%, with the float percentage being 96.44%. Impactive Capital, LP is the largest shareholder of the company, while 242 institutions own stock in it. As of Mar 30, 2023, the company held over 7.13 million shares (or 16.24% of all shares), a total value of $228.07 million in shares.
The next largest institutional holding, with 5.48 million shares, is of Blackrock Inc.’s that is approximately 12.48% of outstanding shares. At the market price on Mar 30, 2023, these shares were valued at $175.31 million.
Also, the Mutual Funds coming in first place with the largest holdings of Avid Technology Inc. (AVID) shares are iShares Core S&P Smallcap ETF and Fidelity Small Cap Growth Fund. Data provided on Feb 27, 2023 indicates that iShares Core S&P Smallcap ETF owns about 2.5 million shares. This amounts to just over 5.71 percent of the company’s overall shares, with a $72.73 million market value. The same data shows that the other fund manager holds slightly less at 1.77 million, or about 4.03% of the stock, which is worth about $53.5 million.