Avid Technology (AVID) Stock Price Up 6.4%

Shares of Avid Technology, Inc. (NASDAQ:AVID) rose 6.4% during trading on Wednesday . The company traded as high as $6.09 and last traded at $5.99. Approximately 949,400 shares changed hands during mid-day trading, an increase of 187% from the average daily volume of 330,660 shares. The stock had previously closed at $5.63.

AVID has been the subject of a number of research reports. ValuEngine upgraded Avid Technology from a “hold” rating to a “buy” rating in a research report on Tuesday, November 21st. Zacks Investment Research upgraded Avid Technology from a “sell” rating to a “hold” rating in a research report on Wednesday, September 20th. Finally, Dougherty & Co lowered Avid Technology from a “neutral” rating to a “sell” rating and set a $4.50 price objective 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 firm has a market capitalization of $233.11, a PE ratio of -31.44 and a beta of 1.80.

Avid Technology (NASDAQ:AVID) last announced its quarterly earnings data on Thursday, November 9th. The technology company reported $0.04 EPS for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.01. Avid Technology had a negative return on equity of 5.36% and a negative net margin of 1.75%. analysts anticipate that Avid Technology, Inc. will post 0.34 earnings per share for the current fiscal year.

In related news, Director Robert M. Bakish bought 20,000 shares of the firm’s stock in a transaction dated Tuesday, December 5th. The stock was bought at an average cost of $6.69 per share, for a total transaction of $133,800.00. Following the transaction, the director now owns 693,058 shares of the company’s stock, valued at $4,636,558.02. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 7.50% of the stock is currently owned by insiders.

Several institutional investors have recently bought and sold shares of the company. Schwab Charles Investment Management Inc. grew its position in shares of Avid Technology by 0.6% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 92,881 shares of the technology company’s stock worth $489,000 after buying an additional 551 shares during the period. Rhumbline Advisers grew its position in shares of Avid Technology by 1.5% in the 2nd quarter. Rhumbline Advisers now owns 38,892 shares of the technology company’s stock valued at $205,000 after purchasing an additional 558 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of Avid Technology by 8.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 29,927 shares of the technology company’s stock valued at $158,000 after purchasing an additional 2,386 shares during the period. Voya Investment Management LLC grew its position in shares of Avid Technology by 25.6% in the 2nd quarter. Voya Investment Management LLC now owns 20,703 shares of the technology company’s stock valued at $109,000 after purchasing an additional 4,220 shares during the period. Finally, Nationwide Fund Advisors grew its position in shares of Avid Technology by 5.2% in the 2nd quarter. Nationwide Fund Advisors now owns 147,341 shares of the technology company’s stock valued at $775,000 after purchasing an additional 7,219 shares during the period. Institutional investors own 71.77% of the company’s stock.

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Avid Technology Company Profile

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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