Avid Technology, Inc. (NASDAQ:AVID) Short Interest Update

Avid Technology, Inc. (NASDAQ:AVID) was the recipient of a significant decline in short interest in the month of July. As of July 31st, there was short interest totalling 2,139,700 shares, a decline of 12.4% from the June 30th total of 2,442,100 shares. Currently, 5.8% of the shares of the company are sold short. Based on an average daily volume of 511,900 shares, the days-to-cover ratio is currently 4.2 days.

Shares of NASDAQ AVID traded down $0.23 during midday trading on Wednesday, reaching $6.17. 43,742 shares of the company traded hands, compared to its average volume of 462,348. Avid Technology has a 52 week low of $4.37 and a 52 week high of $10.79. The stock’s 50-day moving average is $9.27. The firm has a market capitalization of $268.69 million, a P/E ratio of 51.67, a price-to-earnings-growth ratio of 1.67 and a beta of 1.79.

Avid Technology (NASDAQ:AVID) last issued its quarterly earnings data on Monday, August 5th. The technology company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). Avid Technology had a negative net margin of 0.99% and a negative return on equity of 11.13%. The company had revenue of $98.70 million for the quarter, compared to the consensus estimate of $101.29 million. During the same quarter in the prior year, the firm earned ($0.20) earnings per share. Avid Technology’s revenue for the quarter was up .1% compared to the same quarter last year. Equities analysts forecast that Avid Technology will post 0.39 EPS for the current year.

A number of equities analysts have commented on AVID shares. ValuEngine downgraded shares of Avid Technology from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. Maxim Group reissued a “buy” rating and set a $14.00 price target on shares of Avid Technology in a report on Friday, June 7th. Jefferies Financial Group boosted their price target on shares of Avid Technology from $6.50 to $8.50 and gave the company a “hold” rating in a report on Friday, June 7th. BidaskClub downgraded shares of Avid Technology from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 7th. Finally, Zacks Investment Research downgraded shares of Avid Technology from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 15th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $8.25.

Several hedge funds and other institutional investors have recently modified their holdings of AVID. Acadian Asset Management LLC raised its position in Avid Technology by 528.1% in the second quarter. Acadian Asset Management LLC now owns 643,475 shares of the technology company’s stock worth $5,868,000 after acquiring an additional 541,028 shares in the last quarter. Renaissance Technologies LLC grew its stake in Avid Technology by 1,206.7% during the 2nd quarter. Renaissance Technologies LLC now owns 400,464 shares of the technology company’s stock valued at $3,652,000 after acquiring an additional 369,816 shares in the last quarter. Hennessy Advisors Inc. purchased a new position in Avid Technology during the 2nd quarter valued at about $3,076,000. BlackRock Inc. grew its stake in Avid Technology by 8.8% during the 2nd quarter. BlackRock Inc. now owns 1,961,171 shares of the technology company’s stock valued at $17,887,000 after acquiring an additional 158,941 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in Avid Technology by 160.4% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 149,925 shares of the technology company’s stock valued at $1,367,000 after acquiring an additional 92,350 shares in the last quarter. Institutional investors and hedge funds own 58.04% of the company’s stock.

About Avid Technology

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, which is used to edit video content, such as television programming, commercials, and films; Avid NEXIS shared storage systems; and Maestro product line solutions for the integration of virtual sets, augmented reality, and video wall control into existing workflows.

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