Short Interest Coverage: What’s Next for Avid Tech Incorporated (NASDAQ:AVID) After Having Less Shares Shorted?

November 25, 2016 - By Ruchi Gupta   ·   0 Comments

Short Interest Coverage: What's Next for Avid Tech Incorporated (NASDAQ:AVID) After Having Less Shares Shorted?

The stock of Avid Tech Incorporated (NASDAQ:AVID) registered a decrease of 3.67% in short interest. AVID’s total short interest was 3.07 million shares in November as published by FINRA. Its down 3.67% from 3.19 million shares, reported previously. With 348,400 shares average volume, it will take short sellers 9 days to cover their AVID’s short positions. The short interest to Avid Tech Incorporated’s float is 9.65%. The stock increased 0.93% or $0.04 on November 23, hitting $4.35. Avid Technology, Inc. (NASDAQ:AVID) has declined 27.01% since April 22, 2016 and is downtrending. It has underperformed by 32.42% the S&P500.

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 has a market cap of $178.36 million. The Firm develops, markets, sells and supports software and hardware for digital media content production, management, secured content storage and distribution. It has a 4.49 P/E ratio. The Company’s products are used in production and post-production facilities; film studios; network, affiliate, independent and cable television stations; recording studios; live-sound performance venues; advertising agencies; government and educational institutions; corporate communication departments, and by independent video and audio creative professionals, as well as aspiring professionals and enthusiasts.

Insitutional Activity: The institutional sentiment decreased to 1.55 in 2016 Q2. Its down 0.02, from 1.57 in 2016Q1. The ratio turned negative, as 8 funds sold all Avid Technology, Inc. shares owned while 20 reduced positions. 13 funds bought stakes while 31 increased positions. They now own 26.65 million shares or 21.23% less from 33.83 million shares in 2016Q1.
Spark Inv Limited Liability Corp reported 156,400 shares or 0.08% of all its holdings. Eaton Vance Management reported 23,655 shares or 0% of all its holdings. Legal General Grp Public Limited Liability Company reported 6,431 shares or 0% of all its holdings. Blackrock Institutional Trust Na holds 919,746 shares or 0% of its portfolio. Moreover, Parametric Portfolio Associate Llc has 0% invested in Avid Technology, Inc. (NASDAQ:AVID) for 277,386 shares. Petrus Lta holds 37,938 shares or 0.05% of its portfolio. Ny State Common Retirement Fund reported 29,500 shares or 0% of all its holdings. Coe Ltd accumulated 150,000 shares or 0% of the stock. Brave Asset Management Inc holds 0% or 200 shares in its portfolio. Royal National Bank & Trust Of Canada reported 372 shares or 0% of all its holdings. Thompson Davis & holds 0.27% of its portfolio in Avid Technology, Inc. (NASDAQ:AVID) for 29,100 shares. Millennium Mngmt Ltd Liability Co owns 12,867 shares or 0% of their US portfolio. The New York-based Gabelli Funds Limited Liability Company has invested 0% in Avid Technology, Inc. (NASDAQ:AVID). Next Fin Group last reported 0% of its portfolio in the stock. Pnc Service Gru Inc owns 150 shares or 0% of their US portfolio.

Insider Transactions: Since June 2, 2016, the stock had 1 insider buy, and 2 selling transactions for $5.41 million net activity. 457,506 Avid Technology, Inc. (NASDAQ:AVID) shares with value of $4.16 million were sold by Frederick John W.. BOGGS PAULA bought 16,500 shares worth $101,492.

Avid Technology, Inc. (NASDAQ:AVID) Ratings Coverage

Out of 3 analysts covering Avid Technology (NASDAQ:AVID), 2 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 67% are positive. Avid Technology has been the topic of 5 analyst reports since August 11, 2015 according to StockzIntelligence Inc. Singular Research initiated the stock with “Buy” rating in Wednesday, December 9 report. The firm earned “Buy” rating on Tuesday, August 11 by Dougherty & Company. As per Thursday, November 10, the company rating was downgraded by BWS Financial. As per Wednesday, November 11, the company rating was maintained by BWS Financial.

AVID Company Profile

Avid Technology, Inc., incorporated on October 4, 1987, provides an open and integrated technology platform, along with applications and services that enable the creation, distribution and monetization of audio and video content. The Firm develops, markets, sells and supports software and hardware for digital media content production, management, secured content storage and distribution. The Company’s products are used in production and post-production facilities; film studios; network, affiliate, independent and cable television stations; recording studios; live-sound performance venues; advertising agencies; government and educational institutions; corporate communication departments, and by independent video and audio creative professionals, as well as aspiring professionals and enthusiasts. Projects produced using its products include feature films, television programs, live events, news broadcasts, commercials, music, video and other digital media content.

More recent Avid Technology, Inc. (NASDAQ:AVID) news were published by: Prnewswire.com which released: “Johnson & Weaver, LLP Files Class Action Suit against Avid Technology, Inc.” on November 22, 2016. Also Seekingalpha.com published the news titled: “Is Avid Misleading Investors?” on November 23, 2016. Globenewswire.com‘s news article titled: “SHAREHOLDER ALERT: Levi & Korsinsky, LLP Notifies Shareholders of Avid …” with publication date: November 22, 2016 was also an interesting one.

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By Ruchi Gupta


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