Does Wall Street Rate Avid Technology Inc. (AVID) Shares A Sell?

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As of Wednesday close, Avid Technology Inc.’s (NASDAQ:AVID) stock was up $0.5, moving up 1.79 percent to $28.38. The average number of shares traded per day over the past five days has been 175,420 shares. 2 times new highs have been achieved over the past 5 days, with a $0.78 gain in that time frame. In the last twenty days, the average volume was 314,250, while in the previous 50 days, it was 377,206.

Since last month, AVID stock rose 1.36%. Shares of the company fell to $22.01 on 11/09/22, the lowest level in the past month. A 52-week high of $37.31 was reached on 03/24/22 after having rallying from a 52-week low of $20.83. Since the beginning of this year, AVID’s stock price has dropped by -12.86% or -$4.19, and marked a new high 6 times. However, the stock has declined by -23.93% since its 52-week high.

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AVID stock investors should be aware that Avid Technology Inc. (AVID) stock had its last reported insider trading activity 2 days ago on Nov 22. CORDINER TOM J. A., the Chief Revenue Officer & SVP of the company, disposed of 29,978 shares for $27.90 on Nov 22. It resulted in a $836,383 divestment by the insider. CORDINER TOM J. A. sold 9,923 shares at an average price of $25.63 on Jun 15. The insider now owns 229,016 shares following the transaction. On May 16, Director Asmar Christian bought 250,000 shares at $24.73 apiece. The transaction was valued at $6,181,250.

Valuation Metrics

Right now, Avid Technology Inc. (AVID) has a P/E ratio of about 28.47. The stock’s beta is 1.22.

Financial Health

In the three months ended June 29, Avid Technology Inc.’s quick ratio stood at 0.70, while its current ratio was 0.90, showing that the company is not able to pay off its debt. On the profitability front, the trailing twelve-month gross margin is 66.20% percent. In the year ended June 29, operating margins totaled 13.00%. Based on annual data, AVID earned $265.8 million in gross profit and brought in $409.94 million in revenue.

A company’s management is another factor that investors consider when determining the profitability of an investment. In the past year, return on investment (ROI) was 111.00%. Return on equity (ROE) for the past 12 months was -34.00%.

In Avid Technology Inc.’s quarter-end financial report for June 29, it reported total debt of $175.68 million. According to the earnings report, the company had a higher net income in the recent quarter than it did in the previous quarter. AVID’s revenue rose 1.31% to $97.68 million during the quarter, while net income inched up to $102.99 million. While analysts expected Avid Technology Inc. to report $0.25 quarterly earnings, the actual figure was $0.26 per share, beating the consensus estimate by 4.00%. During the quarter, the company generated $16.24 million in EBITDA. The liabilities of Avid Technology Inc. were 378.94 million at the end of its most recent quarter ended June 29, and its total debt was $212.9 million. The value of shareholders’ equity is $43.69 million.

Technical Picture

This quick technical analysis looks at Avid Technology Inc.’s (AVID) price momentum. With a historical volatility rate of 22.77%, the RSI 9-day stood at 63.88% on 23 November.

With respect to its five-day moving average, the current Avid Technology Inc. price is up by +2.83% percent or $0.78. At present, AVID shares trade +3.50% above its 20-day simple moving average and +7.83% percent above its 100-day simple moving average. However, the stock is currently trading approximately +11.12% above its SMA50 and -7.59% below its SMA200.

Stochastic coefficient K was 86.46% and Stochastic coefficient D was 87.14%, while ATR was 1.24. Given the Stochastic reading of 92.45% for the 14-day period, the RSI (14) reading has been calculated as 60.72%. As of today, the MACD Oscillator reading stands at 0.14, while the 14-day reading stands at 1.19.

Analyst Ratings

Rosenblatt launched its rating on Avid Technology Inc. (NASDAQ: AVID) to a Neutral in a note to investors on July 12, 2022. Avid Technology Inc. (AVID) has been rated Overweight by analysts. According to 0 brokerage firms, AVID is a sell, and 2 firms recommend it is a Hold. There are 0 analysts who say the stock is underweight. A total of 0 analysts rate Avid Technology Inc. stock as buy, with 4 recommending it as overweight.

With a median target price of $32.00, the current consensus forecast for the stock is $25.00 – $51.00. Based on these forecasts, analysts predict Avid Technology Inc. (AVID) will achieve an average price target of $34.33.


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