Avid Technology Target of Unusually High Options Trading (NASDAQ:AVID)

Avid Technology, Inc. (NASDAQ:AVID) saw some unusual options trading activity on Monday. Stock traders acquired 2,670 call options on the stock. This represents an increase of approximately 1,461% compared to the average daily volume of 171 call options.

Shares of AVID stock traded up $0.62 during trading on Monday, reaching $18.97. The company’s stock had a trading volume of 30,382 shares, compared to its average volume of 448,693. The business has a fifty day moving average price of $14.99 and a 200-day moving average price of $10.42. Avid Technology has a one year low of $4.67 and a one year high of $18.50. The company has a market cap of $838.63 million, a price-to-earnings ratio of 44.09 and a beta of 1.30.

Avid Technology (NASDAQ:AVID) last posted its quarterly earnings results on Monday, November 2nd. The technology company reported $0.27 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.14 by $0.13. Avid Technology had a net margin of 5.19% and a negative return on equity of 11.17%. The firm had revenue of $90.43 million for the quarter, compared to analyst estimates of $83.39 million. On average, equities analysts forecast that Avid Technology will post 0.39 EPS for the current fiscal year.

A number of brokerages have recently commented on AVID. B. Riley boosted their price objective on shares of Avid Technology from $13.50 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, December 31st. Zacks Investment Research raised shares of Avid Technology from a “hold” rating to a “buy” rating and set a $19.00 price objective on the stock in a research report on Thursday, January 7th. Finally, Maxim Group boosted their price objective on shares of Avid Technology from $14.00 to $23.00 and gave the stock a “buy” rating in a research report on Friday, January 8th.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Sei Investments Co. raised its position in Avid Technology by 4.4% during the third quarter. Sei Investments Co. now owns 164,635 shares of the technology company’s stock worth $1,409,000 after acquiring an additional 6,871 shares in the last quarter. Zebra Capital Management LLC bought a new stake in Avid Technology during the third quarter worth $454,000. Jane Street Group LLC bought a new stake in Avid Technology during the third quarter worth $212,000. Impactive Capital LP raised its position in Avid Technology by 1.6% during the third quarter. Impactive Capital LP now owns 6,881,793 shares of the technology company’s stock worth $58,908,000 after acquiring an additional 108,102 shares in the last quarter. Finally, Cubist Systematic Strategies LLC bought a new stake in Avid Technology during the third quarter worth $313,000. 67.32% of the stock is currently owned by hedge funds and other institutional investors.

About Avid Technology

Avid Technology, Inc develops, markets, sells, and supports software and integrated solutions for video and audio content creation, management, and distribution worldwide. The company’s video products and solutions include the Media Composer, a cloud-enabled solution used to edit video content; NEXIS shared storage systems; Maestro solutions for the integration of virtual sets, augmented reality, and video wall control into existing workflows; AirSpeed 5000 and AirSpeed 5500 on-air server solutions; and MediaCentral, a media production suite.

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