Avid Technology, Inc. (NASDAQ:AVID) Sees Significant Growth in Short Interest

Avid Technology, Inc. (NASDAQ:AVID) saw a large increase in short interest during the month of August. As of August 15th, there was short interest totalling 1,400,000 shares, an increase of 28.4% from the July 31st total of 1,090,000 shares. Approximately 3.5% of the company’s stock are sold short. Based on an average daily volume of 753,300 shares, the days-to-cover ratio is currently 1.9 days.

Avid Technology Trading Down 0.1 %

NASDAQ AVID opened at $26.64 on Tuesday. The company has a fifty day simple moving average of $25.78 and a 200 day simple moving average of $26.92. The company has a market cap of $1.17 billion, a P/E ratio of 36.49 and a beta of 1.18. Avid Technology has a 1 year low of $19.78 and a 1 year high of $33.41.

Analysts Set New Price Targets

AVID has been the topic of several analyst reports. Rosenblatt Securities dropped their price target on shares of Avid Technology from $28.00 to $27.00 and set a “neutral” rating on the stock in a research note on Thursday, August 10th. StockNews.com initiated coverage on shares of Avid Technology in a research note on Friday. They set a “hold” rating on the stock. Northland Securities lowered shares of Avid Technology from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 10th. B. Riley lowered shares of Avid Technology from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $35.00 to $27.05 in a research note on Thursday, August 10th. Finally, Jefferies Financial Group increased their price target on shares of Avid Technology from $25.00 to $27.00 and gave the stock a “hold” rating in a research note on Wednesday, August 9th. Six analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, Avid Technology currently has an average rating of “Hold” and a consensus price target of $29.22.

Institutional Trading of Avid Technology

Large investors have recently modified their holdings of the company. Legal & General Group Plc boosted its holdings in Avid Technology by 0.4% in the 4th quarter. Legal & General Group Plc now owns 81,595 shares of the technology company’s stock valued at $2,170,000 after purchasing an additional 337 shares during the period. Credit Suisse AG boosted its holdings in Avid Technology by 1.6% in the 4th quarter. Credit Suisse AG now owns 31,933 shares of the technology company’s stock valued at $849,000 after purchasing an additional 502 shares during the period. Tower Research Capital LLC TRC boosted its holdings in Avid Technology by 134.3% in the 1st quarter. Tower Research Capital LLC TRC now owns 937 shares of the technology company’s stock valued at $30,000 after purchasing an additional 537 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in Avid Technology by 5.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,523 shares of the technology company’s stock valued at $401,000 after purchasing an additional 593 shares during the period. Finally, Teachers Retirement System of The State of Kentucky boosted its holdings in Avid Technology by 5.4% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 11,609 shares of the technology company’s stock valued at $296,000 after purchasing an additional 596 shares during the period. 84.96% of the stock is owned by institutional investors.

Avid Technology Company Profile

Avid Technology, Inc, together with its subsidiaries, develops, markets, sells, and supports software and integrated solutions for video and audio content creation, management, and distribution in the United States and internationally. The company's video products and solutions include the Media Composer, a cloud-enabled solution used to edit video content; Avid 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.