AvePoint, Inc. (NASDAQ:AVPT) Sees Large Decrease in Short Interest

AvePoint, Inc. (NASDAQ:AVPT) was the recipient of a significant drop in short interest in September. As of September 15th, there was short interest totalling 4,690,000 shares, a drop of 34.2% from the August 31st total of 7,130,000 shares. Approximately 4.7% of the shares of the stock are sold short. Based on an average daily volume of 1,220,000 shares, the days-to-cover ratio is currently 3.8 days.

AvePoint Price Performance

Shares of NASDAQ:AVPT traded down $0.08 on Friday, hitting $11.71. 503,029 shares of the company’s stock were exchanged, compared to its average volume of 1,024,171. The stock has a market capitalization of $2.17 billion, a price-to-earnings ratio of -146.38 and a beta of 0.89. AvePoint has a 12 month low of $6.45 and a 12 month high of $12.09. The business’s 50 day simple moving average is $11.12 and its two-hundred day simple moving average is $9.62.

AvePoint (NASDAQ:AVPT) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.09). The company had revenue of $77.96 million for the quarter, compared to the consensus estimate of $75.17 million. AvePoint had a negative net margin of 4.77% and a negative return on equity of 6.66%. The company’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.07) EPS. Equities analysts forecast that AvePoint will post -0.07 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on AVPT shares. Cantor Fitzgerald boosted their target price on shares of AvePoint from $11.00 to $13.00 and gave the stock an “overweight” rating in a report on Friday, August 9th. Northland Securities lifted their price objective on shares of AvePoint from $18.00 to $19.00 and gave the stock an “outperform” rating in a research note on Friday, August 9th.

Insider Buying and Selling

In related news, major shareholder Zhijian Lu sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $11.90, for a total value of $119,000.00. Following the transaction, the insider now directly owns 18,380,673 shares of the company’s stock, valued at approximately $218,730,008.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, insider Brian Michael Brown sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $10.78, for a total transaction of $215,600.00. Following the sale, the insider now directly owns 1,277,373 shares of the company’s stock, valued at approximately $13,770,080.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Zhijian Lu sold 10,000 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $11.90, for a total value of $119,000.00. Following the transaction, the insider now owns 18,380,673 shares of the company’s stock, valued at $218,730,008.70. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 150,000 shares of company stock worth $1,658,000. 27.78% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Canada Pension Plan Investment Board purchased a new stake in shares of AvePoint in the 2nd quarter worth $83,000. Algert Global LLC purchased a new stake in AvePoint in the second quarter worth about $116,000. Bayesian Capital Management LP bought a new position in AvePoint during the 1st quarter worth about $130,000. SG Americas Securities LLC increased its position in AvePoint by 44.2% during the 1st quarter. SG Americas Securities LLC now owns 16,727 shares of the company’s stock valued at $132,000 after purchasing an additional 5,125 shares during the period. Finally, Quadrature Capital Ltd purchased a new position in AvePoint during the 4th quarter valued at about $148,000. Institutional investors own 44.49% of the company’s stock.

About AvePoint

AvePoint, Inc provides cloud-native data management software platform in North America, Europe, Middle East, Africa, and Asia Pacific. It also offers software-as-a-service solutions and productivity applications. The company offers modularity and cloud services architecture to address critical challenges and the management of data to organizations that leverage third-party cloud vendors, including Microsoft, Salesforce, Google, AWS, Box, DropBox, and others; license and support; and maintenance services.