AvePoint (NASDAQ:AVPT) Sees Strong Trading Volume

Shares of AvePoint, Inc. (NASDAQ:AVPT) saw strong trading volume on Wednesday . 3,330,866 shares traded hands during trading, an increase of 224% from the previous session’s volume of 1,027,543 shares.The stock last traded at $11.78 and had previously closed at $11.58.

Analyst Upgrades and Downgrades

AVPT has been the topic of a number of recent analyst reports. Northland Securities lifted their price target on AvePoint from $18.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, August 9th. Cantor Fitzgerald boosted their price target on shares of AvePoint from $11.00 to $13.00 and gave the stock an “overweight” rating in a report on Friday, August 9th.

AvePoint Stock Up 0.3 %

The firm has a market capitalization of $2.15 billion, a P/E ratio of -144.75 and a beta of 0.89. The firm’s 50-day simple moving average is $10.61 and its 200-day simple moving average is $9.15.

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 firm had revenue of $77.96 million for the quarter, compared to analysts’ expectations of $75.17 million. AvePoint had a negative net margin of 4.77% and a negative return on equity of 6.66%. The business’s quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the prior year, the business posted ($0.07) earnings per share. As a group, analysts expect that AvePoint, Inc. will post -0.07 EPS for the current fiscal year.

Insider Activity

In other news, CFO James Caci sold 30,000 shares of the business’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $10.91, for a total value of $327,300.00. Following the completion of the sale, the chief financial officer now owns 630,084 shares of the company’s stock, valued at approximately $6,874,216.44. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, major shareholder Zhijian Lu sold 10,000 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $10.77, for a total transaction of $107,700.00. Following the completion of the transaction, the insider now directly owns 18,460,673 shares of the company’s stock, valued at $198,821,448.21. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO James Caci sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $10.91, for a total value of $327,300.00. Following the completion of the sale, the chief financial officer now directly owns 630,084 shares in the company, valued at $6,874,216.44. The disclosure for this sale can be found here. Over the last three months, insiders have sold 110,000 shares of company stock valued at $1,183,200. 27.78% of the stock is currently owned by insiders.

Institutional Investors Weigh In On AvePoint

Several institutional investors and hedge funds have recently bought and sold shares of the business. Point72 Asset Management L.P. raised its holdings in shares of AvePoint by 27.8% during the second quarter. Point72 Asset Management L.P. now owns 61,600 shares of the company’s stock valued at $642,000 after acquiring an additional 13,400 shares in the last quarter. Algert Global LLC purchased a new stake in shares of AvePoint in the 2nd quarter worth about $116,000. Driehaus Capital Management LLC bought a new stake in shares of AvePoint during the 2nd quarter valued at about $17,305,000. Susquehanna Fundamental Investments LLC bought a new position in AvePoint in the second quarter worth about $548,000. Finally, Millennium Management LLC raised its stake in AvePoint by 33.7% in the second quarter. Millennium Management LLC now owns 641,862 shares of the company’s stock worth $6,688,000 after buying an additional 161,759 shares in the last quarter. Hedge funds and other institutional investors own 44.49% of the company’s stock.

AvePoint Company Profile

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.