AvePoint (NASDAQ:AVPT) Reaches New 1-Year High – Here’s What Happened

AvePoint, Inc. (NASDAQ:AVPT) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $12.98 and last traded at $12.95, with a volume of 65937 shares trading hands. The stock had previously closed at $12.51.

Analyst Upgrades and Downgrades

Several research firms have recently commented on AVPT. Northland Securities raised their price target on AvePoint from $18.00 to $19.00 and gave the company an “outperform” rating in a report on Friday, August 9th. Cantor Fitzgerald lifted their price objective on AvePoint from $11.00 to $13.00 and gave the stock an “overweight” rating in a report on Friday, August 9th.

AvePoint Stock Up 3.0 %

The firm has a fifty day moving average of $11.99 and a 200-day moving average of $10.49. The stock has a market capitalization of $2.52 billion, a price-to-earnings ratio of -168.50 and a beta of 0.88.

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

Insiders Place Their Bets

In other news, major shareholder Zhijian Lu sold 10,000 shares of AvePoint stock in a transaction on Monday, October 21st. The stock was sold at an average price of $12.10, for a total value of $121,000.00. Following the completion of the sale, the insider now owns 18,320,673 shares of the company’s stock, valued at $221,680,143.30. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other AvePoint 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 transaction 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 trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Zhijian Lu sold 10,000 shares of the business’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $12.10, for a total value of $121,000.00. Following the sale, the insider now directly owns 18,320,673 shares of the company’s stock, valued at approximately $221,680,143.30. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 150,000 shares of company stock valued at $1,724,500. Corporate insiders own 27.78% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Millennium Management LLC lifted its stake in shares of AvePoint by 33.7% during the second quarter. Millennium Management LLC now owns 641,862 shares of the company’s stock worth $6,688,000 after purchasing an additional 161,759 shares in the last quarter. Harbor Capital Advisors Inc. acquired a new position in shares of AvePoint during the third quarter worth about $1,404,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of AvePoint during the second quarter worth about $548,000. Sei Investments Co. acquired a new position in shares of AvePoint during the second quarter worth about $1,503,000. Finally, Acadian Asset Management LLC acquired a new position in shares of AvePoint during the second quarter worth about $2,250,000. Institutional investors and hedge funds 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.