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

AvePoint, Inc. (NASDAQ:AVPT) saw a significant decline in short interest in the month of March. As of March 31st, there was short interest totalling 6,150,000 shares, a decline of 5.7% from the March 15th total of 6,520,000 shares. Approximately 5.4% of the company’s shares are sold short. Based on an average daily volume of 886,300 shares, the days-to-cover ratio is presently 6.9 days.

AvePoint Trading Down 0.4 %

Shares of AVPT stock opened at $7.73 on Thursday. The firm has a fifty day moving average price of $7.87 and a 200 day moving average price of $7.86. The company has a market cap of $1.42 billion, a P/E ratio of -64.42 and a beta of 0.85. AvePoint has a 12 month low of $4.01 and a 12 month high of $8.61.

AvePoint (NASDAQ:AVPT) last issued its earnings results on Thursday, February 29th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.01). The firm had revenue of $74.60 million for the quarter, compared to analyst estimates of $71.57 million. AvePoint had a negative return on equity of 9.94% and a negative net margin of 7.94%. The business’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.07) EPS. On average, equities analysts forecast that AvePoint will post -0.15 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Cantor Fitzgerald upped their price objective on AvePoint from $10.00 to $11.00 and gave the stock an “overweight” rating in a research report on Friday, March 1st. Evercore ISI upped their price objective on AvePoint from $9.00 to $10.00 and gave the stock an “outperform” rating in a research report on Friday, March 1st. Finally, Citigroup upped their price objective on AvePoint from $8.00 to $9.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 10th.

Insider Buying and Selling at AvePoint

In other AvePoint news, insider Brian Michael Brown sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $7.78, for a total value of $155,600.00. Following the sale, the insider now owns 1,306,088 shares of the company’s stock, valued at $10,161,364.64. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 43,061 shares of company stock valued at $342,288 over the last quarter. 27.78% of the stock is owned by company insiders.

Hedge Funds Weigh In On AvePoint

Several large investors have recently bought and sold shares of AVPT. Swiss National Bank boosted its stake in AvePoint by 8.2% in the first quarter. Swiss National Bank now owns 193,100 shares of the company’s stock valued at $1,016,000 after acquiring an additional 14,600 shares in the last quarter. Citigroup Inc. boosted its stake in AvePoint by 891.1% in the first quarter. Citigroup Inc. now owns 393,221 shares of the company’s stock valued at $2,068,000 after acquiring an additional 353,546 shares in the last quarter. AlphaCrest Capital Management LLC acquired a new position in AvePoint in the first quarter valued at $242,000. BlackRock Inc. boosted its stake in AvePoint by 0.8% in the first quarter. BlackRock Inc. now owns 1,545,996 shares of the company’s stock valued at $8,132,000 after acquiring an additional 11,553 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in AvePoint by 227.8% in the first quarter. Vanguard Group Inc. now owns 10,390,928 shares of the company’s stock valued at $54,656,000 after acquiring an additional 7,220,811 shares in the last quarter. Institutional investors and hedge funds 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.