AvePoint, Inc. (NASDAQ:AVPT) Sees Significant Drop in Short Interest

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

AvePoint Trading Down 2.2 %

Shares of NASDAQ:AVPT opened at $7.72 on Tuesday. The firm’s 50 day moving average price is $7.88 and its 200-day moving average price is $7.85. AvePoint has a twelve month low of $4.01 and a twelve month high of $8.61.

AvePoint (NASDAQ:AVPT) last posted its earnings results on Thursday, February 29th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.01). AvePoint had a negative net margin of 7.94% and a negative return on equity of 9.94%. The business had revenue of $74.60 million during the quarter, compared to analysts’ expectations of $71.57 million. During the same period last year, the business posted ($0.07) earnings per share. The company’s revenue for the quarter was up 17.3% compared to the same quarter last year. As a group, analysts predict that AvePoint will post -0.15 EPS for the current fiscal year.

Insider Activity at AvePoint

In related news, insider Brian Michael Brown sold 20,000 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $8.11, for a total transaction of $162,200.00. Following the sale, the insider now directly owns 1,286,088 shares of the company’s stock, valued at approximately $10,430,173.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last ninety days, insiders have sold 43,061 shares of company stock valued at $342,288. 27.78% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of AVPT. Quantbot Technologies LP raised its holdings in shares of AvePoint by 136.8% in the first quarter. Quantbot Technologies LP now owns 6,867 shares of the company’s stock valued at $36,000 after acquiring an additional 3,967 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of AvePoint by 148.0% in the first quarter. Tower Research Capital LLC TRC now owns 8,937 shares of the company’s stock valued at $37,000 after acquiring an additional 5,334 shares in the last quarter. Harvest Fund Management Co. Ltd bought a new stake in shares of AvePoint in the fourth quarter valued at about $47,000. Schonfeld Strategic Advisors LLC bought a new stake in shares of AvePoint in the first quarter valued at about $48,000. Finally, Royal Bank of Canada raised its holdings in shares of AvePoint by 97,940.0% in the first quarter. Royal Bank of Canada now owns 9,804 shares of the company’s stock valued at $52,000 after acquiring an additional 9,794 shares in the last quarter. 44.49% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

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.