AvePoint (NASDAQ:AVPT) Shares Gap Down - Here's Why

Key Points

• AvePoint (NASDAQ:AVPT) shares opened at $15.36 after closing at $15.75, reflecting a gap down prior to the market opening.
• Analysts have provided a mixed outlook, with a consensus target price of $20.80 and ratings ranging from "Strong Buy" to "Neutral".
• Insider Brian Michael Brown sold 35,000 shares of AvePoint stock valued at around $541,450, reducing their ownership by nearly 3%.

AvePoint, Inc. (NASDAQ:AVPT - Get Free Report) shares gapped down before the market opened on Tuesday . The stock had previously closed at $15.75, but opened at $15.36. AvePoint shares last traded at $15.32, with a volume of 280,378 shares trading hands.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. B. Riley assumed coverage on shares of AvePoint in a research note on Tuesday, August 26th. They issued a "buy" rating and a $25.00 price objective for the company. Jefferies Financial Group started coverage on shares of AvePoint in a report on Monday, July 21st. They issued a "buy" rating and a $22.00 target price on the stock. Cantor Fitzgerald raised shares of AvePoint to a "strong-buy" rating in a report on Friday, July 25th. Finally, Citigroup dropped their price objective on shares of AvePoint from $19.00 to $18.00 and set a "neutral" rating on the stock in a research note on Monday, August 18th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, AvePoint currently has a consensus rating of "Moderate Buy" and a consensus target price of $20.80.

AvePoint Trading Down 1.0%

The stock's 50 day moving average price is $16.92 and its 200 day moving average price is $16.80. The company has a market cap of $3.30 billion, a price-to-earnings ratio of -311.90 and a beta of 1.40.

Insider Transactions at AvePoint

In other AvePoint news, insider Brian Michael Brown sold 35,000 shares of the stock in a transaction on Monday, August 25th. The stock was sold at an average price of $15.47, for a total value of $541,450.00. Following the sale, the insider directly owned 1,155,443 shares of the company's stock, valued at $17,874,703.21. This trade represents a 2.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders sold 105,000 shares of company stock worth $1,835,400 in the last quarter. Company insiders own 26.19% of the company's stock.

Institutional Investors Weigh In On AvePoint

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. M&T Bank Corp lifted its holdings in shares of AvePoint by 3.0% during the first quarter. M&T Bank Corp now owns 22,058 shares of the company's stock worth $319,000 after buying an additional 634 shares during the last quarter. ProShare Advisors LLC grew its position in AvePoint by 1.7% in the 2nd quarter. ProShare Advisors LLC now owns 37,656 shares of the company's stock worth $727,000 after purchasing an additional 638 shares during the last quarter. State of Wyoming grew its position in AvePoint by 3.0% in the 1st quarter. State of Wyoming now owns 27,128 shares of the company's stock worth $392,000 after purchasing an additional 780 shares during the last quarter. Advisors Asset Management Inc. grew its position in AvePoint by 68.4% in the 2nd quarter. Advisors Asset Management Inc. now owns 2,263 shares of the company's stock worth $44,000 after purchasing an additional 919 shares during the last quarter. Finally, SG Americas Securities LLC grew its position in AvePoint by 3.1% in the 1st quarter. SG Americas Securities LLC now owns 30,982 shares of the company's stock worth $447,000 after purchasing an additional 922 shares during the last quarter. 44.49% of the stock is currently owned by institutional investors and hedge funds.

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.

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