AvePoint (NASDAQ:AVPT) Stock Price Down 4.9% - Here's What Happened

AvePoint, Inc. (NASDAQ:AVPT - Get Free Report) was down 4.9% on Tuesday . The company traded as low as $18.46 and last traded at $18.56. Approximately 312,874 shares changed hands during trading, a decline of 75% from the average daily volume of 1,253,323 shares. The stock had previously closed at $19.51.

Analyst Upgrades and Downgrades

Several research firms have recently commented on AVPT. Citigroup reduced their target price on AvePoint from $18.00 to $16.00 and set a "neutral" rating for the company in a research note on Tuesday, March 11th. The Goldman Sachs Group lifted their price target on AvePoint from $15.00 to $17.00 and gave the stock a "neutral" rating in a research note on Monday, May 12th. William Blair restated an "outperform" rating on shares of AvePoint in a research note on Tuesday, March 4th. Finally, Scotiabank increased their target price on AvePoint from $19.00 to $22.00 and gave the stock a "sector outperform" rating in a report on Friday, May 9th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $17.40.

AvePoint Trading Down 0.1%

The stock's 50-day moving average price is $16.94 and its 200-day moving average price is $17.04. The company has a market capitalization of $3.82 billion, a P/E ratio of -376.32 and a beta of 1.34.

Insider Activity

In other AvePoint news, insider Brian Michael Brown sold 35,000 shares of the business's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $15.40, for a total transaction of $539,000.00. Following the completion of the transaction, the insider now directly owns 1,347,145 shares of the company's stock, valued at $20,746,033. The trade was a 2.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jeff Epstein sold 500,000 shares of the company's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $18.77, for a total transaction of $9,385,000.00. Following the completion of the transaction, the director now owns 1,157,891 shares of the company's stock, valued at approximately $21,733,614.07. This trade represents a 30.16% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 605,000 shares of company stock valued at $11,089,500. 26.19% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AvePoint

Hedge funds and other institutional investors have recently made changes to their positions in the business. Barclays PLC increased its position in AvePoint by 358.5% in the 3rd quarter. Barclays PLC now owns 206,358 shares of the company's stock valued at $2,428,000 after acquiring an additional 161,354 shares during the period. Entropy Technologies LP grew its stake in shares of AvePoint by 32.3% in the fourth quarter. Entropy Technologies LP now owns 17,616 shares of the company's stock worth $291,000 after purchasing an additional 4,300 shares in the last quarter. Rhumbline Advisers increased its holdings in shares of AvePoint by 1.3% during the fourth quarter. Rhumbline Advisers now owns 182,990 shares of the company's stock valued at $3,021,000 after purchasing an additional 2,330 shares during the period. Principal Securities Inc. increased its holdings in shares of AvePoint by 12,961.9% during the fourth quarter. Principal Securities Inc. now owns 2,743 shares of the company's stock valued at $45,000 after purchasing an additional 2,722 shares during the period. Finally, Sheaff Brock Investment Advisors LLC bought a new stake in shares of AvePoint during the fourth quarter valued at about $377,000. 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.