Avnet, Inc. (NASDAQ:AVT) Short Interest Update

Avnet, Inc. (NASDAQ:AVT - Get Free Report) was the target of a large growth in short interest in April. As of April 30th, there was short interest totalling 3,020,000 shares, a growth of 8.6% from the April 15th total of 2,780,000 shares. Based on an average daily volume of 592,800 shares, the days-to-cover ratio is presently 5.1 days. Currently, 3.4% of the shares of the stock are sold short.

Avnet Price Performance

AVT traded down $0.38 during trading hours on Thursday, hitting $53.07. The company's stock had a trading volume of 431,276 shares, compared to its average volume of 593,367. The business's 50-day moving average price is $48.74 and its 200-day moving average price is $47.72. The company has a current ratio of 2.33, a quick ratio of 1.05 and a debt-to-equity ratio of 0.48. Avnet has a 12 month low of $41.19 and a 12 month high of $53.81. The stock has a market cap of $4.80 billion, a price-to-earnings ratio of 8.62 and a beta of 1.21.

Avnet (NASDAQ:AVT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 1st. The company reported $1.10 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.11 by ($0.01). The firm had revenue of $5.65 billion during the quarter, compared to analysts' expectations of $5.71 billion. Avnet had a net margin of 2.31% and a return on equity of 11.64%. The firm's revenue for the quarter was down 13.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.00 EPS. Sell-side analysts expect that Avnet will post 5.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have weighed in on AVT shares. The Goldman Sachs Group lowered their price objective on Avnet from $48.00 to $42.00 and set a "sell" rating for the company in a research report on Thursday, February 1st. Truist Financial cut their target price on shares of Avnet from $49.00 to $48.00 and set a "hold" rating on the stock in a research note on Thursday, May 2nd. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $45.00.

Insiders Place Their Bets

In other Avnet news, CEO Philip R. Gallagher sold 19,532 shares of Avnet stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $51.63, for a total transaction of $1,008,437.16. Following the completion of the sale, the chief executive officer now directly owns 140,792 shares in the company, valued at $7,269,090.96. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 1.30% of the company's stock.

Institutional Investors Weigh In On Avnet

Large investors have recently bought and sold shares of the company. Rise Advisors LLC acquired a new stake in Avnet during the 1st quarter worth about $29,000. Venturi Wealth Management LLC grew its position in Avnet by 46.5% in the fourth quarter. Venturi Wealth Management LLC now owns 655 shares of the company's stock worth $33,000 after acquiring an additional 208 shares during the period. Bruce G. Allen Investments LLC purchased a new position in Avnet during the fourth quarter worth about $40,000. Hexagon Capital Partners LLC grew its stake in shares of Avnet by 1,113.5% in the first quarter. Hexagon Capital Partners LLC now owns 898 shares of the company's stock valued at $45,000 after buying an additional 824 shares in the last quarter. Finally, GAMMA Investing LLC purchased a new stake in Avnet during the fourth quarter worth about $63,000. Hedge funds and other institutional investors own 95.78% of the company's stock.

About Avnet

Avnet, Inc, distributes electronic component technology. The company operates through two segments, Electronic Components and Farnell. The Electronic Components segment markets, sells, and distributes semiconductors; interconnect, passive, and electromechanical components; and other integrated components from electronic component manufacturers.