Avid Technology, Inc. (NASDAQ:AVID) shares fell 8.5% during mid-day trading on Friday . The company traded as low as $5.68 and last traded at $5.95. 1,331,300 shares were traded during mid-day trading, an increase of 231% from the average session volume of 402,136 shares. The stock had previously closed at $6.50.

A number of brokerages have issued reports on AVID. Dougherty & Co downgraded Avid Technology from a “neutral” rating to a “sell” rating and set a $4.50 price target for the company. in a report on Thursday. ValuEngine downgraded Avid Technology from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Finally, Zacks Investment Research raised Avid Technology from a “hold” rating to a “buy” rating and set a $6.00 price target for the company in a report on Wednesday, November 15th.

The stock has a market capitalization of $240.53, a price-to-earnings ratio of 16.22 and a beta of 1.78. The company has a debt-to-equity ratio of -0.71, a quick ratio of 0.46 and a current ratio of 0.65.

In other Avid Technology news, Director Robert M. Bakish bought 20,000 shares of Avid Technology stock in a transaction dated Thursday, December 7th. The stock was acquired at an average cost of $6.00 per share, with a total value of $120,000.00. Following the purchase, the director now directly owns 693,058 shares in the company, valued at approximately $4,158,348. The acquisition was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 7.50% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Tower Research Capital LLC TRC acquired a new position in shares of Avid Technology during the 2nd quarter worth approximately $105,000. Petrus Trust Company LTA acquired a new position in shares of Avid Technology during the 2nd quarter worth approximately $105,000. Voya Investment Management LLC raised its stake in shares of Avid Technology by 25.6% during the 2nd quarter. Voya Investment Management LLC now owns 20,703 shares of the technology company’s stock worth $109,000 after buying an additional 4,220 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in shares of Avid Technology during the 3rd quarter worth approximately $109,000. Finally, Alliancebernstein L.P. acquired a new position in shares of Avid Technology during the 2nd quarter worth approximately $140,000. 71.77% of the stock is owned by institutional investors and hedge funds.

ILLEGAL ACTIVITY NOTICE: “Avid Technology (AVID) Trading Down 8.5%” was originally reported by Watch List News and is owned by of Watch List News. If you are accessing this article on another site, it was stolen and republished in violation of US and international trademark & copyright laws. The original version of this article can be read at https://www.watchlistnews.com/avid-technology-avid-trading-down-8-5/1755302.html.

About Avid Technology

Avid Technology, Inc is a provider of an open and integrated technology platform, along with applications and services that enable the creation, distribution and monetization of audio and video content. The Company develops, markets, sells and supports software and hardware for digital media content production, management, secured content storage and distribution.

Receive News & Ratings for Avid Technology Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avid Technology Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.