AvePoint (NASDAQ:AVPT) Shares Gap Up - Here's What Happened

AvePoint, Inc. (NASDAQ:AVPT - Get Free Report)'s share price gapped up prior to trading on Friday . The stock had previously closed at $13.48, but opened at $14.26. AvePoint shares last traded at $15.50, with a volume of 629,570 shares changing hands.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Northland Securities boosted their target price on shares of AvePoint from $18.00 to $19.00 and gave the stock an "outperform" rating in a research report on Friday, August 9th. Cantor Fitzgerald boosted their price objective on shares of AvePoint from $11.00 to $13.00 and gave the company an "overweight" rating in a report on Friday, August 9th.

AvePoint Trading Up 10.5 %

The business's 50-day simple moving average is $11.99 and its 200-day simple moving average is $10.49. The company has a market capitalization of $2.78 billion, a PE ratio of -190.25 and a beta of 0.88.

AvePoint (NASDAQ:AVPT - Get Free Report) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.07) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.09). The business had revenue of $77.96 million during the quarter, compared to analysts' expectations of $75.17 million. AvePoint had a negative net margin of 4.77% and a negative return on equity of 6.66%. The firm's revenue was up 20.2% on a year-over-year basis. During the same period last year, the company earned ($0.07) earnings per share. Sell-side analysts forecast that AvePoint, Inc. will post -0.09 EPS for the current fiscal year.

Insider Activity

In other news, CFO James Caci sold 30,000 shares of the company's stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $10.91, for a total value of $327,300.00. Following the sale, the chief financial officer now directly owns 630,084 shares of the company's stock, valued at $6,874,216.44. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, major shareholder Zhijian Lu sold 10,000 shares of the stock in a transaction on Monday, August 19th. The shares were sold at an average price of $10.77, for a total transaction of $107,700.00. Following the sale, the insider now directly owns 18,460,673 shares of the company's stock, valued at approximately $198,821,448.21. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO James Caci sold 30,000 shares of the stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $10.91, for a total transaction of $327,300.00. Following the sale, the chief financial officer now directly owns 630,084 shares in the company, valued at $6,874,216.44. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 150,000 shares of company stock valued at $1,724,500 in the last ninety days. Insiders own 27.78% of the company's stock.

Institutional Trading of AvePoint

A number of hedge funds have recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in AvePoint by 2.7% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 328,012 shares of the company's stock worth $3,861,000 after buying an additional 8,620 shares in the last quarter. Quest Partners LLC raised its position in AvePoint by 74.4% during the third quarter. Quest Partners LLC now owns 72,586 shares of the company's stock worth $854,000 after acquiring an additional 30,968 shares during the period. Balboa Wealth Partners acquired a new position in AvePoint during the third quarter worth $125,000. GSA Capital Partners LLP acquired a new position in AvePoint during the third quarter worth $394,000. Finally, Lisanti Capital Growth LLC acquired a new position in AvePoint during the third quarter worth $1,424,000. 44.49% of the stock is owned by hedge funds and other institutional investors.

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.