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Avid Technology, Inc. Message Board

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  • brookshanlon brookshanlon Nov 15, 2001 5:39 PM Flag

    AVID up $1.06 on 567,500 volume!

    Looks like it was under accumulation by a brokerage house - anyone out there know who is following them? This could be in response to the recent Investment Conference that they attended....either way - very impressive volume.

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    • Analyst Coverage

      Firm Analyst Phone Email

      Morgan Stanley Gillian Munson (212) 761-6070

      US Bancorp Piper Jaffray, Inc. Gene Munster (612) 342-6452

      Sidoti & Company, LLC Laura Morgan (212) 453-7027

      brook....I see that you changed your position from SELL to HOLD....good move!

    • This type of volume has not been seen in a little while, but it is not exactly atypical. If you look back over the past 2 years, there have been quite a few days where more than 500,000 shares traded, and a few where it even got to a million.

      The interesting thing about the other day is that 80% of the volume can be explained by five larger trades. 350,000 shares were traded in three large blocks before the price went up. There was then a spike in the late morning, which is bracketed by two 25,000 share trades at lower prices (that is probably the cost of moving larger blocks on a low volume asset). The price was actually driven up by individual investors buying small blocks, not instituional purhcases.

      I wonder if there is a little leak of info around Avid, or if investors are just noticing that (1) Q4-Q1 is usually a very good period for Avid stock and (2) there is already strong momentum building. The technical analysts would probably have a field day in this situation, but they are probably not covering this stock.

6.90+0.14(+2.07%)11:07 AMEST