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.
.....I have changed my opinion from sell to hold, but that is also contingent upon what we see for 4th quarter revenue. Lack of revenue growth, coupled with the management team still scares me. Thanks for the analyst info. It will be interesting to see what happens from here
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.