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Downgrade Alert for Avid Technology (AVID)

By Nick Russo

Avid Technology (NASDAQ:AVID) was downgraded from Buy to Hold at BWS Financial today. The stock closed yesterday at $4.52 on volume of 5.0 million shares, above average daily volume of 228,000.

Avid Technology, Inc. develops, markets, sells, and supports a variety of software and systems for creating and manipulating digital media content. The Company develops and sells digital editing systems and newsroom computer systems, as well as digital audio systems. Avid's products are used worldwide in production and post-production film, video, and television facilities.

Potential upside of 254.0% exists for Avid Technology, based on a current level of $4.52 and analysts' average consensus price target of $16.00. The stock should find initial resistance at its 50-day moving average (MA) of $6.45 and further resistance at its 200-day MA of $7.63.

Avid Technology share prices have moved between a 52-week high of $18.10 and a 52-week low of $5.26 and closed yesterday at -14% above that low price at $4.52 per share. Over the past week, the 200-day moving average (MA) has gone down 1.9% while the 50-day MA has declined 2.1%.

SmarTrend recommended that its subscribers protect gains by selling shares of Avid Technology on September 9th, 2016 by issuing a Downtrend alert when the shares were trading at $7.97. Since that call, shares of Avid Technology have fallen 20.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades avid technology

Ticker(s): AVID