Stock traders buy high volume call options on Avaya (NYSE:AVYA)
Avaya Holdings Corp. (NYSE:AVYA – Get Rating) saw some unusual options trading on Tuesday. Equity investors acquired 32,542 call options on the stock. This represents a 291% increase from the typical volume of 8,326 call options.
Avaya stock performance
AVYA stock opened Wednesday at $1.11. The company has a market capitalization of $95.28 million, a P/E ratio of -0.07 and a beta of 1.38. Avaya has a 1 year minimum of $0.60 and a 1 year maximum of $22.47. The company has a debt ratio of 6.54, a current ratio of 1.66 and a quick ratio of 1.61. The stock’s fifty-day moving average price is $1.97 and its 200-day moving average price is $7.44.
Avaya (NYSE:AVYA – Get Rating) last released its quarterly results on Tuesday, August 9. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analyst consensus estimates of $0.05 per ($0.29). The company posted revenue of $577.00 million in the quarter, compared to $575.88 million expected by analysts. Avaya had a positive return on equity of 32.42% and a negative net margin of 53.11%. The company’s quarterly revenue was down 21.2% year over year. In the same quarter last year, the company earned $0.43 per share. On average, stock analysts expect Avaya to post -0.07 earnings per share for the current year.
Insider Activity at Avaya
In related news, major shareholder Theodore Walker Cheng-De King purchased 2,000,000 shares of the company in a transaction that took place on Tuesday, August 9. The stock was purchased at an average cost of $0.68 per share, for a total transaction of $1,360,000.00. Following the acquisition, the insider now directly owns 10,998,750 shares of the company, valued at approximately $7,479,150. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available via this hyperlink. 2.51% of the shares are currently held by insiders of the company.
Hedge funds weigh on Avaya
Several institutional investors and hedge funds have been buying and selling stocks recently. Victory Capital Management Inc. increased its position in Avaya by 2.5% during the first quarter. Victory Capital Management Inc. now owns 8,375,572 shares of the company valued at $105,594,000 after purchasing an additional 205,494 shares last quarter. Capital World Investors increased its position in Avaya by 29.0% during the first quarter. Capital World Investors now owns 7,790,941 shares of the company valued at $98,711,000 after purchasing an additional 1,752,587 shares in the last quarter. Contour Asset Management LLC increased its stake in Avaya by 40.0% during the fourth quarter. Contour Asset Management LLC now owns 6,195,839 shares of the company valued at $122,678,000 after acquiring an additional 1,769,074 shares during the period. American Century Companies Inc. increased its stake in Avaya by 29.7% during the first quarter. American Century Companies Inc. now owns 5,860,505 shares of the company valued at $74,253,000 after acquiring an additional 1,342,087 shares during the period. Finally, Voss Capital LLC increased its stake in Avaya by 153.1% during the second quarter. Voss Capital LLC now owns 2,594,322 shares of the company valued at $5,811,000 after acquiring an additional 1,569,268 shares during the period.
Analysts set new price targets
A number of research analysts have commented on the company. Cowen downgraded Avaya from an “outperforming” rating to a “market performing” rating and lowered its price target for the company from $26.00 to $6.00 in a Friday the 13th research report. may. Goldman Sachs Group lowered its price target on Avaya from $8.00 to $3.00 and set a “buy” rating for the company in a Wednesday, Aug. 3 research report. BWS Financial downgraded Avaya from a “buy” rating to a “sell” rating in a Thursday, May 12 research report. Craig Hallum downgraded Avaya from a “buy” rating to a “hold” rating in a Friday, July 29 research report. Finally, Cowen downgraded Avaya from an “outperforming” rating to a “market performance” rating and lowered its target price for the stock from $26.00 to $6.00 in a Friday research report. May 13. Three analysts gave the stock a sell rating, five gave the company a hold rating and two gave the company a buy rating. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $12.70.
Avaya Company Profile
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Avaya Holdings Corp., through its subsidiaries, provides digital communications products, solutions and services to businesses worldwide. The Company operates in two segments, Products & Solutions and Services. The Products and Solutions segment offers unified communication and collaboration (UCC) and contact center (CC) platforms, applications and devices.
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