Avaya (NYSE:AVYA) Shares Gap Down to $11.53

Avaya Holdings Corp (NYSE:AVYA)’s share price gapped down prior to trading on Friday . The stock had previously closed at $11.50, but opened at $11.53. Avaya shares last traded at $11.52, with a volume of 65,226 shares trading hands.

A number of equities research analysts have commented on the company. Northland Securities set a $21.00 price target on Avaya and gave the company a “buy” rating in a research note on Wednesday, August 21st. Citigroup set a $12.00 price target on Avaya and gave the company a “hold” rating in a research note on Monday, July 8th. Zacks Investment Research cut Avaya from a “hold” rating to a “strong sell” rating in a research note on Thursday, August 15th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $14.00 price target (down from $18.50) on shares of Avaya in a research note on Wednesday, August 14th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $18.88.

The stock has a market capitalization of $1.48 billion, a PE ratio of 4.94 and a beta of 1.57. The company has a quick ratio of 1.35, a current ratio of 1.41 and a debt-to-equity ratio of 2.10. The firm has a 50 day moving average price of $12.52 and a 200-day moving average price of $14.05.

Avaya (NYSE:AVYA) last announced its quarterly earnings data on Tuesday, August 13th. The company reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by ($0.37). Avaya had a positive return on equity of 15.31% and a negative net margin of 12.73%. The firm had revenue of $720.00 million during the quarter, compared to analysts’ expectations of $715.96 million. During the same quarter in the previous year, the business earned ($0.80) earnings per share. The company’s revenue for the quarter was down 4.6% compared to the same quarter last year. Equities analysts expect that Avaya Holdings Corp will post 3.33 earnings per share for the current fiscal year.

Large investors have recently made changes to their positions in the company. Aperio Group LLC raised its stake in shares of Avaya by 46.1% in the second quarter. Aperio Group LLC now owns 37,554 shares of the company’s stock worth $447,000 after purchasing an additional 11,855 shares during the last quarter. GSA Capital Partners LLP purchased a new position in shares of Avaya in the second quarter worth about $535,000. Alambic Investment Management L.P. purchased a new position in shares of Avaya in the first quarter worth about $436,000. Gabelli Funds LLC purchased a new position in shares of Avaya in the second quarter worth about $504,000. Finally, Bank of Montreal Can raised its stake in shares of Avaya by 14.3% in the second quarter. Bank of Montreal Can now owns 350,917 shares of the company’s stock worth $4,180,000 after purchasing an additional 43,818 shares during the last quarter.

About Avaya (NYSE:AVYA)

Avaya Holdings Corp., through its subsidiaries, provides digital communications products, solutions, and services for businesses worldwide. The company operates through two segments, Products & Solutions, and Services. The Products & Solutions segment offers unified communications and contact center platforms, applications, and devices.

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