Why AvePoint Stock Spiked on Wednesday?

SourceNasdaq
SectorFinancial Markets
CountryMiddle east

Shares of AvePoint, Inc. (AVPT) spiked 12.9% following the news that Goldman Sachs initiated coverage of the company with a Buy rating. Shares closed at $11.42 on July 21.

AvePoint is the largest Microsoft 365 data management solutions provider and offers the only full suite of Software-as-a-Service (SaaS) solutions to migrate, manage, and protect data in Microsoft 365.

The company has more than 7 million cloud users, including some of the Fortune 500 companies.

AvePoint started trading on July 2, after consummating an SPAC merger with Apex Technology Acquisition Corp. The stock is down almost 5% since its IPO. (See AvePoint stock charts on TipRanks)

Yesterday, analyst Brian Essex of Goldman Sachs initiated coverage of AvePoint and assigned a price target of $17, implying 48.9% upside potential to current levels.

Essex believes the company remains “relatively undiscovered” due to its recent listing and has huge growth potential given its lucrative business model.

Essex also goes on to state that the company is poised to benefit...read more...