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Shares of cloud solutions provider AvePoint, Inc. have fallen 60% since its July 2021 debut, as the risk-off trade and negative sentiment towards SPAC IPOs have hurt price performance.
The slightly free cash flow positive company did forecast FY22 revenue below expectations, but most of the shortfall was due to a revenue recognition adjustment.
With a large buyback in place, and top-line growth projected at 25%-30% for the foreseeable future, this busted IPO merited consideration.
A full investment analysis follows in the paragraphs below.