Shares of digital communications products and services provider Avaya Holdings (NYSE:AVYA) continue to trade on heavy volumes after the company announced cost reduction initiatives.
This also includes headcount reduction. The company expects to realize cost reductions of between $225 million and $250 million annually.
Avaya noted, “The reduction in force better aligns the size of Avaya’s workforce with its operational strategy and cost structure.”
Close to 10 million Avaya shares have already been traded so far today versus the three-month volume of about 15.5 million shares.
Is AVYA a Buy?
The consensus rating for Avaya at present remains a Hold and an average price target of $2.48 indicates a potential upside of 23.69% for the stock.
Avaya shares have now climbed nearly 93% in the past month and our data indicates retail investors continue to remain very positive about the stock.
Impressively, the number of investor portfolios on TipRanks that hold Avaya has increased by a massive 55.6% in the past 30 days alone.
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