Short Interest in AvidXchange Holdings, Inc. (NASDAQ:AVDX) Grows By 9.5%

AvidXchange Holdings, Inc. (NASDAQ:AVDX) saw a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 5,540,000 shares, a growth of 9.5% from the August 15th total of 5,060,000 shares. Approximately 3.5% of the company’s stock are short sold. Based on an average daily volume of 2,530,000 shares, the days-to-cover ratio is currently 2.2 days.

Insider Activity at AvidXchange

In related news, CEO Michael Praeger sold 6,701 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $8.17, for a total transaction of $54,747.17. Following the completion of the sale, the chief executive officer now owns 10,410,983 shares of the company’s stock, valued at $85,057,731.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Joel Wilhite sold 18,028 shares of AvidXchange stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total value of $143,863.44. Following the completion of the sale, the insider now directly owns 419,636 shares in the company, valued at approximately $3,348,695.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael Praeger sold 6,701 shares of the company’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $8.17, for a total transaction of $54,747.17. Following the transaction, the chief executive officer now owns 10,410,983 shares in the company, valued at approximately $85,057,731.11. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 148,689 shares of company stock valued at $1,196,779. 10.30% of the stock is owned by insiders.

Hedge Funds Weigh In On AvidXchange

A number of hedge funds have recently made changes to their positions in AVDX. Advisors Asset Management Inc. lifted its holdings in AvidXchange by 96.3% in the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock worth $57,000 after purchasing an additional 2,114 shares in the last quarter. National Bank of Canada FI bought a new position in shares of AvidXchange during the fourth quarter worth $54,000. nVerses Capital LLC purchased a new position in AvidXchange during the second quarter valued at $66,000. Xponance Inc. bought a new stake in AvidXchange in the 2nd quarter valued at $133,000. Finally, Cardinal Capital Management bought a new stake in AvidXchange in the 1st quarter valued at $190,000. Institutional investors own 80.58% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Susquehanna decreased their price objective on shares of AvidXchange from $16.00 to $14.00 and set a “positive” rating for the company in a report on Thursday, August 1st. Robert W. Baird decreased their target price on shares of AvidXchange from $16.00 to $14.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. JPMorgan Chase & Co. downgraded AvidXchange from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $11.00 to $9.00 in a research note on Tuesday, August 20th. KeyCorp reduced their price objective on AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. Finally, The Goldman Sachs Group dropped their target price on AvidXchange from $11.50 to $9.00 and set a “sell” rating on the stock in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $11.00.

AvidXchange Trading Down 1.4 %

AvidXchange stock opened at $7.58 on Tuesday. The firm has a market capitalization of $1.57 billion, a price-to-earnings ratio of -50.53 and a beta of 1.01. AvidXchange has a 12-month low of $6.88 and a 12-month high of $13.56. The firm has a 50 day moving average of $9.40 and a 200 day moving average of $10.94. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.19.

AvidXchange (NASDAQ:AVDX) last released its earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. The company had revenue of $105.30 million for the quarter, compared to analysts’ expectations of $107.13 million. During the same quarter in the previous year, the company earned ($0.05) EPS. AvidXchange’s revenue for the quarter was up 15.6% on a year-over-year basis. As a group, research analysts predict that AvidXchange will post 0.03 earnings per share for the current year.

About AvidXchange

AvidXchange Holdings, Inc provides accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers in North America. The company offers AP automation software, a SaaS-based solution that automates and digitizes capture, review, approval, and payment of invoices for buyers; the AvidPay network that connects two-sided payments with buyers and suppliers; and the AvidXchange Supplier Hub, which provides supplier insights to cash flow, tools for in-network invoices and payments, and early payment feature.