Short Interest in AvidXchange Holdings, Inc. (NASDAQ:AVDX) Increases By 41.4%

AvidXchange Holdings, Inc. (NASDAQ:AVDX) was the target of a large increase in short interest during the month of February. As of February 28th, there was short interest totalling 5,570,000 shares, an increase of 41.4% from the February 13th total of 3,940,000 shares. Approximately 3.5% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,650,000 shares, the days-to-cover ratio is currently 3.4 days.

Wall Street Analysts Forecast Growth

Several research firms have commented on AVDX. BTIG Research began coverage on AvidXchange in a research report on Wednesday, December 11th. They issued a “buy” rating and a $14.00 target price for the company. Piper Sandler lowered their price objective on AvidXchange from $10.00 to $8.00 and set a “neutral” rating for the company in a research report on Friday, February 28th. Barclays downgraded AvidXchange from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $13.00 to $8.00 in a research report on Tuesday, March 4th. Morgan Stanley lowered their price objective on AvidXchange from $11.00 to $8.00 and set an “equal weight” rating for the company in a research report on Thursday, February 27th. Finally, JPMorgan Chase & Co. lowered their price objective on AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $10.00.

AvidXchange Trading Up 1.0 %

NASDAQ AVDX opened at $7.92 on Friday. The business has a 50 day simple moving average of $9.41 and a 200 day simple moving average of $9.36. AvidXchange has a one year low of $6.61 and a one year high of $13.49. The stock has a market capitalization of $1.62 billion, a P/E ratio of 198.00 and a beta of 1.28. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32.

AvidXchange (NASDAQ:AVDX) last announced its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. The firm had revenue of $115.44 million during the quarter, compared to analyst estimates of $114.98 million. Research analysts expect that AvidXchange will post 0.02 earnings per share for the current year.

Insider Buying and Selling

In other AvidXchange news, President Daniel Drees sold 34,782 shares of the stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $263,995.38. Following the completion of the transaction, the president now directly owns 1,176,833 shares in the company, valued at approximately $8,932,162.47. This trade represents a 2.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Joel Wilhite sold 32,203 shares of the stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $244,420.77. Following the completion of the transaction, the insider now owns 843 shares of the company’s stock, valued at $6,398.37. This represents a 97.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 125,866 shares of company stock worth $955,323 in the last ninety days. 10.40% of the stock is owned by insiders.

Institutional Investors Weigh In On AvidXchange

Hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. grew its stake in AvidXchange by 90.1% in the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after acquiring an additional 1,278 shares during the period. R Squared Ltd acquired a new stake in AvidXchange in the fourth quarter valued at approximately $41,000. Point72 DIFC Ltd acquired a new stake in AvidXchange in the third quarter valued at approximately $37,000. Quarry LP grew its stake in AvidXchange by 126.6% in the fourth quarter. Quarry LP now owns 5,518 shares of the company’s stock valued at $57,000 after acquiring an additional 3,083 shares during the period. Finally, KBC Group NV lifted its holdings in shares of AvidXchange by 60.9% in the fourth quarter. KBC Group NV now owns 8,836 shares of the company’s stock valued at $91,000 after purchasing an additional 3,344 shares in the last quarter. Institutional investors and hedge funds own 80.58% of the company’s stock.

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.