AvidXchange Holdings, Inc. (NASDAQ:AVDX) Short Interest Up 9.5% in August

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

AvidXchange Trading Down 1.4 %

AVDX stock traded down $0.11 during trading on Monday, reaching $7.58. 2,054,559 shares of the stock were exchanged, compared to its average volume of 2,086,108. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $1.57 billion, a price-to-earnings ratio of -51.27 and a beta of 1.01. The business has a 50 day moving average price of $9.49 and a 200-day moving average price of $10.98. AvidXchange has a 1 year low of $6.88 and a 1 year high of $13.56.

AvidXchange (NASDAQ:AVDX) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share (EPS) for the quarter, topping 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 business had revenue of $105.30 million during the quarter, compared to the consensus estimate of $107.13 million. During the same quarter last year, the firm earned ($0.05) EPS. The business’s revenue was up 15.6% compared to the same quarter last year. On average, research analysts predict that AvidXchange will post 0.03 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on AVDX shares. Compass Point began coverage on AvidXchange in a report on Wednesday, September 4th. They issued a “neutral” rating and a $8.00 price objective on the stock. JPMorgan Chase & Co. lowered AvidXchange from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $11.00 to $9.00 in a research note on Tuesday, August 20th. The Goldman Sachs Group reduced their price objective on AvidXchange from $11.50 to $9.00 and set a “sell” rating for the company in a research note on Thursday, August 1st. Keefe, Bruyette & Woods lowered their target price on shares of AvidXchange from $13.50 to $11.00 and set a “market perform” rating on the stock in a research note on Thursday, August 1st. Finally, Wells Fargo & Company reduced their target price on shares of AvidXchange from $13.00 to $10.00 and set an “equal weight” rating for the company in a research report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $11.00.

Insider Transactions at AvidXchange

In related news, CEO Michael Praeger sold 6,701 shares of the company’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $8.17, for a total value of $54,747.17. Following the completion of the transaction, the chief executive officer now owns 10,410,983 shares of the company’s stock, valued at approximately $85,057,731.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other AvidXchange news, President Daniel Drees sold 20,069 shares of the stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total transaction of $160,150.62. Following the transaction, the president now directly owns 753,644 shares of the company’s stock, valued at $6,014,079.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Michael Praeger sold 6,701 shares of the business’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $8.17, for a total transaction of $54,747.17. Following the sale, the chief executive officer now directly owns 10,410,983 shares of the company’s stock, valued at approximately $85,057,731.11. The disclosure for this sale can be found here. Insiders have sold a total of 148,689 shares of company stock valued at $1,196,779 in the last ninety days. 10.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On AvidXchange

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AVDX. Victory Capital Management Inc. grew its holdings in shares of AvidXchange by 25.5% during the 4th quarter. Victory Capital Management Inc. now owns 20,628 shares of the company’s stock worth $256,000 after purchasing an additional 4,189 shares during the period. National Bank of Canada FI purchased a new position in AvidXchange during the fourth quarter worth about $54,000. Charles Schwab Investment Management Inc. boosted its stake in AvidXchange by 1.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,288,173 shares of the company’s stock worth $15,960,000 after buying an additional 23,506 shares during the period. Dimensional Fund Advisors LP increased its position in shares of AvidXchange by 17.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,864,725 shares of the company’s stock valued at $47,885,000 after acquiring an additional 587,692 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its stake in shares of AvidXchange by 24.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,783,275 shares of the company’s stock valued at $22,095,000 after acquiring an additional 352,540 shares during the period. Hedge funds and other institutional investors 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.