AvidXchange Holdings, Inc. (NASDAQ:AVDX) Short Interest Update

AvidXchange Holdings, Inc. (NASDAQ:AVDX) saw a large decline in short interest during the month of September. As of September 15th, there was short interest totalling 4,890,000 shares, a decline of 11.7% from the August 31st total of 5,540,000 shares. Currently, 3.1% of the shares of the stock are short sold. Based on an average daily trading volume, of 2,620,000 shares, the days-to-cover ratio is presently 1.9 days.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. KeyCorp reduced their price target on AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a report on Thursday, August 1st. Wells Fargo & Company decreased their target price on shares of AvidXchange from $13.00 to $10.00 and set an “equal weight” rating for the company in a report on Thursday, August 1st. Compass Point started coverage on shares of AvidXchange in a report on Wednesday, September 4th. They set a “neutral” rating and a $8.00 price target on the stock. Keefe, Bruyette & Woods reduced their price target on shares of AvidXchange from $13.50 to $11.00 and set a “market perform” rating for the company in a research report on Thursday, August 1st. Finally, BMO Capital Markets lowered their price objective on AvidXchange from $13.00 to $10.00 and set a “market perform” rating on the stock in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, AvidXchange has an average rating of “Hold” and a consensus price target of $11.00.

AvidXchange Stock Down 0.4 %

Shares of AVDX traded down $0.03 during mid-day trading on Monday, hitting $8.11. The company’s stock had a trading volume of 183,548 shares, compared to its average volume of 2,086,188. 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 company’s 50-day moving average is $8.61 and its 200-day moving average is $10.64. AvidXchange has a 52-week low of $6.88 and a 52-week high of $13.56. The firm has a market capitalization of $1.68 billion, a price-to-earnings ratio of -54.13 and a beta of 1.01.

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, beating analysts’ consensus estimates of $0.04 by $0.01. The business had revenue of $105.30 million for the quarter, compared to the consensus estimate of $107.13 million. AvidXchange had a negative return on equity of 0.23% and a negative net margin of 3.18%. The business’s revenue was up 15.6% compared to the same quarter last year. During the same period last year, the business posted ($0.05) EPS. On average, equities research analysts forecast that AvidXchange will post 0.03 EPS for the current fiscal year.

Insider Buying and Selling

In other AvidXchange news, insider Ryan Stahl sold 7,621 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $8.13, for a total value of $61,958.73. Following the completion of the sale, the insider now directly owns 377,030 shares of the company’s stock, valued at $3,065,253.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Ryan Stahl sold 7,621 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $8.13, for a total transaction of $61,958.73. Following the completion of the transaction, the insider now directly owns 377,030 shares of the company’s stock, valued at $3,065,253.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President Daniel Drees sold 20,069 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total value of $160,150.62. Following the transaction, the president now directly owns 753,644 shares of the company’s stock, valued at approximately $6,014,079.12. The disclosure for this sale can be found here. Insiders sold 158,959 shares of company stock worth $1,279,321 in the last quarter. 10.30% of the stock is owned by insiders.

Institutional Trading of AvidXchange

Several hedge funds have recently modified their holdings of the company. Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of AvidXchange by 142.2% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 581,300 shares of the company’s stock worth $7,010,000 after buying an additional 341,300 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in AvidXchange in the second quarter worth $575,000. Creative Planning increased its position in shares of AvidXchange by 272.1% during the second quarter. Creative Planning now owns 38,635 shares of the company’s stock worth $466,000 after purchasing an additional 28,253 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of AvidXchange by 14.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 102,804 shares of the company’s stock valued at $1,240,000 after purchasing an additional 13,229 shares during the last quarter. Finally, Millennium Management LLC boosted its position in shares of AvidXchange by 9.8% in the 2nd quarter. Millennium Management LLC now owns 2,770,662 shares of the company’s stock worth $33,414,000 after purchasing an additional 246,462 shares in the last quarter. 80.58% of the stock is owned by hedge funds and other institutional investors.

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.