Short Interest in AvidXchange Holdings, Inc. (NASDAQ:AVDX) Decreases By 7.3%

AvidXchange Holdings, Inc. (NASDAQ:AVDX) was the recipient of a large drop in short interest during the month of October. As of October 15th, there was short interest totalling 5,240,000 shares, a drop of 7.3% from the September 30th total of 5,650,000 shares. Approximately 3.3% of the company’s shares are sold short. Based on an average trading volume of 2,500,000 shares, the days-to-cover ratio is currently 2.1 days.

AvidXchange Stock Performance

Shares of NASDAQ AVDX opened at $8.38 on Wednesday. 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 has a 12 month low of $6.88 and a 12 month high of $13.56. The company has a 50 day simple moving average of $8.02 and a two-hundred day simple moving average of $9.95. The stock has a market cap of $1.73 billion, a price-to-earnings ratio of -55.87 and a beta of 1.01.

AvidXchange (NASDAQ:AVDX) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.05 EPS for the quarter, beating the consensus estimate 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 analysts’ expectations of $107.13 million. During the same period in the previous year, the business posted ($0.05) EPS. The business’s quarterly revenue was up 15.6% compared to the same quarter last year. As a group, analysts predict that AvidXchange will post 0.03 earnings per share for the current year.

Wall Street Analysts Forecast Growth

AVDX has been the topic of a number of analyst reports. UBS Group downgraded shares of AvidXchange from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $15.00 to $10.00 in a research report on Thursday, August 1st. Robert W. Baird cut their price objective on shares of AvidXchange from $16.00 to $14.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. Susquehanna dropped their target price on shares of AvidXchange from $16.00 to $14.00 and set a “positive” rating on the stock in a research report on Thursday, August 1st. Keefe, Bruyette & Woods dropped 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 report on Thursday, August 1st. Finally, Compass Point began coverage on shares of AvidXchange in a research report on Wednesday, September 4th. They set a “neutral” rating and a $8.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, AvidXchange has an average rating of “Hold” and a consensus price target of $10.57.

Insider Transactions at AvidXchange

In other news, insider Ryan Stahl sold 7,427 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total value of $63,723.66. Following the completion of the sale, the insider now owns 369,603 shares in the company, valued at approximately $3,171,193.74. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Ryan Stahl sold 7,427 shares of the business’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total value of $63,723.66. Following the completion of the sale, the insider now owns 369,603 shares in the company, valued at approximately $3,171,193.74. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Daniel Drees sold 20,069 shares of the business’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total transaction of $160,150.62. Following the completion of the sale, the president now owns 753,644 shares of the company’s stock, valued at approximately $6,014,079.12. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 166,386 shares of company stock worth $1,343,044. 10.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AvidXchange

Several large investors have recently made changes to their positions in AVDX. Principal Financial Group Inc. lifted its stake in shares of AvidXchange by 14.6% in the 1st quarter. Principal Financial Group Inc. now owns 20,058 shares of the company’s stock valued at $264,000 after purchasing an additional 2,556 shares during the period. Jennison Associates LLC acquired a new position in shares of AvidXchange in the 1st quarter valued at $23,800,000. GSA Capital Partners LLP lifted its stake in shares of AvidXchange by 31.0% in the 1st quarter. GSA Capital Partners LLP now owns 78,672 shares of the company’s stock valued at $1,035,000 after purchasing an additional 18,612 shares during the period. Coronation Fund Managers Ltd. lifted its stake in shares of AvidXchange by 7.0% in the 1st quarter. Coronation Fund Managers Ltd. now owns 748,459 shares of the company’s stock valued at $9,842,000 after purchasing an additional 48,831 shares during the period. Finally, SG Americas Securities LLC lifted its stake in shares of AvidXchange by 84.9% in the 1st quarter. SG Americas Securities LLC now owns 28,978 shares of the company’s stock valued at $381,000 after purchasing an additional 13,302 shares during the period. 80.58% of the stock is currently owned by institutional investors and hedge funds.

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.