AvidXchange Holdings, Inc. (NASDAQ:AVDX) Sees Significant Decrease in Short Interest

AvidXchange Holdings, Inc. (NASDAQ:AVDX) saw a significant decline in short interest in May. As of May 31st, there was short interest totalling 6,690,000 shares, a decline of 13.5% from the May 15th total of 7,730,000 shares. Based on an average daily volume of 1,630,000 shares, the days-to-cover ratio is presently 4.1 days. Approximately 4.2% of the shares of the stock are short sold.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on AVDX shares. JPMorgan Chase & Co. lifted their price target on shares of AvidXchange from $14.00 to $15.00 and gave the company an “overweight” rating in a report on Thursday, February 29th. Piper Sandler lowered their price target on AvidXchange from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Friday, April 12th. Keefe, Bruyette & Woods started coverage on AvidXchange in a report on Tuesday, April 9th. They issued a “market perform” rating and a $13.50 price objective on the stock. The Goldman Sachs Group reaffirmed a “sell” rating and issued a $11.50 price objective (down from $13.00) on shares of AvidXchange in a research note on Monday, April 15th. Finally, BMO Capital Markets increased their price target on AvidXchange from $11.00 to $13.00 and gave the company a “market perform” rating in a report on Thursday, February 29th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $12.86.

AvidXchange Stock Up 0.2 %

Shares of AvidXchange stock traded up $0.02 during trading on Monday, reaching $10.85. The company had a trading volume of 935,154 shares, compared to its average volume of 1,811,787. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.34 and a current ratio of 1.34. AvidXchange has a fifty-two week low of $6.88 and a fifty-two week high of $13.56. The firm’s fifty day moving average is $11.32 and its 200-day moving average is $11.73. The company has a market cap of $2.24 billion, a price-to-earnings ratio of -71.86 and a beta of 1.01.

AvidXchange (NASDAQ:AVDX) last released its earnings results on Wednesday, May 8th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.04. AvidXchange had a negative net margin of 8.10% and a negative return on equity of 1.75%. The firm had revenue of $105.60 million during the quarter, compared to analyst estimates of $101.33 million. On average, analysts anticipate that AvidXchange will post 0.01 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Michael Praeger sold 29,192 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $10.85, for a total transaction of $316,733.20. Following the transaction, the chief executive officer now owns 10,440,510 shares of the company’s stock, valued at $113,279,533.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Michael Praeger sold 29,192 shares of the stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $10.85, for a total transaction of $316,733.20. Following the transaction, the chief executive officer now directly owns 10,440,510 shares in the company, valued at $113,279,533.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Daniel Drees sold 17,604 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $13.02, for a total value of $229,204.08. Following the completion of the sale, the president now directly owns 750,744 shares in the company, valued at $9,774,686.88. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 170,501 shares of company stock worth $1,924,442. 10.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AVDX. Corton Capital Inc. boosted its holdings in shares of AvidXchange by 5.7% during the third quarter. Corton Capital Inc. now owns 30,768 shares of the company’s stock valued at $292,000 after acquiring an additional 1,653 shares during the period. California State Teachers Retirement System raised its stake in shares of AvidXchange by 1.0% during the first quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock valued at $2,121,000 after purchasing an additional 1,656 shares in the last quarter. Advisors Asset Management Inc. raised its position in shares of AvidXchange by 96.3% during the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock worth $57,000 after buying an additional 2,114 shares in the last quarter. ProShare Advisors LLC boosted its holdings in shares of AvidXchange by 9.7% in the first quarter. ProShare Advisors LLC now owns 27,135 shares of the company’s stock valued at $357,000 after acquiring an additional 2,396 shares in the last quarter. Finally, Principal Financial Group Inc. increased its stake in shares of AvidXchange by 14.6% during the first quarter. Principal Financial Group Inc. now owns 20,058 shares of the company’s stock valued at $264,000 after acquiring an additional 2,556 shares during the period. Institutional investors and hedge funds own 80.58% of the company’s stock.

AvidXchange Company Profile

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.