Short Interest in AvidXchange Holdings, Inc. (NASDAQ:AVDX) Increases By 15.5%

AvidXchange Holdings, Inc. (NASDAQ:AVDX) was the recipient of a large increase in short interest during the month of September. As of September 30th, there was short interest totalling 5,650,000 shares, an increase of 15.5% from the September 15th total of 4,890,000 shares. Approximately 3.5% of the shares of the stock are short sold. Based on an average trading volume of 2,490,000 shares, the days-to-cover ratio is currently 2.3 days.

Insiders Place Their Bets

In related news, CEO Michael Praeger sold 6,701 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The shares were 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 in the company, valued at $85,057,731.11. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Michael Praeger sold 6,701 shares of the business’s stock in a transaction on Thursday, August 29th. The shares were 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 $85,057,731.11. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Joel Wilhite sold 19,358 shares of the stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $8.15, for a total value of $157,767.70. Following the completion of the sale, the insider now owns 400,278 shares of the company’s stock, valued at $3,262,265.70. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 158,959 shares of company stock valued at $1,279,321 in the last 90 days. 10.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On AvidXchange

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. CWM LLC raised its holdings in AvidXchange by 7,259.8% in the 3rd quarter. CWM LLC now owns 6,771 shares of the company’s stock valued at $55,000 after buying an additional 6,679 shares during the last quarter. Advisors Asset Management Inc. raised its stake in shares of AvidXchange by 96.3% during the first quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock valued at $57,000 after acquiring an additional 2,114 shares during the last quarter. nVerses Capital LLC acquired a new position in shares of AvidXchange during the second quarter worth $66,000. Xponance Inc. bought a new stake in shares of AvidXchange in the second quarter worth $133,000. Finally, Cardinal Capital Management acquired a new stake in AvidXchange in the first quarter valued at $190,000. Institutional investors own 80.58% of the company’s stock.

AvidXchange Price Performance

NASDAQ:AVDX traded up $0.19 during trading hours on Monday, hitting $8.18. The company’s stock had a trading volume of 1,644,780 shares, compared to its average volume of 2,052,381. AvidXchange has a twelve month low of $6.88 and a twelve month high of $13.56. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.36 and a quick ratio of 1.36. The stock has a fifty day simple moving average of $7.91 and a 200-day simple moving average of $10.29. The company has a market capitalization of $1.69 billion, a P/E ratio of -54.53 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 the consensus estimate of $0.04 by $0.01. The company had revenue of $105.30 million for the quarter, compared to analyst estimates of $107.13 million. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. The firm’s revenue was up 15.6% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.05) EPS. On average, analysts anticipate that AvidXchange will post 0.03 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. UBS Group cut shares of AvidXchange from a “buy” rating to a “neutral” rating and cut their price target for the company from $15.00 to $10.00 in a research note on Thursday, August 1st. Robert W. Baird reduced their price target on AvidXchange from $16.00 to $14.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. Susquehanna lowered their price target on AvidXchange from $16.00 to $14.00 and set a “positive” rating on the stock in a research report on Thursday, August 1st. BMO Capital Markets reduced their price objective on shares of AvidXchange from $13.00 to $10.00 and set a “market perform” rating for the company in a research report on Thursday, August 1st. Finally, Keefe, Bruyette & Woods lowered their target price on AvidXchange from $13.50 to $11.00 and set a “market perform” rating on the stock in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $10.85.

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.