Short Interest in AvidXchange Holdings, Inc. (NASDAQ:AVDX) Expands By 26.2%

AvidXchange Holdings, Inc. (NASDAQ:AVDX) was the target of a large increase in short interest in the month of June. As of June 15th, there was short interest totalling 8,440,000 shares, an increase of 26.2% from the May 31st total of 6,690,000 shares. Based on an average daily trading volume, of 1,670,000 shares, the short-interest ratio is presently 5.1 days. Currently, 5.3% of the company’s shares are sold short.

AvidXchange Price Performance

AVDX opened at $12.06 on Monday. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.20. The company’s 50-day moving average price is $11.24 and its two-hundred day moving average price is $11.75. AvidXchange has a twelve month low of $6.88 and a twelve month high of $13.56.

AvidXchange (NASDAQ:AVDX) last announced its quarterly earnings data on Wednesday, May 8th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.04. The business had revenue of $105.60 million for the quarter, compared to analysts’ expectations of $101.33 million. AvidXchange had a negative return on equity of 1.75% and a negative net margin of 8.10%. As a group, equities analysts predict that AvidXchange will post 0.01 EPS for the current year.

Insider Buying and Selling

In other news, CEO Michael Praeger sold 29,192 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief executive officer now owns 10,440,510 shares of the company’s stock, valued at $113,279,533.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Todd Alan Cunningham sold 28,424 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $11.02, for a total value of $313,232.48. Following the sale, the insider now directly owns 336,017 shares in the company, valued at $3,702,907.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael Praeger sold 29,192 shares of the firm’s stock in a transaction that occurred on 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 owns 10,440,510 shares of the company’s stock, valued at approximately $113,279,533.50. The disclosure for this sale can be found here. Insiders have sold a total of 152,897 shares of company stock worth $1,695,238 in the last ninety days. Company insiders own 10.30% of the company’s stock.

Institutional Trading of AvidXchange

A number of institutional investors have recently modified their holdings of AVDX. Vanguard Group Inc. raised its holdings in AvidXchange by 5.2% during the 3rd quarter. Vanguard Group Inc. now owns 18,482,011 shares of the company’s stock valued at $175,209,000 after acquiring an additional 907,305 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of AvidXchange by 17.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,864,725 shares of the company’s stock valued at $47,885,000 after purchasing an additional 587,692 shares during the period. Intrinsic Edge Capital Management LLC lifted its holdings in AvidXchange by 79.9% during the 4th quarter. Intrinsic Edge Capital Management LLC now owns 2,785,445 shares of the company’s stock worth $34,512,000 after purchasing an additional 1,237,508 shares in the last quarter. Par Capital Management Inc. boosted its stake in AvidXchange by 10.0% in the 4th quarter. Par Capital Management Inc. now owns 2,750,000 shares of the company’s stock worth $34,072,000 after purchasing an additional 250,000 shares during the period. Finally, Tremblant Capital Group grew its holdings in AvidXchange by 14.7% during the 1st quarter. Tremblant Capital Group now owns 2,164,143 shares of the company’s stock valued at $28,458,000 after buying an additional 277,109 shares in the last quarter. 80.58% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

AVDX has been the subject of several recent analyst reports. The Goldman Sachs Group reiterated a “sell” rating and set a $11.50 price objective (down from $13.00) on shares of AvidXchange in a research report on Monday, April 15th. Keefe, Bruyette & Woods initiated coverage on AvidXchange in a research note on Tuesday, April 9th. They set a “market perform” rating and a $13.50 target price for the company. Piper Sandler dropped their price target on AvidXchange from $14.00 to $12.00 and set a “neutral” rating on the stock in a research note on Friday, April 12th. Finally, Barclays dropped their price objective on shares of AvidXchange from $16.00 to $14.00 and set an “overweight” rating on the stock in a report on Monday, May 13th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $12.86.

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.