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

AvidXchange Holdings, Inc. (NASDAQ:AVDX) was the recipient of a significant increase in short interest in August. As of August 31st, there was short interest totalling 5,540,000 shares, an increase of 9.5% from the August 15th total of 5,060,000 shares. Based on an average daily volume of 2,530,000 shares, the short-interest ratio is presently 2.2 days. Approximately 3.5% of the shares of the stock are short sold.

Insider Activity

In related news, CEO Michael Praeger sold 37,225 shares of AvidXchange stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total value of $297,055.50. Following the completion of the transaction, the chief executive officer now owns 10,453,786 shares in the company, valued at $83,421,212.28. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other AvidXchange news, CEO Michael Praeger sold 37,225 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total value of $297,055.50. Following the completion of the sale, the chief executive officer now owns 10,453,786 shares of the company’s stock, valued at $83,421,212.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Joel Wilhite sold 47,308 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $8.10, for a total transaction of $383,194.80. Following the completion of the sale, the insider now directly owns 413,687 shares of the company’s stock, valued at approximately $3,350,864.70. The disclosure for this sale can be found here. Insiders sold a total of 151,338 shares of company stock worth $1,217,362 over the last 90 days. Corporate insiders own 10.30% of the company’s stock.

Institutional Trading of AvidXchange

Hedge funds have recently made changes to their positions in the company. National Bank of Canada FI acquired a new position in shares of AvidXchange in the 4th quarter worth approximately $54,000. Advisors Asset Management Inc. lifted its holdings in 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. nVerses Capital LLC acquired a new stake in AvidXchange during the 2nd quarter worth approximately $66,000. Xponance Inc. acquired a new stake in AvidXchange during the 2nd quarter worth approximately $133,000. Finally, Cardinal Capital Management acquired a new stake in AvidXchange during the 1st quarter worth approximately $190,000. Hedge funds and other institutional investors own 80.58% of the company’s stock.

Wall Street Analysts Forecast Growth

AVDX has been the topic of several research reports. UBS Group lowered shares of AvidXchange from a “buy” rating to a “neutral” rating and cut their price objective for the company from $15.00 to $10.00 in a report on Thursday, August 1st. Wells Fargo & Company cut their price target on shares of AvidXchange from $13.00 to $10.00 and set an “equal weight” rating on the stock in a report on Thursday, August 1st. Keefe, Bruyette & Woods cut their price target on shares of AvidXchange from $13.50 to $11.00 and set a “market perform” rating on the stock in a report on Thursday, August 1st. Susquehanna cut their price target on shares of AvidXchange from $16.00 to $14.00 and set a “positive” rating on the stock in a report on Thursday, August 1st. Finally, KeyCorp dropped their price objective on shares of AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, AvidXchange has a consensus rating of “Hold” and an average target price of $11.00.

AvidXchange Price Performance

NASDAQ AVDX traded up $0.15 during trading hours on Wednesday, hitting $7.59. 1,086,874 shares of the company’s stock traded hands, compared to its average volume of 2,080,930. AvidXchange has a 52-week low of $6.88 and a 52-week high of $13.56. The company has a market capitalization of $1.57 billion, a PE ratio of -50.20 and a beta of 1.01. 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 firm’s 50-day moving average is $9.30 and its 200-day moving average is $10.90.

AvidXchange (NASDAQ:AVDX) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share 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 quarter in the prior year, the company posted ($0.05) EPS. The business’s revenue for the quarter was up 15.6% on a year-over-year basis. Equities analysts forecast that AvidXchange will post 0.03 EPS for the current fiscal year.

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.