AvidXchange Holdings, Inc. (NASDAQ:AVDX) Short Interest Down 11.7% in September

AvidXchange Holdings, Inc. (NASDAQ:AVDX) was the target of a significant decline in short interest during the month of September. As of September 15th, there was short interest totalling 4,890,000 shares, a decline of 11.7% from the August 31st total of 5,540,000 shares. Based on an average trading volume of 2,620,000 shares, the days-to-cover ratio is presently 1.9 days. Currently, 3.1% of the company’s stock are sold short.

Analyst Ratings Changes

A number of research firms have recently issued reports on AVDX. Robert W. Baird reduced their price target 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. Wells Fargo & Company dropped their price target on shares of AvidXchange from $13.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 1st. KeyCorp decreased their target price on AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. BMO Capital Markets decreased their price target on shares of AvidXchange from $13.00 to $10.00 and set a “market perform” rating on the stock in a research report on Thursday, August 1st. Finally, Barclays cut their price objective on AvidXchange from $14.00 to $10.00 and set an “overweight” rating on the stock in a report on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $11.00.

AvidXchange Stock Up 0.7 %

Shares of AvidXchange stock traded up $0.06 during trading on Friday, hitting $8.14. 1,383,341 shares of the stock traded hands, compared to its average volume of 2,095,739. The stock has a market cap of $1.68 billion, a P/E ratio of -54.27 and a beta of 1.01. The company has a fifty day moving average price of $8.61 and a two-hundred day moving average price of $10.67. 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 quick ratio of 1.36 and a current ratio of 1.36.

AvidXchange (NASDAQ:AVDX) last posted its earnings results on Wednesday, July 31st. The company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.04 by $0.01. The company had revenue of $105.30 million during the quarter, compared to the consensus estimate of $107.13 million. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. The company’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.05) earnings per share. Equities research analysts predict that AvidXchange will post 0.03 EPS for the current fiscal year.

Insider Transactions at AvidXchange

In related news, insider Joel Wilhite sold 47,308 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $8.10, for a total value of $383,194.80. Following the completion of the transaction, the insider now owns 413,687 shares of the company’s stock, valued at $3,350,864.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Joel Wilhite sold 47,308 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $8.10, for a total value of $383,194.80. Following the sale, the insider now owns 413,687 shares in the company, valued at approximately $3,350,864.70. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Ryan Stahl sold 7,621 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $8.13, for a total transaction of $61,958.73. Following the transaction, the insider now directly owns 377,030 shares in the company, valued at approximately $3,065,253.90. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 158,959 shares of company stock valued at $1,279,321. 10.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AvidXchange

Institutional investors have recently bought and sold shares of the stock. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of AvidXchange by 142.2% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 581,300 shares of the company’s stock worth $7,010,000 after acquiring an additional 341,300 shares in the last quarter. Sanctuary Advisors LLC acquired a new position in AvidXchange during the second quarter valued at approximately $575,000. Creative Planning raised its position in shares of AvidXchange by 272.1% in the second quarter. Creative Planning now owns 38,635 shares of the company’s stock valued at $466,000 after purchasing an additional 28,253 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of AvidXchange by 14.8% in the second quarter. The Manufacturers Life Insurance Company now owns 102,804 shares of the company’s stock worth $1,240,000 after buying an additional 13,229 shares during the last quarter. Finally, Millennium Management LLC boosted its holdings in shares of AvidXchange by 9.8% during the 2nd quarter. Millennium Management LLC now owns 2,770,662 shares of the company’s stock worth $33,414,000 after buying an additional 246,462 shares during the period. 80.58% of the stock is currently owned by institutional investors.

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.