Short Interest in AvidXchange Holdings, Inc. (NASDAQ:AVDX) Decreases By 7.3%

AvidXchange Holdings, Inc. (NASDAQ:AVDX) was the recipient of a significant decrease in short interest during the month of October. As of October 15th, there was short interest totalling 5,240,000 shares, a decrease of 7.3% from the September 30th total of 5,650,000 shares. Based on an average trading volume of 2,500,000 shares, the short-interest ratio is presently 2.1 days. Approximately 3.3% of the company’s shares are sold short.

AvidXchange Stock Down 0.4 %

Shares of AvidXchange stock opened at $8.38 on Wednesday. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.19. AvidXchange has a twelve month low of $6.88 and a twelve month high of $13.56. The company has a market cap of $1.73 billion, a price-to-earnings ratio of -55.87 and a beta of 1.01. The company’s 50 day moving average is $8.02 and its 200 day moving average is $9.95.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share for the quarter, topping 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 for the quarter, compared to the consensus estimate of $107.13 million. During the same period last year, the firm earned ($0.05) earnings per share. The company’s quarterly revenue was up 15.6% on a year-over-year basis. Research analysts anticipate that AvidXchange will post 0.03 EPS for the current year.

Insider Activity

In other news, CEO Michael Praeger sold 37,225 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total transaction of $297,055.50. Following the completion of the transaction, the chief executive officer now directly owns 10,453,786 shares of the company’s stock, valued at approximately $83,421,212.28. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Joel Wilhite sold 47,308 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $8.10, for a total transaction of $383,194.80. Following the transaction, the insider now owns 413,687 shares in the company, valued at $3,350,864.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael Praeger sold 37,225 shares of the business’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total transaction of $297,055.50. Following the transaction, the chief executive officer now owns 10,453,786 shares in the company, valued at $83,421,212.28. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 166,386 shares of company stock valued at $1,343,044. Insiders own 10.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in AVDX. Principal Financial Group Inc. raised its position in AvidXchange by 14.6% in the first quarter. Principal Financial Group Inc. now owns 20,058 shares of the company’s stock worth $264,000 after acquiring an additional 2,556 shares during the period. Jennison Associates LLC purchased a new stake in shares of AvidXchange in the first quarter worth $23,800,000. GSA Capital Partners LLP increased its stake in shares of AvidXchange by 31.0% in the first quarter. GSA Capital Partners LLP now owns 78,672 shares of the company’s stock worth $1,035,000 after purchasing an additional 18,612 shares in the last quarter. Coronation Fund Managers Ltd. increased its stake in shares of AvidXchange by 7.0% in the first quarter. Coronation Fund Managers Ltd. now owns 748,459 shares of the company’s stock worth $9,842,000 after purchasing an additional 48,831 shares in the last quarter. Finally, SG Americas Securities LLC increased its stake in shares of AvidXchange by 84.9% in the first quarter. SG Americas Securities LLC now owns 28,978 shares of the company’s stock worth $381,000 after purchasing an additional 13,302 shares in the last quarter. 80.58% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Bank of America cut their price objective on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a report on Tuesday, October 15th. Robert W. Baird cut their price target on shares of AvidXchange from $16.00 to $14.00 and set an “outperform” rating on the stock in a report on Thursday, August 1st. The Goldman Sachs Group cut their price target on shares of AvidXchange from $9.00 to $7.00 and set a “sell” rating on the stock in a report on Monday, October 14th. 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. Finally, 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. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, AvidXchange currently has an average rating of “Hold” and an average price target of $10.57.

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.