AvidXchange Holdings, Inc. (NASDAQ:AVDX) Short Interest Up 9.5% in August

AvidXchange Holdings, Inc. (NASDAQ:AVDX) was the recipient of a significant growth in short interest in the month of August. As of August 31st, there was short interest totalling 5,540,000 shares, a growth 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 currently 2.2 days. Currently, 3.5% of the company’s shares are short sold.

AvidXchange Stock Performance

Shares of AvidXchange stock traded down $0.11 on Monday, reaching $7.58. 2,054,559 shares of the stock were exchanged, compared to its average volume of 2,086,108. The business has a 50 day moving average price of $9.49 and a two-hundred day moving average price of $10.98. The firm has a market capitalization of $1.57 billion, a price-to-earnings ratio of -51.27 and a beta of 1.01. AvidXchange has a twelve month low of $6.88 and a twelve month high of $13.56. 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 (NASDAQ:AVDX) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.05 EPS for the quarter, beating the consensus estimate of $0.04 by $0.01. The business had revenue of $105.30 million during the quarter, compared to analysts’ expectations of $107.13 million. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. The business’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.05) EPS. Analysts anticipate that AvidXchange will post 0.03 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on AVDX shares. UBS Group cut AvidXchange from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $15.00 to $10.00 in a research note on Thursday, August 1st. Compass Point began coverage on shares of AvidXchange in a research report on Wednesday, September 4th. They set a “neutral” rating and a $8.00 price target for the company. Barclays cut their price objective on shares of AvidXchange from $14.00 to $10.00 and set an “overweight” rating on the stock in a research report on Monday, August 5th. KeyCorp decreased their target price on shares of AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. Finally, JPMorgan Chase & Co. downgraded AvidXchange from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $11.00 to $9.00 in a research report on Tuesday, August 20th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $11.00.

Insider Activity at AvidXchange

In other AvidXchange news, President Daniel Drees sold 20,069 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total transaction of $160,150.62. Following the transaction, the president now directly owns 753,644 shares in the company, valued at approximately $6,014,079.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Michael Praeger sold 37,225 shares of the company’s stock in a transaction that occurred on 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 approximately $83,421,212.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Daniel Drees sold 20,069 shares of AvidXchange stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total transaction of $160,150.62. Following the transaction, the president now directly owns 753,644 shares in the company, valued at $6,014,079.12. The disclosure for this sale can be found here. Over the last quarter, insiders sold 148,689 shares of company stock worth $1,196,779. Company insiders own 10.30% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. boosted its stake in shares of AvidXchange by 25.5% in the fourth quarter. Victory Capital Management Inc. now owns 20,628 shares of the company’s stock worth $256,000 after buying an additional 4,189 shares during the last quarter. National Bank of Canada FI acquired a new position in AvidXchange in the fourth quarter valued at approximately $54,000. Charles Schwab Investment Management Inc. boosted its position in AvidXchange by 1.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,288,173 shares of the company’s stock worth $15,960,000 after purchasing an additional 23,506 shares in the last quarter. Dimensional Fund Advisors LP grew 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 worth $47,885,000 after purchasing an additional 587,692 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its holdings in shares of AvidXchange by 24.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,783,275 shares of the company’s stock valued at $22,095,000 after purchasing an additional 352,540 shares in the last quarter. 80.58% of the stock is owned by institutional investors and hedge funds.

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.