Short Interest in AvidXchange Holdings, Inc. (NASDAQ:AVDX) Increases By 15.5%

AvidXchange Holdings, Inc. (NASDAQ:AVDX) was the recipient of a large growth in short interest in the month of September. As of September 30th, there was short interest totalling 5,650,000 shares, a growth of 15.5% from the September 15th total of 4,890,000 shares. Based on an average daily volume of 2,490,000 shares, the short-interest ratio is presently 2.3 days. Currently, 3.5% of the company’s stock are sold short.

Insider Transactions at AvidXchange

In other news, President Daniel Drees sold 20,069 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 $160,150.62. Following the completion of the sale, the president now owns 753,644 shares of the company’s stock, valued at approximately $6,014,079.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, President Daniel Drees sold 20,069 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 $160,150.62. Following the completion of the sale, the president now owns 753,644 shares of the company’s stock, valued at approximately $6,014,079.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael Praeger sold 6,701 shares of the stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $8.17, for a total transaction of $54,747.17. Following the sale, the chief executive officer now directly owns 10,410,983 shares of the company’s stock, valued at $85,057,731.11. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 158,959 shares of company stock valued at $1,279,321. Company insiders own 10.30% of the company’s stock.

Institutional Trading of AvidXchange

A number of hedge funds and other institutional investors have recently made changes to their positions in AVDX. CWM LLC grew its position in AvidXchange by 7,259.8% during the third quarter. CWM LLC now owns 6,771 shares of the company’s stock valued at $55,000 after buying an additional 6,679 shares during the period. Advisors Asset Management Inc. grew its position in AvidXchange by 96.3% during the first quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock valued at $57,000 after buying an additional 2,114 shares during the period. nVerses Capital LLC acquired a new stake in AvidXchange during the second quarter valued at $66,000. Xponance Inc. acquired a new stake in AvidXchange during the second quarter valued at $133,000. Finally, Cardinal Capital Management acquired a new stake in AvidXchange during the first quarter valued at $190,000. Institutional investors and hedge funds own 80.58% of the company’s stock.

AvidXchange Stock Up 2.4 %

NASDAQ:AVDX opened at $8.18 on Tuesday. The firm has a market capitalization of $1.69 billion, a P/E ratio of -54.53 and a beta of 1.01. AvidXchange has a 1-year low of $6.88 and a 1-year high of $13.56. The company’s fifty day moving average price is $7.92 and its 200-day moving average price is $10.25. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.36 and a quick ratio of 1.36.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. The firm had revenue of $105.30 million for the quarter, compared to analyst estimates 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 quarter in the prior year, the business earned ($0.05) earnings per share. As a group, equities research analysts anticipate that AvidXchange will post 0.03 EPS for the current year.

Analyst Upgrades and Downgrades

AVDX has been the subject of a number of analyst reports. 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. The Goldman Sachs Group decreased their target price on shares of AvidXchange from $9.00 to $7.00 and set a “sell” rating for the company in a research report on Monday. Barclays decreased their target price on shares of AvidXchange from $14.00 to $10.00 and set an “overweight” rating for the company in a research report on Monday, August 5th. JPMorgan Chase & Co. cut shares of AvidXchange from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $11.00 to $9.00 in a report on Tuesday, August 20th. Finally, Robert W. Baird decreased their price target on shares of AvidXchange from $16.00 to $14.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $10.85.

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.