Short Interest in AvidXchange Holdings, Inc. (NASDAQ:AVDX) Declines By 11.7%

by · The Markets Daily

AvidXchange Holdings, Inc. (NASDAQ:AVDX – Get Free Report) was the recipient of a large drop in short interest during the month of September. As of September 15th, there was short interest totalling 4,890,000 shares, a drop of 11.7% from the August 31st total of 5,540,000 shares. Based on an average daily volume of 2,620,000 shares, the days-to-cover ratio is currently 1.9 days. Approximately 3.1% of the shares of the company are short sold.

Insider Activity at AvidXchange

In other AvidXchange news, CEO Michael Praeger sold 37,225 shares of the business’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 transaction of $297,055.50. Following 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other AvidXchange news, CEO Michael Praeger sold 37,225 shares of the business’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total transaction of $297,055.50. Following the sale, the chief executive officer now owns 10,453,786 shares in the company, valued at approximately $83,421,212.28. The transaction was disclosed in a document filed 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 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 disclosure for this sale can be found here. Insiders sold 158,959 shares of company stock valued at $1,279,321 in the last three months. 10.30% of the stock is owned by insiders.

Institutional Trading of AvidXchange

A number of institutional investors have recently made changes to their positions in AVDX. Advisors Asset Management Inc. lifted its holdings in AvidXchange by 96.3% in the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock valued at $57,000 after purchasing an additional 2,114 shares in the last quarter. nVerses Capital LLC purchased a new position in shares of AvidXchange in the second quarter worth about $66,000. Xponance Inc. purchased a new position in shares of AvidXchange in the second quarter worth about $133,000. Cardinal Capital Management acquired a new position in AvidXchange during the first quarter worth about $190,000. Finally, Natixis purchased a new stake in AvidXchange during the 1st quarter valued at about $203,000. 80.58% of the stock is owned by institutional investors and hedge funds.

AvidXchange Price Performance

NASDAQ AVDX traded down $0.03 on Monday, hitting $8.11. The company had a trading volume of 183,548 shares, compared to its average volume of 2,086,188. 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 company has a market capitalization of $1.68 billion, a PE ratio of -54.13 and a beta of 1.01. AvidXchange has a 12-month low of $6.88 and a 12-month high of $13.56. The company’s fifty day moving average price is $8.61 and its 200-day moving average price is $10.64.

AvidXchange (NASDAQ:AVDX – Get Free Report) 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 firm had revenue of $105.30 million during the quarter, compared to the consensus estimate of $107.13 million. During the same quarter in the prior year, the firm earned ($0.05) EPS. The company’s revenue for the quarter was up 15.6% on a year-over-year basis. As a group, analysts predict that AvidXchange will post 0.03 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on AVDX shares. Susquehanna cut their price objective on shares of AvidXchange from $16.00 to $14.00 and set a “positive” rating on the stock in a research note on Thursday, August 1st. The Goldman Sachs Group cut their price target on AvidXchange from $11.50 to $9.00 and set a “sell” rating on the stock in a research report on Thursday, August 1st. Robert W. Baird lowered their target price on AvidXchange from $16.00 to $14.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. UBS Group lowered AvidXchange from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $15.00 to $10.00 in a report on Thursday, August 1st. Finally, Barclays decreased their price target on AvidXchange from $14.00 to $10.00 and set an “overweight” rating for the company in a report on Monday, August 5th. 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 MarketBeat.com, AvidXchange currently has an average rating of “Hold” and a consensus price target of $11.00.

View Our Latest Report on AvidXchange

About AvidXchange

(Get Free Report)

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.

Read More