Short Interest in AvidXchange Holdings, Inc. (NASDAQ:AVDX) Expands By 26.2%

AvidXchange Holdings, Inc. (NASDAQ:AVDX) was the target of a large increase in short interest in June. As of June 15th, there was short interest totalling 8,440,000 shares, an increase of 26.2% from the May 31st total of 6,690,000 shares. Currently, 5.3% of the company’s shares are short sold. Based on an average trading volume of 1,670,000 shares, the days-to-cover ratio is currently 5.1 days.

AvidXchange Stock Up 1.6 %

Shares of AVDX stock opened at $12.06 on Monday. AvidXchange has a one year low of $6.88 and a one year high of $13.56. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.20. The stock has a fifty day moving average price of $11.24 and a 200 day moving average price of $11.75.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings data on Wednesday, May 8th. The company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.04. AvidXchange had a negative net margin of 8.10% and a negative return on equity of 1.75%. The company had revenue of $105.60 million during the quarter, compared to the consensus estimate of $101.33 million. Research analysts anticipate that AvidXchange will post 0.01 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on AVDX shares. Piper Sandler dropped their target price on shares of AvidXchange from $14.00 to $12.00 and set a “neutral” rating on the stock in a report on Friday, April 12th. The Goldman Sachs Group reiterated a “sell” rating and issued a $11.50 price objective (down from $13.00) on shares of AvidXchange in a research note on Monday, April 15th. Keefe, Bruyette & Woods began coverage on AvidXchange in a research note on Tuesday, April 9th. They set a “market perform” rating and a $13.50 target price for the company. Finally, Barclays lowered their target price on AvidXchange from $16.00 to $14.00 and set an “overweight” rating on the stock in a report on Monday, May 13th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $12.86.

Insider Activity at AvidXchange

In other AvidXchange news, President Daniel Drees sold 13,762 shares of AvidXchange stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $11.24, for a total transaction of $154,684.88. Following the transaction, the president now directly owns 758,406 shares in the company, valued at approximately $8,524,483.44. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, President Daniel Drees sold 13,762 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $11.24, for a total transaction of $154,684.88. Following the transaction, the president now directly owns 758,406 shares in the company, valued at approximately $8,524,483.44. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Joel Wilhite sold 12,363 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $11.24, for a total value of $138,960.12. Following the completion of the sale, the insider now owns 466,491 shares of the company’s stock, valued at $5,243,358.84. The disclosure for this sale can be found here. In the last 90 days, insiders sold 152,897 shares of company stock worth $1,695,238. 10.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AvidXchange

A number of institutional investors have recently added to or reduced their stakes in the stock. National Bank of Canada FI bought a new position in shares of AvidXchange during the 4th quarter worth approximately $54,000. Advisors Asset Management Inc. raised its stake in AvidXchange by 96.3% during the first quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock worth $57,000 after acquiring an additional 2,114 shares in the last quarter. Highland Capital Management LLC bought a new position in shares of AvidXchange during the fourth quarter valued at $145,000. MBL Wealth LLC acquired a new stake in shares of AvidXchange in the 1st quarter valued at $163,000. Finally, Legato Capital Management LLC bought a new stake in shares of AvidXchange in the 4th quarter worth about $168,000. 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.