AvidXchange Holdings, Inc. (NASDAQ:AVDX) Short Interest Update

AvidXchange Holdings, Inc. (NASDAQ:AVDX) was the recipient of a significant growth in short interest in February. As of February 28th, there was short interest totalling 5,570,000 shares, a growth of 41.4% from the February 13th total of 3,940,000 shares. Currently, 3.5% of the company’s stock are sold short. Based on an average daily volume of 1,650,000 shares, the days-to-cover ratio is presently 3.4 days.

AvidXchange Stock Performance

Shares of NASDAQ:AVDX opened at $7.92 on Monday. The stock has a market capitalization of $1.62 billion, a P/E ratio of 198.00 and a beta of 1.28. AvidXchange has a 1-year low of $6.61 and a 1-year high of $13.49. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The business has a 50-day moving average price of $9.41 and a two-hundred day moving average price of $9.37.

AvidXchange (NASDAQ:AVDX) last announced its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). The company had revenue of $115.44 million during the quarter, compared to the consensus estimate of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. Equities analysts predict that AvidXchange will post 0.02 earnings per share for the current year.

Insiders Place Their Bets

In other AvidXchange news, President Daniel Drees sold 34,782 shares of the business’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $263,995.38. Following the completion of the sale, the president now owns 1,176,833 shares of the company’s stock, valued at $8,932,162.47. The trade was a 2.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Praeger sold 58,881 shares of the business’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $446,906.79. Following the transaction, the chief executive officer now directly owns 11,164,737 shares of the company’s stock, valued at $84,740,353.83. This represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 125,866 shares of company stock valued at $955,323 over the last quarter. Insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On AvidXchange

Several institutional investors and hedge funds have recently modified their holdings of AVDX. FMR LLC grew its position in shares of AvidXchange by 272.5% in the 3rd quarter. FMR LLC now owns 13,733,769 shares of the company’s stock valued at $111,381,000 after purchasing an additional 10,046,893 shares during the period. Azora Capital LP bought a new stake in AvidXchange in the 4th quarter valued at $45,067,000. Jacobs Levy Equity Management Inc. bought a new position in AvidXchange during the 3rd quarter worth $25,339,000. Arrowstreet Capital Limited Partnership bought a new position in AvidXchange during the 4th quarter worth $10,292,000. Finally, Point72 Asset Management L.P. bought a new position in AvidXchange during the 3rd quarter worth $7,920,000. 80.58% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently weighed in on AVDX shares. KeyCorp lowered AvidXchange from an “overweight” rating to a “sector weight” rating in a research note on Thursday, February 27th. Wells Fargo & Company lowered their price target on AvidXchange from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 27th. Wolfe Research lowered AvidXchange from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 27th. BMO Capital Markets lowered their price target on AvidXchange from $11.00 to $7.50 and set a “market perform” rating on the stock in a research note on Thursday, February 27th. Finally, Piper Sandler lowered their price objective on AvidXchange from $10.00 to $8.00 and set a “neutral” rating on the stock in a research note on Friday, February 28th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $10.00.

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.