Short Interest in AvidXchange Holdings, Inc. (NASDAQ:AVDX) Rises By 9.5%

AvidXchange Holdings, Inc. (NASDAQ:AVDX) saw a significant increase in short interest during the month of August. As of August 31st, there was short interest totalling 5,540,000 shares, an increase of 9.5% from the August 15th total of 5,060,000 shares. Based on an average daily trading volume, of 2,530,000 shares, the short-interest ratio is currently 2.2 days. Approximately 3.5% of the shares of the stock are short sold.

Analysts Set New Price Targets

Several research firms recently commented on AVDX. Compass Point assumed coverage on AvidXchange in a research report on Wednesday, September 4th. They issued a “neutral” rating and a $8.00 price target for the company. BMO Capital Markets dropped their target price on AvidXchange from $13.00 to $10.00 and set a “market perform” rating for the company in a report on Thursday, August 1st. Wells Fargo & Company cut their target price on AvidXchange from $13.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 1st. Susquehanna lowered their price target on AvidXchange from $16.00 to $14.00 and set a “positive” rating for the company in a research report on Thursday, August 1st. Finally, JPMorgan Chase & Co. cut shares of AvidXchange from an “overweight” rating to a “neutral” rating and cut their price objective for the company 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 assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $11.00.

AvidXchange Trading Down 1.4 %

NASDAQ AVDX opened at $7.58 on Tuesday. The stock has a market cap of $1.57 billion, a PE ratio of -50.53 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 50-day moving average price is $9.40 and its 200-day moving average price is $10.94. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.19.

AvidXchange (NASDAQ:AVDX) last issued its earnings results on Wednesday, July 31st. The company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. The business had revenue of $105.30 million for the quarter, compared to the consensus estimate of $107.13 million. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. The company’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.05) EPS. Equities research analysts forecast that AvidXchange will post 0.03 earnings per share for the current year.

Insider Activity at AvidXchange

In other AvidXchange news, insider Joel Wilhite sold 47,308 shares of AvidXchange stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $8.10, for a total value of $383,194.80. Following the sale, the insider now owns 413,687 shares of the company’s stock, valued at approximately $3,350,864.70. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other AvidXchange news, CEO Michael Praeger sold 6,701 shares of the stock in a transaction 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 completion of the transaction, the chief executive officer now owns 10,410,983 shares in the company, valued at $85,057,731.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Joel Wilhite sold 47,308 shares of AvidXchange stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $8.10, for a total transaction of $383,194.80. Following the completion of the transaction, the insider now directly owns 413,687 shares of the company’s stock, valued at $3,350,864.70. The disclosure for this sale can be found here. Over the last three months, insiders sold 148,689 shares of company stock valued at $1,196,779. Insiders own 10.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Jennison Associates LLC purchased a new stake in shares of AvidXchange in the 1st quarter worth $23,800,000. American Century Companies Inc. lifted its stake in AvidXchange by 54.2% in the second quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock worth $54,460,000 after acquiring an additional 1,586,510 shares during the period. Kodai Capital Management LP grew its holdings in AvidXchange by 872.9% during the 1st quarter. Kodai Capital Management LP now owns 1,581,667 shares of the company’s stock worth $20,799,000 after acquiring an additional 1,419,099 shares in the last quarter. Intrinsic Edge Capital Management LLC grew its holdings in AvidXchange by 79.9% during the 4th quarter. Intrinsic Edge Capital Management LLC now owns 2,785,445 shares of the company’s stock worth $34,512,000 after acquiring an additional 1,237,508 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in AvidXchange by 17.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,864,725 shares of the company’s stock valued at $47,885,000 after purchasing an additional 587,692 shares during the period. Institutional investors own 80.58% of the company’s stock.

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.