Short Interest in AvidXchange Holdings, Inc. (NASDAQ:AVDX) Increases By 5.6%

AvidXchange Holdings, Inc. (NASDAQ:AVDX) was the target of a significant increase in short interest in the month of August. As of August 31st, there was short interest totalling 7,130,000 shares, an increase of 5.6% from the August 15th total of 6,750,000 shares. Based on an average trading volume of 2,100,000 shares, the days-to-cover ratio is presently 3.4 days. Currently, 4.8% of the shares of the company are short sold.

Insider Transactions at AvidXchange

In other news, President Daniel Drees sold 20,771 shares of the firm’s stock in a transaction that occurred on Thursday, July 13th. The stock was sold at an average price of $11.01, for a total value of $228,688.71. Following the completion of the sale, the president now directly owns 492,951 shares of the company’s stock, valued at approximately $5,427,390.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other AvidXchange news, CEO Michael Praeger sold 25,789 shares of the company’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $10.09, for a total value of $260,211.01. Following the sale, the chief executive officer now owns 9,977,150 shares of the company’s stock, valued at $100,669,443.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Daniel Drees sold 20,771 shares of the firm’s stock in a transaction dated Thursday, July 13th. The shares were sold at an average price of $11.01, for a total transaction of $228,688.71. Following the transaction, the president now owns 492,951 shares of the company’s stock, valued at $5,427,390.51. The disclosure for this sale can be found here. Insiders have sold a total of 130,272 shares of company stock worth $1,330,576 over the last ninety days. 10.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Quarry LP bought a new position in shares of AvidXchange during the first quarter worth about $58,000. Russell Investments Group Ltd. acquired a new position in shares of AvidXchange in the 2nd quarter worth approximately $65,000. Ensign Peak Advisors Inc bought a new stake in shares of AvidXchange in the 3rd quarter valued at approximately $78,000. Price T Rowe Associates Inc. MD acquired a new stake in shares of AvidXchange during the 2nd quarter valued at approximately $86,000. Finally, MQS Management LLC bought a new position in AvidXchange during the first quarter worth $94,000. 70.42% of the stock is currently owned by institutional investors.

AvidXchange Stock Down 1.6 %

NASDAQ:AVDX traded down $0.15 on Tuesday, reaching $9.51. The stock had a trading volume of 401,041 shares, compared to its average volume of 1,964,420. AvidXchange has a 12-month low of $7.02 and a 12-month high of $12.75. The stock has a market cap of $1.92 billion, a P/E ratio of -22.05 and a beta of 0.62. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.21. The company has a 50-day moving average of $10.69 and a 200 day moving average of $9.52.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings results on Wednesday, August 2nd. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.04. AvidXchange had a negative return on equity of 8.81% and a negative net margin of 24.57%. The firm had revenue of $91.15 million during the quarter, compared to the consensus estimate of $88.98 million. On average, research analysts predict that AvidXchange will post -0.34 earnings per share for the current year.

Analysts Set New Price Targets

AVDX has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft raised their price target on AvidXchange from $13.00 to $15.00 in a research report on Friday, June 2nd. Barclays lifted their target price on shares of AvidXchange from $11.00 to $13.00 in a research note on Monday, June 5th. Morgan Stanley reissued an “equal weight” rating and issued a $11.00 price target on shares of AvidXchange in a research note on Friday, August 4th. Credit Suisse Group raised their target price on shares of AvidXchange from $11.00 to $12.50 in a research report on Friday, June 2nd. Finally, Piper Sandler upped their price objective on AvidXchange from $14.00 to $15.00 and gave the stock an “overweight” rating in a report on Monday, July 31st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, AvidXchange has a consensus rating of “Moderate Buy” and an average target price of $12.91.

AvidXchange Company Profile

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 Cashflow manager that provides cash management solutions.