AvidXchange Holdings, Inc. (NASDAQ:AVDX) Short Interest Down 12.6% in March

AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report) was the target of a large drop in short interest in March. As of March 15th, there was short interest totalling 4,870,000 shares, a drop of 12.6% from the February 28th total of 5,570,000 shares. Based on an average daily volume of 1,820,000 shares, the days-to-cover ratio is currently 2.7 days. Approximately 3.0% of the shares of the stock are sold short.

Analysts Set New Price Targets

Several research firms have recently commented on AVDX. JPMorgan Chase & Co. reduced their price target on shares of AvidXchange from $10.00 to $9.00 and set a "neutral" rating on the stock in a research report on Thursday, February 27th. KeyCorp lowered AvidXchange from an "overweight" rating to a "sector weight" rating in a research note on Thursday, February 27th. Barclays cut AvidXchange from an "overweight" rating to an "equal weight" rating and lowered their price target for the stock from $13.00 to $8.00 in a report on Tuesday, March 4th. Morgan Stanley reduced their price objective on shares of AvidXchange from $11.00 to $8.00 and set an "equal weight" rating on the stock in a report on Thursday, February 27th. Finally, BMO Capital Markets lowered their target price on shares of AvidXchange from $11.00 to $7.50 and set a "market perform" rating for the company in a research note on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $10.07.

Insiders Place Their Bets

In related news, President Daniel Drees sold 34,782 shares of the firm's stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $263,995.38. Following the completion of the sale, the president now directly owns 1,176,833 shares in the company, valued at approximately $8,932,162.47. This trade represents a 2.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael Praeger sold 58,881 shares of the business's stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $446,906.79. Following the completion of the transaction, the chief executive officer now owns 11,164,737 shares in the company, valued at $84,740,353.83. The trade was a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 125,866 shares of company stock valued at $955,323 in the last ninety days. 10.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in AVDX. Vanguard Group Inc. lifted its position in shares of AvidXchange by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 18,110,051 shares of the company's stock worth $187,258,000 after purchasing an additional 116,410 shares during the last quarter. FMR LLC increased its holdings in AvidXchange by 8.4% in the fourth quarter. FMR LLC now owns 14,889,282 shares of the company's stock valued at $153,955,000 after buying an additional 1,155,513 shares during the last quarter. North Reef Capital Management LP raised its stake in AvidXchange by 2.5% in the fourth quarter. North Reef Capital Management LP now owns 7,994,000 shares of the company's stock valued at $82,658,000 after buying an additional 194,000 shares in the last quarter. Azora Capital LP purchased a new stake in AvidXchange during the 4th quarter worth about $45,067,000. Finally, Geode Capital Management LLC boosted its position in shares of AvidXchange by 5.0% during the 3rd quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company's stock worth $34,607,000 after acquiring an additional 201,847 shares in the last quarter. Institutional investors and hedge funds own 80.58% of the company's stock.

AvidXchange Stock Down 1.9 %

Shares of NASDAQ AVDX traded down $0.15 during mid-day trading on Friday, hitting $7.84. The company had a trading volume of 2,409,786 shares, compared to its average volume of 1,991,175. The company has a market capitalization of $1.60 billion, a PE ratio of 196.00 and a beta of 1.14. The business's 50-day simple moving average is $8.89 and its 200 day simple moving average is $9.43. AvidXchange has a 1-year low of $6.61 and a 1-year high of $12.93. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32.

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

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 the AvidXchange Supplier Hub, which provides supplier insights to cash flow, tools for in-network invoices and payments, and early payment feature.