AvidXchange Holdings, Inc. (NASDAQ:AVDX) Sees Significant Decrease in Short Interest

AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report) was the recipient of a significant decrease in short interest in September. As of September 15th, there was short interest totalling 4,890,000 shares, a decrease of 11.7% from the August 31st total of 5,540,000 shares. Currently, 3.1% of the shares of the stock are sold short. Based on an average daily trading volume, of 2,620,000 shares, the days-to-cover ratio is currently 1.9 days.

Wall Street Analyst Weigh In

AVDX has been the subject of a number of research reports. UBS Group cut shares of AvidXchange from a "buy" rating to a "neutral" rating and cut their price target for the stock from $15.00 to $10.00 in a research note on Thursday, August 1st. BMO Capital Markets cut their target price on shares of AvidXchange from $13.00 to $10.00 and set a "market perform" rating for the company in a research report on Thursday, August 1st. Robert W. Baird lowered their price target on AvidXchange from $16.00 to $14.00 and set an "outperform" rating on the stock in a research report on Thursday, August 1st. Wells Fargo & Company cut their price objective on AvidXchange from $13.00 to $10.00 and set an "equal weight" rating for the company in a report on Thursday, August 1st. Finally, KeyCorp decreased their price objective on AvidXchange from $15.00 to $12.00 and set an "overweight" rating on the stock in a report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $11.00.

Insider Transactions at AvidXchange

In related news, President Daniel Drees sold 20,069 shares of the company's stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total transaction of $160,150.62. Following the sale, the president now owns 753,644 shares of the company's stock, valued at approximately $6,014,079.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, President Daniel Drees sold 20,069 shares of AvidXchange stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total transaction of $160,150.62. Following the completion of the sale, the president now owns 753,644 shares of the company's stock, valued at $6,014,079.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Ryan Stahl sold 7,621 shares of the company's stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $8.13, for a total value of $61,958.73. Following the completion of the transaction, the insider now owns 377,030 shares in the company, valued at $3,065,253.90. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 158,959 shares of company stock valued at $1,279,321. 10.30% of the stock is currently owned by corporate insiders.

Institutional Trading of AvidXchange

Large investors have recently added to or reduced their stakes in the stock. Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of AvidXchange by 142.2% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 581,300 shares of the company's stock valued at $7,010,000 after purchasing an additional 341,300 shares in the last quarter. Sanctuary Advisors LLC bought a new position in shares of AvidXchange in the 2nd quarter worth about $575,000. Creative Planning lifted its position in AvidXchange by 272.1% during the 2nd quarter. Creative Planning now owns 38,635 shares of the company's stock valued at $466,000 after acquiring an additional 28,253 shares during the period. The Manufacturers Life Insurance Company boosted its stake in AvidXchange by 14.8% during the second quarter. The Manufacturers Life Insurance Company now owns 102,804 shares of the company's stock worth $1,240,000 after acquiring an additional 13,229 shares in the last quarter. Finally, Millennium Management LLC grew its holdings in AvidXchange by 9.8% in the second quarter. Millennium Management LLC now owns 2,770,662 shares of the company's stock worth $33,414,000 after purchasing an additional 246,462 shares during the period. Institutional investors own 80.58% of the company's stock.

AvidXchange Trading Up 0.7 %

AvidXchange stock traded up $0.06 during trading hours on Friday, reaching $8.14. The stock had a trading volume of 1,383,341 shares, compared to its average volume of 2,095,739. The stock has a market cap of $1.68 billion, a PE ratio of -54.27 and a beta of 1.01. The company has a fifty day simple moving average of $8.61 and a 200-day simple moving average of $10.67. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.36 and a quick ratio of 1.36. AvidXchange has a 52 week low of $6.88 and a 52 week high of $13.56.

AvidXchange (NASDAQ:AVDX - Get Free Report) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.04 by $0.01. The company had revenue of $105.30 million for the quarter, compared to the consensus estimate of $107.13 million. AvidXchange had a negative return on equity of 0.23% and a negative net margin of 3.18%. AvidXchange's revenue was up 15.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.05) EPS. Analysts forecast that AvidXchange will post 0.03 EPS for the current fiscal 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.