Short Interest in AvidXchange Holdings, Inc. (NASDAQ:AVDX) Drops By 7.3%

AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report) saw a significant drop in short interest during the month of October. As of October 15th, there was short interest totalling 5,240,000 shares, a drop of 7.3% from the September 30th total of 5,650,000 shares. Currently, 3.3% of the company's shares are sold short. Based on an average trading volume of 2,500,000 shares, the days-to-cover ratio is presently 2.1 days.

Analyst Upgrades and Downgrades

Several research firms have recently commented on AVDX. UBS Group lowered shares of AvidXchange from a "buy" rating to a "neutral" rating and lowered their price objective for the company from $15.00 to $10.00 in a research note on Thursday, August 1st. Barclays lowered their target price on AvidXchange from $14.00 to $10.00 and set an "overweight" rating for the company in a research note on Monday, August 5th. 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 on the stock. JPMorgan Chase & Co. lowered shares of AvidXchange from an "overweight" rating to a "neutral" rating and cut their target price for the stock from $11.00 to $9.00 in a research note on Tuesday, August 20th. Finally, Susquehanna decreased their price target on shares of AvidXchange from $16.00 to $14.00 and set a "positive" rating for the company in a research note on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, AvidXchange currently has an average rating of "Hold" and a consensus price target of $10.57.

AvidXchange Stock Performance

Shares of AvidXchange stock traded up $0.13 on Wednesday, reaching $8.51. 1,446,759 shares of the stock were exchanged, compared to its average volume of 2,050,944. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $1.76 billion, a PE ratio of -55.87 and a beta of 1.01. AvidXchange has a 1-year low of $6.88 and a 1-year high of $13.56. The business has a fifty day moving average price of $8.02 and a two-hundred day moving average price of $9.95.

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

Insiders Place Their Bets

In other news, insider Ryan Stahl sold 7,427 shares of the company's stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total value of $63,723.66. Following the transaction, the insider now owns 369,603 shares of the company's stock, valued at $3,171,193.74. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Joel Wilhite sold 47,308 shares of AvidXchange stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $8.10, for a total value of $383,194.80. Following the completion of the sale, the insider now owns 413,687 shares in the company, valued at approximately $3,350,864.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Ryan Stahl sold 7,427 shares of the business's stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total value of $63,723.66. Following the completion of the sale, the insider now directly owns 369,603 shares in the company, valued at approximately $3,171,193.74. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 166,386 shares of company stock valued at $1,343,044 over the last quarter. 10.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. US Bancorp DE grew its stake in shares of AvidXchange by 111,114.9% during the 3rd quarter. US Bancorp DE now owns 52,271 shares of the company's stock worth $424,000 after purchasing an additional 52,224 shares during the period. Horrell Capital Management Inc. purchased a new stake in AvidXchange during the third quarter worth about $2,230,000. Arbor Investment Advisors LLC acquired a new position in AvidXchange during the third quarter worth about $98,000. Wealth Enhancement Advisory Services LLC grew its position in AvidXchange by 29.6% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company's stock worth $107,000 after buying an additional 3,019 shares during the period. Finally, Allspring Global Investments Holdings LLC purchased a new position in AvidXchange in the third quarter valued at about $38,000. Hedge funds and other 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.