AvidXchange Holdings, Inc. (NASDAQ:AVDX) Short Interest Down 7.3% in October

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

AvidXchange Price Performance

AVDX traded up $0.04 during trading on Wednesday, hitting $8.42. The company's stock had a trading volume of 2,400,873 shares, compared to its average volume of 2,055,484. 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 has a twelve month low of $6.88 and a twelve month high of $13.56. The business's fifty day simple moving average is $8.03 and its 200 day simple moving average is $9.94. The firm has a market capitalization of $1.74 billion, a price-to-earnings ratio of -56.13 and a beta of 1.01.

AvidXchange (NASDAQ:AVDX - Get Free Report) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.05 EPS for the quarter, beating the consensus estimate 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 company had revenue of $105.30 million for the quarter, compared to analyst estimates of $107.13 million. During the same period last year, the company earned ($0.05) earnings per share. AvidXchange's quarterly revenue was up 15.6% compared to the same quarter last year. On average, equities research analysts forecast that AvidXchange will post 0.03 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Michael Praeger sold 6,701 shares of the company's stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $8.17, for a total transaction of $54,747.17. Following the completion of the sale, the chief executive officer now directly owns 10,410,983 shares in the company, valued at $85,057,731.11. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. In other AvidXchange news, insider Joel Wilhite sold 47,308 shares of the stock in a transaction dated Friday, August 23rd. The stock was 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 directly owns 413,687 shares in the company, valued at approximately $3,350,864.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Michael Praeger sold 6,701 shares of the stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $8.17, for a total value of $54,747.17. Following the completion of the sale, the chief executive officer now owns 10,410,983 shares of the company's stock, valued at approximately $85,057,731.11. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 166,386 shares of company stock worth $1,343,044 in the last three months. 10.30% of the stock is owned by insiders.

Institutional Trading of AvidXchange

Institutional investors have recently bought and sold shares of the business. American Century Companies Inc. boosted its stake in shares of 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 last quarter. Dimensional Fund Advisors LP boosted its stake in shares of AvidXchange by 5.6% in the second quarter. Dimensional Fund Advisors LP now owns 4,317,134 shares of the company's stock worth $52,062,000 after acquiring an additional 230,777 shares during the last quarter. Millennium Management LLC boosted its stake in shares of 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 acquiring an additional 246,462 shares during the last quarter. Tremblant Capital Group boosted its stake in shares of AvidXchange by 0.3% in the second quarter. Tremblant Capital Group now owns 2,170,114 shares of the company's stock worth $26,172,000 after acquiring an additional 5,971 shares during the last quarter. Finally, TimesSquare Capital Management LLC boosted its stake in shares of AvidXchange by 6.8% in the first quarter. TimesSquare Capital Management LLC now owns 1,970,837 shares of the company's stock worth $25,917,000 after acquiring an additional 124,988 shares during the last quarter. 80.58% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on AVDX. Susquehanna cut their price objective on AvidXchange from $16.00 to $14.00 and set a "positive" rating on the stock in a report on Thursday, August 1st. BMO Capital Markets cut their price objective on AvidXchange from $13.00 to $10.00 and set a "market perform" rating on the stock in a report on Thursday, August 1st. Barclays cut their price objective on AvidXchange from $14.00 to $10.00 and set an "overweight" rating on the stock in a report on Monday, August 5th. JPMorgan Chase & Co. lowered 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 report on Tuesday, August 20th. Finally, UBS Group lowered AvidXchange from a "buy" rating to a "neutral" rating and cut their price objective for the company from $15.00 to $10.00 in a report on Thursday, August 1st. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $10.57.

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.