AvidXchange Holdings, Inc. (NASDAQ:AVDX) Short Interest Up 41.4% in February

AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report) was the recipient of a significant increase in short interest in February. As of February 28th, there was short interest totalling 5,570,000 shares, an increase of 41.4% from the February 13th total of 3,940,000 shares. Approximately 3.5% of the company's stock are sold short. Based on an average daily volume of 1,650,000 shares, the short-interest ratio is presently 3.4 days.

AvidXchange Stock Performance

AVDX traded up $0.04 during midday trading on Thursday, reaching $8.46. The company had a trading volume of 918,660 shares, compared to its average volume of 1,904,348. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. The stock has a market cap of $1.73 billion, a PE ratio of 211.50 and a beta of 1.28. AvidXchange has a 12-month low of $6.61 and a 12-month high of $13.50. The business has a 50-day moving average price of $9.30 and a two-hundred day moving average price of $9.37.

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

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Insider Buying and Selling at AvidXchange

In other news, insider Joel Wilhite sold 32,203 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 $244,420.77. Following the completion of the sale, the insider now directly owns 843 shares of the company's stock, valued at $6,398.37. The trade was a 97.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael Praeger sold 58,881 shares of the business's stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $446,906.79. Following the sale, the chief executive officer now directly owns 11,164,737 shares of the company's stock, valued at approximately $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. Over the last ninety days, insiders sold 125,866 shares of company stock valued at $955,323. Corporate insiders own 10.40% of the company's stock.

Institutional Trading of AvidXchange

Institutional investors have recently modified their holdings of the business. Blue Trust Inc. lifted its stake in shares of AvidXchange by 90.1% during the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company's stock valued at $28,000 after buying an additional 1,278 shares in the last quarter. R Squared Ltd purchased a new stake in shares of AvidXchange during the 4th quarter valued at approximately $41,000. Point72 DIFC Ltd purchased a new stake in shares of AvidXchange during the 3rd quarter valued at approximately $37,000. Quarry LP lifted its stake in shares of AvidXchange by 126.6% during the 4th quarter. Quarry LP now owns 5,518 shares of the company's stock valued at $57,000 after buying an additional 3,083 shares in the last quarter. Finally, KBC Group NV increased its holdings in AvidXchange by 60.9% during the 4th quarter. KBC Group NV now owns 8,836 shares of the company's stock worth $91,000 after acquiring an additional 3,344 shares during the period. 80.58% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. JPMorgan Chase & Co. decreased their target price on shares of AvidXchange from $10.00 to $9.00 and set a "neutral" rating for the company in a research report on Thursday, February 27th. The Goldman Sachs Group decreased their target price on shares of AvidXchange from $9.50 to $7.00 and set a "sell" rating for the company in a research report on Thursday, February 27th. Morgan Stanley reduced their price objective on shares of AvidXchange from $11.00 to $8.00 and set an "equal weight" rating for the company in a research report on Thursday, February 27th. Keefe, Bruyette & Woods reduced their price objective on shares of AvidXchange from $11.00 to $8.00 and set a "market perform" rating for the company in a research report on Thursday, February 27th. Finally, Robert W. Baird reduced their price objective on shares of AvidXchange from $14.00 to $12.00 and set an "outperform" rating for the company in a research report on Thursday, February 27th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $10.00.

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.