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

AvidXchange Holdings, Inc. (NASDAQ:AVDX) saw 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. Currently, 3.5% of the company’s stock are sold short. Based on an average daily volume of 1,650,000 shares, the days-to-cover ratio is presently 3.4 days.

Analyst Upgrades and Downgrades

AVDX has been the topic of several recent analyst reports. BMO Capital Markets reduced their target price on AvidXchange from $11.00 to $7.50 and set a “market perform” rating on the stock in a research report on Thursday, February 27th. Morgan Stanley decreased 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. KeyCorp downgraded shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a research report on Thursday, February 27th. Wolfe Research cut shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 27th. Finally, The Goldman Sachs Group lowered their price objective on shares of AvidXchange from $9.50 to $7.00 and set a “sell” rating for the company in a research note on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, AvidXchange has an average rating of “Hold” and a consensus price target of $10.00.

AvidXchange Stock Up 4.2 %

AVDX stock opened at $8.25 on Tuesday. The stock has a market capitalization of $1.69 billion, a P/E ratio of 206.25 and a beta of 1.28. AvidXchange has a 52 week low of $6.61 and a 52 week high of $13.50. The firm has a 50-day simple moving average of $9.37 and a 200-day simple moving average of $9.37. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11.

AvidXchange (NASDAQ:AVDX) last posted its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.03). The firm had revenue of $115.44 million for the quarter, compared to analysts’ expectations of $114.98 million. AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. Equities analysts forecast that AvidXchange will post 0.02 earnings per share for the current fiscal year.

Insider Activity at AvidXchange

In other news, insider Joel Wilhite sold 32,203 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 value of $244,420.77. Following the sale, the insider now directly owns 843 shares in the company, valued at approximately $6,398.37. This trade represents a 97.45 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Daniel Drees sold 34,782 shares of AvidXchange stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $263,995.38. Following the completion of the transaction, the president now directly owns 1,176,833 shares in the company, valued at approximately $8,932,162.47. The trade was a 2.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 125,866 shares of company stock valued at $955,323 over the last quarter. 10.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Xponance Inc. raised its position in shares of AvidXchange by 9.2% in the fourth quarter. Xponance Inc. now owns 12,459 shares of the company’s stock valued at $129,000 after buying an additional 1,045 shares during the last quarter. Captrust Financial Advisors raised its holdings in AvidXchange by 6.2% in the 4th quarter. Captrust Financial Advisors now owns 18,434 shares of the company’s stock valued at $191,000 after acquiring an additional 1,084 shares during the last quarter. Summit Investment Advisors Inc. lifted its stake in AvidXchange by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 18,182 shares of the company’s stock worth $188,000 after purchasing an additional 1,155 shares in the last quarter. Blue Trust Inc. boosted its holdings in shares of AvidXchange by 90.1% during the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock worth $28,000 after purchasing an additional 1,278 shares during the last quarter. Finally, Rhumbline Advisers grew its position in shares of AvidXchange by 1.0% in the fourth quarter. Rhumbline Advisers now owns 234,738 shares of the company’s stock valued at $2,427,000 after purchasing an additional 2,391 shares in the last quarter. Hedge funds and other institutional investors own 80.58% of the company’s stock.

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.