Short Interest in AvidXchange Holdings, Inc. (NASDAQ:AVDX) Increases By 41.4%

AvidXchange Holdings, Inc. (NASDAQ:AVDX) was the target of a significant increase in short interest during the month of 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 shares of the company are sold short. Based on an average daily volume of 1,650,000 shares, the short-interest ratio is currently 3.4 days.

AvidXchange Price Performance

Shares of NASDAQ AVDX opened at $7.92 on Friday. The firm has a market capitalization of $1.62 billion, a P/E ratio of 198.00 and a beta of 1.28. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The stock’s 50-day simple moving average is $9.41 and its two-hundred day simple moving average is $9.36. AvidXchange has a twelve month low of $6.61 and a twelve month high of $13.49.

AvidXchange (NASDAQ:AVDX) last announced its earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). The business had revenue of $115.44 million during the quarter, compared to the consensus estimate of $114.98 million. AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. As a group, equities analysts anticipate that AvidXchange will post 0.02 EPS for the current fiscal year.

Insiders Place Their Bets

In other AvidXchange news, President Daniel Drees sold 34,782 shares of the business’s stock in a transaction on Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $263,995.38. Following the transaction, the president now owns 1,176,833 shares of the company’s stock, valued at approximately $8,932,162.47. The trade was a 2.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael Praeger sold 58,881 shares of the business’s stock in a transaction on Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $446,906.79. Following the completion of the transaction, the chief executive officer now directly owns 11,164,737 shares in the company, valued at approximately $84,740,353.83. This represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 125,866 shares of company stock valued at $955,323. Insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On AvidXchange

A number of institutional investors have recently added to or reduced their stakes in the business. Neo Ivy Capital Management bought a new position in shares of AvidXchange during the 4th quarter valued at about $2,393,000. PharVision Advisers LLC bought a new position in shares of AvidXchange during the 4th quarter valued at about $230,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of AvidXchange by 10.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 465,690 shares of the company’s stock valued at $4,815,000 after purchasing an additional 42,993 shares during the last quarter. Vident Advisory LLC bought a new position in shares of AvidXchange during the 4th quarter valued at about $255,000. Finally, Tremblant Capital Group increased its position in shares of AvidXchange by 2.3% during the 4th quarter. Tremblant Capital Group now owns 3,231,149 shares of the company’s stock valued at $33,410,000 after purchasing an additional 73,802 shares during the last quarter. 80.58% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on AVDX shares. KeyCorp cut AvidXchange from an “overweight” rating to a “sector weight” rating in a research report on Thursday, February 27th. Morgan Stanley dropped their price target on AvidXchange from $11.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 27th. Piper Sandler dropped their price target on AvidXchange from $10.00 to $8.00 and set a “neutral” rating on the stock in a research report on Friday, February 28th. Barclays cut AvidXchange from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $13.00 to $8.00 in a research report on Tuesday, March 4th. Finally, Robert W. Baird dropped their price target on AvidXchange from $14.00 to $12.00 and set an “outperform” rating on the stock in a research report on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock 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.