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

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

AvidXchange Price Performance

Shares of NASDAQ AVDX opened at $8.25 on Tuesday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The company has a market cap of $1.69 billion, a price-to-earnings ratio of 206.25 and a beta of 1.28. The stock’s 50-day moving average is $9.37 and its two-hundred day moving average is $9.37. AvidXchange has a 1-year low of $6.61 and a 1-year high of $13.50.

AvidXchange (NASDAQ:AVDX) last released 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). AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. The firm had revenue of $115.44 million for the quarter, compared to analysts’ expectations of $114.98 million. Analysts forecast that AvidXchange will post 0.02 EPS for the current fiscal year.

Insider Activity at AvidXchange

In other news, insider Joel Wilhite sold 32,203 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $244,420.77. Following the completion of the sale, the insider now owns 843 shares of the company’s stock, valued at $6,398.37. This represents a 97.45 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Michael Praeger sold 58,881 shares of AvidXchange stock in a transaction that occurred on Friday, February 28th. The shares were 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 in the company, valued at approximately $84,740,353.83. The trade was a 0.52 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 125,866 shares of company stock valued at $955,323. 10.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On AvidXchange

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in AvidXchange by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 18,110,051 shares of the company’s stock valued at $187,258,000 after buying an additional 116,410 shares during the last quarter. FMR LLC increased its holdings in shares of AvidXchange by 8.4% in the 4th quarter. FMR LLC now owns 14,889,282 shares of the company’s stock valued at $153,955,000 after acquiring an additional 1,155,513 shares during the last quarter. North Reef Capital Management LP raised its position in shares of AvidXchange by 2.5% during the 4th quarter. North Reef Capital Management LP now owns 7,994,000 shares of the company’s stock worth $82,658,000 after acquiring an additional 194,000 shares in the last quarter. Azora Capital LP acquired a new stake in shares of AvidXchange during the 4th quarter worth about $45,067,000. Finally, Geode Capital Management LLC lifted its stake in AvidXchange by 5.0% during the third quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company’s stock worth $34,607,000 after purchasing an additional 201,847 shares during the last quarter. 80.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Piper Sandler reduced their price objective on shares of AvidXchange from $10.00 to $8.00 and set a “neutral” rating on the stock in a report on Friday, February 28th. Wolfe Research downgraded shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 27th. Morgan Stanley lowered 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. Wells Fargo & Company cut their target price on AvidXchange from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 27th. Finally, Robert W. Baird decreased their price target on AvidXchange from $14.00 to $12.00 and set an “outperform” rating on the stock in a research note 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 company’s stock. According to MarketBeat.com, AvidXchange has an average 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.