Short Interest in AvidXchange Holdings, Inc. (NASDAQ:AVDX) Drops By 12.6%

AvidXchange Holdings, Inc. (NASDAQ:AVDX) was the target of a large decline in short interest during the month of March. As of March 15th, there was short interest totalling 4,870,000 shares, a decline of 12.6% from the February 28th total of 5,570,000 shares. Currently, 3.0% of the shares of the company are sold short. Based on an average trading volume of 1,820,000 shares, the days-to-cover ratio is currently 2.7 days.

Analyst Ratings Changes

A number of analysts have recently weighed in on AVDX shares. Keefe, Bruyette & Woods increased their price target on AvidXchange from $8.00 to $9.00 and gave the stock a “market perform” rating in a research report on Monday. The Goldman Sachs Group cut their target price on AvidXchange from $9.50 to $7.00 and set a “sell” rating on the stock in a research note on Thursday, February 27th. JPMorgan Chase & Co. lowered their price target 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. BMO Capital Markets reduced their target price on shares of AvidXchange from $11.00 to $7.50 and set a “market perform” rating for the company in a research note on Thursday, February 27th. Finally, Morgan Stanley dropped their price target on shares of AvidXchange from $11.00 to $8.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, AvidXchange currently has an average rating of “Hold” and an average price target of $10.07.

AvidXchange Price Performance

NASDAQ:AVDX opened at $8.52 on Wednesday. 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 business’s 50-day moving average price is $9.03 and its 200 day moving average price is $9.42. AvidXchange has a 52-week low of $6.61 and a 52-week high of $12.93. The firm has a market cap of $1.74 billion, a P/E ratio of 213.00 and a beta of 1.28.

AvidXchange (NASDAQ:AVDX) last released its 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 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, sell-side analysts predict that AvidXchange will post 0.02 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Michael Praeger sold 58,881 shares of AvidXchange stock in a transaction dated Friday, February 28th. The shares were 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 of the company’s stock, valued at approximately $84,740,353.83. The trade was a 0.52 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, President Daniel Drees sold 34,782 shares of the stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $263,995.38. Following the sale, the president now owns 1,176,833 shares in the company, valued at approximately $8,932,162.47. This trade represents a 2.87 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 125,866 shares of company stock worth $955,323. 10.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On AvidXchange

Large investors have recently modified their holdings of the stock. Blue Trust Inc. lifted its holdings in shares of AvidXchange by 90.1% during the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after purchasing an additional 1,278 shares during the last quarter. Point72 DIFC Ltd acquired a new position in shares of AvidXchange in the third quarter worth about $37,000. R Squared Ltd purchased a new position in shares of AvidXchange in the fourth quarter worth approximately $41,000. Quarry LP raised its holdings in shares of AvidXchange by 126.6% during the fourth quarter. Quarry LP now owns 5,518 shares of the company’s stock valued at $57,000 after acquiring an additional 3,083 shares during the period. Finally, Y Intercept Hong Kong Ltd purchased a new stake in shares of AvidXchange in the 3rd quarter valued at approximately $86,000. 80.58% of the stock is owned by institutional investors.

About AvidXchange

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.