AvidXchange Holdings, Inc. (NASDAQ:AVDX) Short Interest Down 13.5% in May

AvidXchange Holdings, Inc. (NASDAQ:AVDX) was the recipient of a significant decline in short interest during the month of May. As of May 31st, there was short interest totalling 6,690,000 shares, a decline of 13.5% from the May 15th total of 7,730,000 shares. Currently, 4.2% of the shares of the stock are short sold. Based on an average trading volume of 1,630,000 shares, the short-interest ratio is currently 4.1 days.

AvidXchange Price Performance

AvidXchange stock traded up $0.01 during trading on Friday, hitting $10.83. 1,274,278 shares of the company were exchanged, compared to its average volume of 1,570,659. The business’s 50 day moving average is $11.32 and its 200 day moving average is $11.73. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.20. AvidXchange has a 52 week low of $6.88 and a 52 week high of $13.56.

AvidXchange (NASDAQ:AVDX) last posted its quarterly earnings data on Wednesday, May 8th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.04. AvidXchange had a negative return on equity of 1.75% and a negative net margin of 8.10%. The business had revenue of $105.60 million for the quarter, compared to analysts’ expectations of $101.33 million. As a group, equities analysts expect that AvidXchange will post 0.01 EPS for the current year.

Insider Buying and Selling at AvidXchange

In other AvidXchange news, President Daniel Drees sold 17,604 shares of AvidXchange stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $13.02, for a total value of $229,204.08. Following the transaction, the president now owns 750,744 shares in the company, valued at $9,774,686.88. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO Michael Praeger sold 29,192 shares of AvidXchange stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $10.85, for a total transaction of $316,733.20. Following the sale, the chief executive officer now directly owns 10,440,510 shares of the company’s stock, valued at $113,279,533.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Daniel Drees sold 17,604 shares of AvidXchange stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $13.02, for a total value of $229,204.08. Following the sale, the president now directly owns 750,744 shares in the company, valued at $9,774,686.88. The disclosure for this sale can be found here. Insiders have sold a total of 174,718 shares of company stock worth $1,976,860 over the last 90 days. Insiders own 10.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. New York State Common Retirement Fund lifted its position in shares of AvidXchange by 19.0% during the 3rd quarter. New York State Common Retirement Fund now owns 61,219 shares of the company’s stock valued at $580,000 after buying an additional 9,753 shares during the last quarter. Swiss National Bank increased its stake in AvidXchange by 9.1% in the 3rd quarter. Swiss National Bank now owns 331,800 shares of the company’s stock worth $3,145,000 after acquiring an additional 27,800 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of AvidXchange by 21.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,264,667 shares of the company’s stock valued at $11,989,000 after purchasing an additional 221,113 shares during the last quarter. Rhumbline Advisers increased its position in shares of AvidXchange by 1.8% during the 3rd quarter. Rhumbline Advisers now owns 206,230 shares of the company’s stock valued at $1,955,000 after purchasing an additional 3,667 shares during the last quarter. Finally, FMR LLC increased its position in shares of AvidXchange by 9.4% during the 3rd quarter. FMR LLC now owns 600,802 shares of the company’s stock valued at $5,696,000 after purchasing an additional 51,377 shares during the last quarter. Hedge funds and other institutional investors own 80.58% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. The Goldman Sachs Group reissued a “sell” rating and set a $11.50 price target (down from $13.00) on shares of AvidXchange in a research note on Monday, April 15th. Keefe, Bruyette & Woods initiated coverage on AvidXchange in a report on Tuesday, April 9th. They issued a “market perform” rating and a $13.50 target price for the company. BMO Capital Markets lifted their target price on AvidXchange from $11.00 to $13.00 and gave the stock a “market perform” rating in a report on Thursday, February 29th. Susquehanna boosted their price objective on AvidXchange from $15.00 to $16.00 and gave the company a “positive” rating in a report on Thursday, February 29th. Finally, JPMorgan Chase & Co. boosted their price objective on AvidXchange from $14.00 to $15.00 and gave the company an “overweight” rating in a report on Thursday, February 29th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, AvidXchange presently has a consensus rating of “Hold” and an average price target of $12.86.

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.