Short Interest in AvidXchange Holdings, Inc. (NASDAQ:AVDX) Drops By 9.6%

AvidXchange Holdings, Inc. (NASDAQ:AVDX) was the recipient of a significant decrease in short interest during the month of July. As of July 15th, there was short interest totalling 7,880,000 shares, a decrease of 9.6% from the June 30th total of 8,720,000 shares. Based on an average trading volume of 1,810,000 shares, the short-interest ratio is presently 4.4 days. Approximately 5.0% of the company’s shares are sold short.

Insider Activity

In other news, CEO Michael Praeger sold 25,418 shares of the company’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $11.24, for a total transaction of $285,698.32. Following the completion of the transaction, the chief executive officer now directly owns 10,495,547 shares of the company’s stock, valued at $117,969,948.28. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Joel Wilhite sold 12,363 shares of the stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $11.24, for a total value of $138,960.12. Following the completion of the transaction, the insider now directly owns 466,491 shares of the company’s stock, valued at $5,243,358.84. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Michael Praeger sold 25,418 shares of the stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $11.24, for a total transaction of $285,698.32. Following the completion of the transaction, the chief executive officer now directly owns 10,495,547 shares of the company’s stock, valued at $117,969,948.28. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 152,897 shares of company stock valued at $1,695,238. Insiders own 10.30% of the company’s stock.

Institutional Trading of AvidXchange

Several institutional investors and hedge funds have recently modified their holdings of the company. Principal Financial Group Inc. raised its position in shares of AvidXchange by 17.1% during the 2nd quarter. Principal Financial Group Inc. now owns 23,479 shares of the company’s stock valued at $283,000 after purchasing an additional 3,421 shares during the period. Assenagon Asset Management S.A. bought a new stake in shares of AvidXchange during the 2nd quarter valued at $557,000. SG Americas Securities LLC raised its position in shares of AvidXchange by 2.9% during the 2nd quarter. SG Americas Securities LLC now owns 29,813 shares of the company’s stock valued at $360,000 after purchasing an additional 835 shares during the period. California State Teachers Retirement System raised its position in shares of AvidXchange by 1.0% during the 1st quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock valued at $2,121,000 after purchasing an additional 1,656 shares during the period. Finally, Kodai Capital Management LP raised its position in shares of AvidXchange by 872.9% during the 1st quarter. Kodai Capital Management LP now owns 1,581,667 shares of the company’s stock valued at $20,799,000 after purchasing an additional 1,419,099 shares during the period. 80.58% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on AVDX. Barclays decreased their price target on shares of AvidXchange from $16.00 to $14.00 and set an “overweight” rating for the company in a research note on Monday, May 13th. The Goldman Sachs Group restated a “sell” rating and issued a $11.50 price objective (down previously from $13.00) on shares of AvidXchange in a report on Monday, April 15th. Keefe, Bruyette & Woods began coverage on shares of AvidXchange in a report on Tuesday, April 9th. They issued a “market perform” rating and a $13.50 price objective on the stock. Finally, Piper Sandler cut their price target on shares of AvidXchange from $14.00 to $12.00 and set a “neutral” rating on the stock in a report on Friday, April 12th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $12.86.

AvidXchange Trading Up 0.8 %

AVDX traded up $0.10 during trading on Tuesday, hitting $12.65. The company’s stock had a trading volume of 768,368 shares, compared to its average volume of 1,825,198. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.20. AvidXchange has a one year low of $6.88 and a one year high of $13.56. The business’s 50 day simple moving average is $11.54 and its 200-day simple moving average is $11.82.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings results 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. The business had revenue of $105.60 million for the quarter, compared to the consensus estimate of $101.33 million. AvidXchange had a negative net margin of 8.10% and a negative return on equity of 1.75%. On average, analysts predict that AvidXchange will post 0.01 earnings per share for the current year.

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.