AvidXchange Holdings, Inc. (NASDAQ:AVDX) Short Interest Update

AvidXchange Holdings, Inc. (NASDAQ:AVDX) saw a large increase in short interest in June. As of June 15th, there was short interest totalling 8,440,000 shares, an increase of 26.2% from the May 31st total of 6,690,000 shares. Based on an average daily volume of 1,670,000 shares, the short-interest ratio is presently 5.1 days. Currently, 5.3% of the company’s stock are short sold.

Insider Transactions at AvidXchange

In related news, insider Joel Wilhite sold 12,363 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $11.24, for a total transaction of $138,960.12. Following the transaction, the insider now directly owns 466,491 shares in the company, valued at $5,243,358.84. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, insider Joel Wilhite sold 12,363 shares of AvidXchange stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $11.24, for a total transaction of $138,960.12. Following the completion of the transaction, the insider now directly owns 466,491 shares in the company, valued at approximately $5,243,358.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Todd Alan Cunningham sold 28,424 shares of the stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $11.02, for a total value of $313,232.48. Following the completion of the sale, the insider now owns 336,017 shares in the company, valued at approximately $3,702,907.34. The disclosure for this sale can be found here. Insiders have sold a total of 152,897 shares of company stock worth $1,695,238 in the last 90 days. Corporate insiders own 10.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of AVDX. California State Teachers Retirement System boosted its stake in shares of AvidXchange by 1.0% in 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 in the last quarter. Kodai Capital Management LP grew its stake in shares of AvidXchange by 872.9% during the first quarter. Kodai Capital Management LP now owns 1,581,667 shares of the company’s stock worth $20,799,000 after buying an additional 1,419,099 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of AvidXchange by 6.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 97,054 shares of the company’s stock worth $1,277,000 after buying an additional 5,563 shares during the last quarter. Tremblant Capital Group lifted its stake in shares of AvidXchange by 14.7% in the 1st quarter. Tremblant Capital Group now owns 2,164,143 shares of the company’s stock valued at $28,458,000 after acquiring an additional 277,109 shares during the last quarter. Finally, Lazard Asset Management LLC acquired a new stake in shares of AvidXchange during the 1st quarter valued at $7,621,000. Institutional investors own 80.58% of the company’s stock.

Analyst Ratings Changes

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

AvidXchange Price Performance

Shares of AvidXchange stock traded up $0.19 on Friday, reaching $12.06. 6,545,820 shares of the stock were exchanged, compared to its average volume of 1,645,280. The firm’s 50 day moving average is $11.24 and its 200-day moving average is $11.75. The firm has a market cap of $2.49 billion, a PE ratio of -80.39 and a beta of 1.00. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.34 and a current ratio of 1.34. AvidXchange has a one year low of $6.88 and a one year high of $13.56.

AvidXchange (NASDAQ:AVDX) last issued its earnings results on Wednesday, May 8th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $105.60 million for the quarter, compared to the consensus estimate of $101.33 million. As a group, analysts anticipate that AvidXchange will post 0.01 EPS for the current fiscal year.

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.