AvidXchange Holdings, Inc. has experienced a notable increase in short interest during the month of August. As of August 15th, there was a total of 6,750,000 shares held in short positions, representing a growth of 16.4% from the previous month’s total of 5,800,000 shares. This equates to approximately 4.5% of the company’s shares being sold short. With an average daily trading volume of 2,350,000 shares, the current short-interest ratio stands at 2.9 days.
On Tuesday, NASDAQ:AVDX opened at $9.91 per share. The market capitalization for AvidXchange is $2.00 billion and it has a P/E ratio of -23.05 with a beta value of 0.58. The stock has seen a one-year low of $7.02 and a one-year high of $12.75. Additionally, the company boasts a current ratio and quick ratio both standing at 1.32 along with a debt-to-equity ratio of 0.21.
Several analysts have recently commented on AvidXchange’s stock performance and target price expectations for investors. JPMorgan Chase & Co., Deutsche Bank Aktiengesellschaft, Barclays, KeyCorp, and Piper Sandler are among those who have provided recommendations ranging from “hold” to “buy” ratings for the company’s stock.
In terms of recent news regarding insider activity and transactions involving AvidXchange stock, CEO Michael Praeger sold 25,789 shares on Tuesday, August 15th at an average price of $10.09 per share resulting in a total transaction value of $260,211.01 USD . Following this transaction, Praeger now holds a total of 9,977,150 shares valued at $100,6694435 USD . President Daniel Drees also sold 20,771 shares in July for a total value of $228,688.71 USD. Following the sale, Drees’s ownership equates to 492,951 shares valued at $5,427,390.51 USD. These transactions were reported to the Securities & Exchange Commission and further details can be accessed through their official website. Insiders have collectively sold 174,428 shares within the last three months alone with a total value of $1,793,890 USD. Corporate insiders currently own 10.30% of AvidXchange Holdings’ outstanding stock.
As of this writing on August 29th, AvidXchange has received an average rating of “Moderate Buy” from analysts with an average price target of $12.91 per share.
Overall, the recent increase in short interest and fluctuation in insider stock sales have added complexity to AvidXchange’s trading activity. Both investors and analysts are closely monitoring these developments as they may impact the company’s future performance in the market.
AvidXchange Holdings, Inc.
AVDX
Buy
Updated on: 04/12/2023
Financial Health
Healthy
Debt to equity ratio: Strong Buy
Price to earnings ratio: Strong Sell
Price to book ratio: Strong Buy
DCF: Strong Buy
ROE: Neutral
AvidXchange Reports Quarterly Earnings Surpassing Expectations, Despite Setbacks
AvidXchange, a leading technology company, recently released its quarterly earnings data, providing insight into its financial performance. On Wednesday, August 2nd, the company announced that it had earned ($0.05) per share for the quarter, surpassing market expectations of ($0.09) per share by $0.04. The company also reported revenue of $91.15 million during the same period, exceeding analysts’ estimates of $88.98 million.
The negative return on equity of 8.81% and negative net margin of 24.57% indicate some challenges faced by AvidXchange in this quarter. However, despite these setbacks, AvidXchange remains optimistic about its future prospects.
Looking ahead, equities analysts predict that AvidXchange will post earnings per share of -0.34 for the current year. While this prediction suggests further difficulties for the company, it is important to note that such forecasts are subject to change based on various factors affecting the market.
Institutional investors and hedge funds have also shown interest in AvidXchange’s stock and made modifications to their holdings recently. IFP Advisors Inc increased its stake in shares of AvidXchange by 8.7% during the second quarter, acquiring an additional 1,003 shares in the process. American International Group Inc., on the other hand, increased its stake by 1.7%, owning 71,940 shares valued at $747,000 after purchasing an additional 1,183 shares in the second quarter.
Moreover, The Manufacturers Life Insurance Company raised its stake by 2.1%, acquiring an additional 1,242 shares during the last quarter and Ameritas Investment Partners Inc decided to increase their stake by a significant 12.3%, adding an extra 1,347 shares to their portfolio.
These investments signify confidence from institutional investors towards AvidXchange despite its recent financial performance. Victory Capital Management Inc. further showcased this positive sentiment by increasing its stake in the company by 9.8%, now owning 15,646 shares valued at $162,000.
It is important to note that approximately 70.42% of AvidXchange’s stock is owned by institutional investors, which highlights their faith in the company’s ability to rebound from its current challenges and deliver better results in the future.
Overall, while AvidXchange faced some difficulties with negative returns and net margin in its recent quarter, the company remains optimistic about its prospects for improvement. The investments made by institutional investors demonstrate their confidence in AvidXchange’s potential for growth and success despite these temporary setbacks.
As always, it is crucial for investors to carefully consider all available information and conduct their own analysis before making any investment decisions regarding AvidXchange or any other company’s stock.
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