AvidXchange Holdings, Inc. (NASDAQ:AVDX) Sees Large Increase in Short Interest

AvidXchange Holdings, Inc. (NASDAQ:AVDX) saw a large increase in short interest in the month of November. As of November 15th, there was short interest totalling 5,190,000 shares, an increase of 14.6% from the October 31st total of 4,530,000 shares. Based on an average daily trading volume, of 1,990,000 shares, the short-interest ratio is currently 2.6 days. Approximately 3.2% of the shares of the company are short sold.

Analyst Ratings Changes

A number of research analysts recently issued reports on AVDX shares. The Goldman Sachs Group lifted their price target on AvidXchange from $9.00 to $10.00 and gave the company a “sell” rating in a report on Monday. Barclays lifted their price objective on shares of AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a research note on Monday, November 18th. Compass Point upgraded AvidXchange from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $8.00 to $15.00 in a report on Thursday, November 7th. Piper Sandler lifted their price target on AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Finally, Wells Fargo & Company raised their price target on shares of AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat, AvidXchange presently has a consensus rating of “Hold” and an average price target of $11.46.

Insiders Place Their Bets

In other AvidXchange news, insider Ryan Stahl sold 7,621 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $8.13, for a total transaction of $61,958.73. Following the completion of the transaction, the insider now owns 377,030 shares in the company, valued at $3,065,253.90. This trade represents a 1.98 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 17,697 shares of company stock valued at $146,265 in the last three months. Company insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On AvidXchange

Several institutional investors and hedge funds have recently made changes to their positions in the business. FMR LLC boosted its stake in shares of AvidXchange by 272.5% during the third quarter. FMR LLC now owns 13,733,769 shares of the company’s stock valued at $111,381,000 after purchasing an additional 10,046,893 shares during the period. American Century Companies Inc. grew its stake in shares of AvidXchange by 54.2% in the 2nd quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock worth $54,460,000 after buying an additional 1,586,510 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of AvidXchange by 5.6% in the second quarter. Dimensional Fund Advisors LP now owns 4,317,134 shares of the company’s stock worth $52,062,000 after acquiring an additional 230,777 shares during the last quarter. Geode Capital Management LLC raised its position in shares of AvidXchange by 5.0% in the 3rd quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company’s stock worth $34,607,000 after purchasing an additional 201,847 shares during the last quarter. Finally, State Street Corp boosted its stake in AvidXchange by 1.5% in the 3rd quarter. State Street Corp now owns 3,763,694 shares of the company’s stock worth $30,524,000 after purchasing an additional 54,403 shares in the last quarter. Institutional investors own 80.58% of the company’s stock.

AvidXchange Price Performance

Shares of AvidXchange stock traded down $0.06 during trading on Monday, hitting $11.38. The stock had a trading volume of 531,537 shares, compared to its average volume of 2,054,078. The business’s 50-day moving average is $9.11 and its 200 day moving average is $9.72. AvidXchange has a 12 month low of $7.38 and a 12 month high of $13.56. The firm has a market cap of $2.34 billion, a price-to-earnings ratio of 572.00 and a beta of 1.00. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11.

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.