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

AvidXchange Holdings, Inc. (NASDAQ:AVDX) was the target of a large increase in short interest during the month of January. As of January 15th, there was short interest totalling 5,100,000 shares, an increase of 10.4% from the December 31st total of 4,620,000 shares. Currently, 3.1% of the shares of the stock are short sold. Based on an average trading volume of 1,820,000 shares, the days-to-cover ratio is presently 2.8 days.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Compass Point upgraded shares of AvidXchange from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $8.00 to $15.00 in a research report on Thursday, November 7th. Wells Fargo & Company upped their price target on shares of AvidXchange from $9.00 to $10.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. BTIG Research started coverage on shares of AvidXchange in a research note on Wednesday, December 11th. They issued a “buy” rating and a $14.00 price objective for the company. KeyCorp upped their target price on AvidXchange from $12.00 to $13.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Finally, Bank of America decreased their price target on AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a research note on Tuesday, October 15th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, AvidXchange presently has an average rating of “Hold” and a consensus price target of $11.61.

Insiders Place Their Bets

In other AvidXchange news, Director James E. Hausman sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $11.25, for a total transaction of $281,250.00. Following the sale, the director now directly owns 2,112,232 shares in the company, valued at $23,762,610. This represents a 1.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Michael Praeger sold 42,377 shares of AvidXchange stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $11.40, for a total value of $483,097.80. Following the completion of the transaction, the chief executive officer now owns 10,381,033 shares of the company’s stock, valued at approximately $118,343,776.20. This trade represents a 0.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 80,693 shares of company stock valued at $916,683 in the last quarter. 10.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AvidXchange

A number of large investors have recently bought and sold shares of the business. Blue Trust Inc. increased its holdings in shares of AvidXchange by 90.1% in the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after acquiring an additional 1,278 shares during the period. Point72 DIFC Ltd purchased a new position in AvidXchange in the third quarter valued at about $37,000. Allspring Global Investments Holdings LLC bought a new position in AvidXchange in the third quarter worth about $38,000. R Squared Ltd bought a new position in AvidXchange in the fourth quarter worth about $41,000. Finally, CWM LLC lifted its position in shares of AvidXchange by 7,259.8% during the third quarter. CWM LLC now owns 6,771 shares of the company’s stock valued at $55,000 after buying an additional 6,679 shares during the last quarter. Institutional investors own 80.58% of the company’s stock.

AvidXchange Stock Down 0.6 %

NASDAQ AVDX traded down $0.06 during trading on Friday, reaching $10.60. 1,220,287 shares of the company’s stock traded hands, compared to its average volume of 1,502,752. AvidXchange has a 12-month low of $7.38 and a 12-month high of $13.56. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The firm has a market cap of $2.18 billion, a price-to-earnings ratio of 538.00 and a beta of 1.22. The company’s 50 day simple moving average is $10.68 and its two-hundred day simple moving average is $9.53.

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.