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

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

AvidXchange Stock Up 1.3 %

AVDX traded up $0.13 on Friday, reaching $10.38. The company’s stock had a trading volume of 1,131,483 shares, compared to its average volume of 1,353,849. AvidXchange has a 1 year low of $7.38 and a 1 year high of $13.56. The business’s 50 day moving average is $10.71 and its 200 day moving average is $9.64. 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 stock has a market cap of $2.14 billion, a price-to-earnings ratio of 481.50 and a beta of 1.22.

Insider Buying and Selling

In other news, CEO Michael Praeger sold 42,377 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $11.40, for a total transaction of $483,097.80. Following the completion of the sale, the chief executive officer now directly owns 10,381,033 shares in the company, valued at $118,343,776.20. This represents a 0.41 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Teresa Mackintosh sold 13,316 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $11.44, for a total value of $152,335.04. Following the completion of the transaction, the director now directly owns 47,388 shares in the company, valued at $542,118.72. This trade represents a 21.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 80,693 shares of company stock worth $916,683. 10.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On AvidXchange

Several institutional investors and hedge funds have recently made changes to their positions in the business. Point72 DIFC Ltd bought a new stake in shares of AvidXchange in the third quarter worth $37,000. Allspring Global Investments Holdings LLC bought a new stake in shares of AvidXchange in the 3rd quarter worth about $38,000. CWM LLC raised its stake in shares of AvidXchange by 7,259.8% in the 3rd quarter. CWM LLC now owns 6,771 shares of the company’s stock valued at $55,000 after purchasing an additional 6,679 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of AvidXchange during the third quarter worth about $86,000. Finally, Xponance Inc. acquired a new position in AvidXchange in the second quarter worth about $133,000. 80.58% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on AVDX. Barclays raised their price objective on AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. Piper Sandler lifted their price target on shares of AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. KeyCorp increased their price objective on shares of AvidXchange from $12.00 to $13.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. BTIG Research began coverage on shares of AvidXchange in a report on Wednesday, December 11th. They set a “buy” rating and a $14.00 target price on the stock. Finally, The Goldman Sachs Group increased their price target on AvidXchange from $9.00 to $10.00 and gave the company a “sell” rating in a report on Monday, December 2nd. Two analysts have rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $11.61.

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.