AvidXchange Holdings, Inc. (NASDAQ:AVDX) Sees Significant Growth in Short Interest

AvidXchange Holdings, Inc. (NASDAQ:AVDX) was the target 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. Currently, 3.1% of the shares of the company are sold short. Based on an average daily trading volume, of 1,820,000 shares, the short-interest ratio is presently 2.8 days.

Analysts Set New Price Targets

AVDX has been the topic of several recent analyst reports. BMO Capital Markets boosted their target price on AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a research report on Friday, November 8th. Wells Fargo & Company increased their price objective on AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Barclays boosted their target price on shares of AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. Keefe, Bruyette & Woods cut their price target on shares of AvidXchange from $12.00 to $11.00 and set a “market perform” rating for the company in a report on Monday, January 6th. Finally, The Goldman Sachs Group raised their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the company a “sell” rating in a research note on Monday, December 2nd. Two research analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $11.61.

Insider Transactions at AvidXchange

In other news, Director Teresa Mackintosh sold 13,316 shares of AvidXchange stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $11.44, for a total value of $152,335.04. Following the sale, the director now owns 47,388 shares of the company’s stock, valued at $542,118.72. The trade was a 21.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael Praeger sold 42,377 shares of the stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $11.40, for a total transaction of $483,097.80. Following the transaction, the chief executive officer now directly owns 10,381,033 shares of the company’s stock, valued at $118,343,776.20. This represents a 0.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 80,693 shares of company stock worth $916,683. Company insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On AvidXchange

Hedge funds have recently bought and sold shares of the stock. Captrust Financial Advisors boosted its stake in shares of AvidXchange by 9.2% during the third quarter. Captrust Financial Advisors now owns 17,350 shares of the company’s stock valued at $141,000 after acquiring an additional 1,465 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of AvidXchange by 29.6% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company’s stock worth $107,000 after purchasing an additional 3,019 shares during the last quarter. Point72 DIFC Ltd purchased a new stake in shares of AvidXchange during the third quarter worth about $37,000. Allspring Global Investments Holdings LLC acquired a new position in shares of AvidXchange in the third quarter valued at approximately $38,000. Finally, Sei Investments Co. lifted its stake in shares of AvidXchange by 7.2% during the second quarter. Sei Investments Co. now owns 72,153 shares of the company’s stock valued at $870,000 after buying an additional 4,866 shares during the period. Hedge funds and other institutional investors own 80.58% of the company’s stock.

AvidXchange Price Performance

Shares of AVDX traded up $0.13 during mid-day trading on Friday, reaching $10.38. 1,131,483 shares of the company’s stock were exchanged, compared to its average volume of 1,353,849. AvidXchange has a 52-week low of $7.38 and a 52-week high of $13.56. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The company has a 50-day simple moving average of $10.71 and a two-hundred day simple moving average of $9.64. The company has a market cap of $2.14 billion, a price-to-earnings ratio of 481.50 and a beta of 1.22.

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.