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

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

Insider Activity

In other news, CEO Michael Praeger sold 42,377 shares of the firm’s 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 sale, the chief executive officer now directly owns 10,381,033 shares of the company’s stock, valued at $118,343,776.20. This trade represents a 0.41 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Teresa Mackintosh sold 13,316 shares of the company’s 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 transaction, the director now directly owns 47,388 shares in the company, valued at $542,118.72. This represents a 21.94 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 80,693 shares of company stock valued at $916,683. Company insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

Several hedge funds have recently modified their holdings of the stock. FMR LLC lifted its position in shares of AvidXchange by 272.5% during the third quarter. FMR LLC now owns 13,733,769 shares of the company’s stock worth $111,381,000 after purchasing an additional 10,046,893 shares in the last quarter. Jacobs Levy Equity Management Inc. purchased a new position in AvidXchange in the 3rd quarter valued at about $25,339,000. Point72 Asset Management L.P. acquired a new stake in AvidXchange during the 3rd quarter valued at approximately $7,920,000. Jennison Associates LLC boosted its stake in shares of AvidXchange by 50.9% during the 4th quarter. Jennison Associates LLC now owns 2,176,525 shares of the company’s stock valued at $22,505,000 after buying an additional 733,860 shares during the last quarter. Finally, Providence Capital Advisors LLC grew its position in shares of AvidXchange by 709.6% during the third quarter. Providence Capital Advisors LLC now owns 649,565 shares of the company’s stock worth $5,268,000 after buying an additional 569,328 shares in the last quarter. 80.58% of the stock is currently owned by hedge funds and other institutional investors.

AvidXchange Trading Up 1.2 %

AvidXchange stock traded up $0.13 during midday trading on Monday, reaching $10.73. The stock had a trading volume of 827,696 shares, compared to its average volume of 1,564,841. The stock has a market capitalization of $2.21 billion, a PE ratio of 530.00 and a beta of 1.22. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. The stock’s 50-day simple moving average is $10.68 and its 200 day simple moving average is $9.48. AvidXchange has a twelve month low of $7.38 and a twelve month high of $13.56.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. 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. Compass Point upgraded shares of AvidXchange from a “neutral” rating to a “buy” rating and lifted their price target for the company from $8.00 to $15.00 in a research report on Thursday, November 7th. Barclays upped their price target on AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. KeyCorp boosted their target price on AvidXchange from $12.00 to $13.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Finally, BMO Capital Markets upped their target price on AvidXchange from $10.00 to $11.00 and gave the company a “market perform” rating in a report on Friday, November 8th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $11.61.

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.