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

AvidXchange Holdings, Inc. (NASDAQ:AVDX) was the target of a significant decrease in short interest in December. As of December 15th, there was short interest totalling 4,620,000 shares, a decrease of 13.0% from the November 30th total of 5,310,000 shares. Based on an average daily trading volume, of 1,780,000 shares, the days-to-cover ratio is presently 2.6 days. Approximately 2.8% of the shares of the stock are sold short.

Insider Buying and Selling

In other AvidXchange news, Director James E. Hausman sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $11.25, for a total transaction of $281,250.00. Following the completion of the transaction, the director now directly owns 2,112,232 shares in the company, valued at $23,762,610. The trade was a 1.17 % 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. Also, Director Teresa Mackintosh sold 13,316 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $11.44, for a total value of $152,335.04. Following the completion of the sale, the director now directly owns 47,388 shares in the company, valued at approximately $542,118.72. This represents a 21.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 88,120 shares of company stock valued at $980,407 over the last 90 days. 10.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC lifted its position in shares of AvidXchange by 272.5% during the 3rd quarter. FMR LLC now owns 13,733,769 shares of the company’s stock valued at $111,381,000 after acquiring an additional 10,046,893 shares during the period. Jacobs Levy Equity Management Inc. bought a new position in shares of AvidXchange during the 3rd quarter worth about $25,339,000. 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 valued at $54,460,000 after buying an additional 1,586,510 shares during the period. Point72 Asset Management L.P. bought a new stake in AvidXchange in the 3rd quarter valued at about $7,920,000. Finally, Providence Capital Advisors LLC raised its stake in AvidXchange by 709.6% during the 3rd 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 during the period. 80.58% of the stock is owned by institutional investors and hedge funds.

AvidXchange Trading Up 0.4 %

NASDAQ AVDX traded up $0.04 during mid-day trading on Tuesday, reaching $10.26. 575,053 shares of the stock were exchanged, compared to its average volume of 2,000,679. The stock has a market cap of $2.11 billion, a P/E ratio of 525.50 and a beta of 1.20. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. AvidXchange has a one year low of $7.38 and a one year high of $13.56. The stock has a 50 day simple moving average of $10.30 and a 200-day simple moving average of $9.74.

Wall Street Analyst Weigh In

AVDX has been the subject of a number of research reports. The Goldman Sachs Group increased their target price on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “sell” rating in a report on Monday, December 2nd. UBS Group boosted their target price on shares of AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Barclays increased their price target on AvidXchange from $11.00 to $13.00 and gave the company an “overweight” rating in a research note on Monday, November 18th. Bank of America reduced their price objective on AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a research report on Tuesday, October 15th. Finally, KeyCorp increased their target price on AvidXchange from $12.00 to $13.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Two investment 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’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $11.68.

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.