AvidXchange Holdings, Inc. (NASDAQ:AVDX) Sees Large Increase in Short Interest

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

Insider Activity

In other AvidXchange news, CEO Michael Praeger sold 42,377 shares of the stock in a transaction dated Monday, December 2nd. The shares were 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 of the company’s stock, valued at approximately $118,343,776.20. This represents a 0.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director James E. Hausman sold 25,000 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $11.25, for a total value of $281,250.00. Following the completion of the sale, the director now owns 2,112,232 shares of the company’s stock, valued at approximately $23,762,610. This trade represents a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 80,693 shares of company stock valued at $916,683 in the last ninety days. Insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On AvidXchange

Several hedge funds have recently added to or reduced their stakes in the stock. FMR LLC grew its position in shares of AvidXchange by 272.5% in the 3rd quarter. FMR LLC now owns 13,733,769 shares of the company’s stock valued at $111,381,000 after buying an additional 10,046,893 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of AvidXchange by 5.0% during the third quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company’s stock worth $34,607,000 after purchasing an additional 201,847 shares during the last quarter. State Street Corp increased its position in shares of AvidXchange by 1.5% during the third quarter. State Street Corp now owns 3,763,694 shares of the company’s stock worth $30,524,000 after purchasing an additional 54,403 shares in the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in shares of AvidXchange in the 3rd quarter valued at about $25,339,000. Finally, Rockefeller Capital Management L.P. boosted its position in shares of AvidXchange by 30.4% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 2,314,653 shares of the company’s stock valued at $18,779,000 after purchasing an additional 538,956 shares during the period. 80.58% of the stock is currently owned by hedge funds and other institutional investors.

AvidXchange Stock Up 1.2 %

Shares of AVDX traded up $0.13 during mid-day trading on Monday, reaching $10.73. The company’s stock had a trading volume of 827,696 shares, compared to its average volume of 1,564,841. The company’s 50 day moving average is $10.68 and its 200 day moving average is $9.48. The stock has a market cap of $2.21 billion, a PE ratio of 530.00 and a beta of 1.22. 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.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Wells Fargo & Company upped their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the company an “equal weight” rating in a research note on Thursday, November 7th. KeyCorp boosted 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. The Goldman Sachs Group lifted their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the company a “sell” rating in a report on Monday, December 2nd. Bank of America reduced their target price on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a report on Tuesday, October 15th. Finally, BTIG Research initiated coverage on shares of AvidXchange in a research note on Wednesday, December 11th. They issued a “buy” rating and a $14.00 price target for the company. Two analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock currently 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.