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

AvidXchange Holdings, Inc. (NASDAQ:AVDX) was the target of a significant decrease in short interest in October. As of October 31st, there was short interest totalling 4,530,000 shares, a decrease of 13.5% from the October 15th total of 5,240,000 shares. Approximately 2.8% of the shares of the company are short sold. Based on an average daily volume of 1,990,000 shares, the days-to-cover ratio is currently 2.3 days.

Wall Street Analysts Forecast Growth

AVDX has been the topic of several recent analyst reports. JPMorgan Chase & Co. lowered AvidXchange from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $11.00 to $9.00 in a research note on Tuesday, August 20th. Robert W. Baird reduced their target price on shares of AvidXchange from $16.00 to $14.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. BMO Capital Markets increased their target price on shares of 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 boosted their price target on shares of AvidXchange from $9.00 to $10.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. Finally, Barclays decreased their price objective on shares of AvidXchange from $14.00 to $10.00 and set an “overweight” rating on the stock in a research note on Monday, August 5th. Two research 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 MarketBeat, the company has an average rating of “Hold” and a consensus target price of $11.18.

AvidXchange Trading Down 2.8 %

AVDX stock traded down $0.30 during midday trading on Friday, reaching $10.44. The stock had a trading volume of 1,833,922 shares, compared to its average volume of 2,320,960. The firm has a market cap of $2.15 billion, a price-to-earnings ratio of 522.00 and a beta of 1.00. AvidXchange has a twelve month low of $7.38 and a twelve month high of $13.56. The company has a quick ratio of 1.36, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The business has a fifty day simple moving average of $8.44 and a two-hundred day simple moving average of $9.77.

Insider Activity at AvidXchange

In related news, insider Ryan Stahl sold 7,427 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total value of $63,723.66. Following the sale, the insider now owns 369,603 shares of the company’s stock, valued at $3,171,193.74. The trade was a 1.97 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Joel Wilhite sold 18,028 shares of the stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total transaction of $143,863.44. Following the completion of the transaction, the insider now directly owns 419,636 shares of the company’s stock, valued at $3,348,695.28. This trade represents a 4.12 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 166,386 shares of company stock worth $1,343,044. 10.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AvidXchange

Several institutional investors have recently modified their holdings of the business. FMR LLC boosted its stake in AvidXchange by 272.5% in the third 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 last quarter. American Century Companies Inc. boosted its position 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 worth $54,460,000 after purchasing an additional 1,586,510 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of AvidXchange by 5.6% during the second quarter. Dimensional Fund Advisors LP now owns 4,317,134 shares of the company’s stock worth $52,062,000 after purchasing an additional 230,777 shares during the period. Geode Capital Management LLC grew its stake 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 period. Finally, State Street Corp increased its holdings in AvidXchange by 1.5% in the third quarter. State Street Corp now owns 3,763,694 shares of the company’s stock valued at $30,524,000 after purchasing an additional 54,403 shares during the last quarter. Institutional investors and hedge funds own 80.58% of the company’s stock.

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.