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

AvidXchange Holdings, Inc. (NASDAQ:AVDX) was the recipient of a significant drop in short interest during the month of December. As of December 15th, there was short interest totalling 4,620,000 shares, a drop 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 short-interest ratio is presently 2.6 days. Currently, 2.8% of the company’s shares are sold short.

Analysts Set New Price Targets

Several equities research analysts have commented on AVDX shares. BTIG Research began coverage on shares of AvidXchange in a research report on Wednesday, December 11th. They set a “buy” rating and a $14.00 price target on the stock. Compass Point upgraded AvidXchange from a “neutral” rating to a “buy” rating and upped their target price for the stock from $8.00 to $15.00 in a report on Thursday, November 7th. BMO Capital Markets raised their price target on AvidXchange from $10.00 to $11.00 and gave the company a “market perform” rating in a research note on Friday, November 8th. Barclays upped their price objective on AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a research note on Monday, November 18th. Finally, Wells Fargo & Company raised their target price 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. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $11.68.

AvidXchange Stock Performance

Shares of AVDX stock traded up $0.04 during midday trading on Tuesday, hitting $10.26. 575,053 shares of the company were exchanged, compared to its average volume of 2,000,679. AvidXchange has a 52 week low of $7.38 and a 52 week high of $13.56. The firm has a market capitalization of $2.11 billion, a P/E ratio of 525.50 and a beta of 1.20. The firm’s 50 day moving average price is $10.30 and its two-hundred day moving average price is $9.74. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32.

Insiders Place Their Bets

In other news, insider Ryan Stahl sold 7,427 shares of the company’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total transaction of $63,723.66. Following the completion of the transaction, the insider now directly owns 369,603 shares of the company’s stock, valued at $3,171,193.74. This represents a 1.97 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James E. Hausman sold 25,000 shares of AvidXchange stock in a transaction that occurred on 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 directly owns 2,112,232 shares in the company, valued at approximately $23,762,610. This represents a 1.17 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 88,120 shares of company stock worth $980,407. Insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

A number of institutional investors have recently made changes to their positions in the company. Point72 DIFC Ltd acquired a new stake in AvidXchange during the 3rd quarter worth approximately $37,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of AvidXchange during the third quarter worth $38,000. CWM LLC boosted its position in shares of AvidXchange by 7,259.8% in the third quarter. CWM LLC now owns 6,771 shares of the company’s stock valued at $55,000 after acquiring an additional 6,679 shares during the period. nVerses Capital LLC acquired a new position in shares of AvidXchange in the second quarter valued at about $66,000. Finally, Y Intercept Hong Kong Ltd bought a new position in AvidXchange during the third quarter worth about $86,000. Institutional investors own 80.58% of the company’s stock.

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.