Short Interest in AvidXchange Holdings, Inc. (NASDAQ:AVDX) Increases By 14.6%

AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report) was the target of a large growth in short interest in the month of November. As of November 15th, there was short interest totalling 5,190,000 shares, a growth of 14.6% from the October 31st total of 4,530,000 shares. Approximately 3.2% of the company's shares are short sold. Based on an average daily volume of 1,990,000 shares, the short-interest ratio is currently 2.6 days.

AvidXchange Stock Performance

AVDX stock remained flat at $11.44 during midday trading on Friday. The company had a trading volume of 680,229 shares, compared to its average volume of 2,066,304. The stock has a market capitalization of $2.35 billion, a P/E ratio of 572.00 and a beta of 1.00. The business has a 50 day simple moving average of $9.11 and a 200-day simple moving average of $9.73. AvidXchange has a fifty-two week low of $7.38 and a fifty-two week high of $13.56. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32.

Analysts Set New Price Targets

AVDX has been the topic of several research analyst reports. UBS Group boosted their price target on shares of AvidXchange from $10.00 to $10.50 and gave the company a "neutral" rating in a research report on Thursday, November 7th. 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 target price on AvidXchange from $10.00 to $11.00 and gave the company a "market perform" rating in a research note on Friday, November 8th. Wells Fargo & Company increased their price objective on AvidXchange from $9.00 to $10.00 and gave the stock an "equal weight" rating in a report on Thursday, November 7th. Finally, Keefe, Bruyette & Woods upped their target price on shares of AvidXchange from $9.00 to $10.00 and gave the stock a "market perform" rating in a research report on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, AvidXchange presently has a consensus rating of "Hold" and a consensus target price of $11.39.

Insiders Place Their Bets

In related news, insider Ryan Stahl sold 7,621 shares of the firm's stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $8.13, for a total value of $61,958.73. Following the completion of the sale, the insider now owns 377,030 shares of the company's stock, valued at $3,065,253.90. This trade represents a 1.98 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold 17,697 shares of company stock valued at $146,265 in the last ninety days. Company insiders own 10.40% of the company's stock.

Institutional Trading of AvidXchange

Large investors have recently made changes to their positions in the stock. SG Americas Securities LLC boosted its holdings in shares of AvidXchange by 2.9% in the second quarter. SG Americas Securities LLC now owns 29,813 shares of the company's stock worth $360,000 after buying an additional 835 shares during the last quarter. Captrust Financial Advisors increased its stake in shares of AvidXchange by 9.2% in the 3rd quarter. Captrust Financial Advisors now owns 17,350 shares of the company's stock worth $141,000 after purchasing an additional 1,465 shares in the last quarter. California State Teachers Retirement System lifted its position in AvidXchange by 1.0% during the first quarter. California State Teachers Retirement System now owns 161,292 shares of the company's stock valued at $2,121,000 after purchasing an additional 1,656 shares in the last quarter. Advisors Asset Management Inc. grew its holdings in AvidXchange by 96.3% during the first quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company's stock valued at $57,000 after purchasing an additional 2,114 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in AvidXchange by 29.6% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company's stock worth $107,000 after acquiring an additional 3,019 shares in the last quarter. 80.58% of the stock is currently owned by institutional investors.

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.