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

AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report) was the recipient of a large decrease in short interest in the month of 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 trading volume of 1,780,000 shares, the days-to-cover ratio is currently 2.6 days. Approximately 2.8% of the company's shares are sold short.

Insider Buying and Selling at AvidXchange

In related news, CEO Michael Praeger sold 42,377 shares of AvidXchange stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $11.40, for a total value of $483,097.80. Following the transaction, the chief executive officer now directly owns 10,381,033 shares of the company's stock, valued at $118,343,776.20. The trade was a 0.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ryan Stahl sold 7,427 shares of the company's stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total value of $63,723.66. Following the completion of the sale, the insider now owns 369,603 shares in the company, valued at $3,171,193.74. The trade was a 1.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 88,120 shares of company stock worth $980,407. 10.40% of the stock is currently owned by company insiders.

Institutional Trading of AvidXchange

Several institutional investors and hedge funds have recently modified their holdings of AVDX. Point72 DIFC Ltd purchased a new stake in shares of AvidXchange in the third quarter valued at about $37,000. Allspring Global Investments Holdings LLC purchased a new stake in AvidXchange in the 3rd quarter valued at about $38,000. nVerses Capital LLC bought a new position in shares of AvidXchange during the 2nd quarter worth approximately $66,000. CWM LLC grew its stake in shares of AvidXchange by 7,259.8% during the 3rd quarter. CWM LLC now owns 6,771 shares of the company's stock worth $55,000 after acquiring an additional 6,679 shares during the period. Finally, Y Intercept Hong Kong Ltd purchased a new stake in AvidXchange in the 3rd quarter worth about $86,000. 80.58% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on AVDX shares. BMO Capital Markets upped their price objective on shares of 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 target on shares of AvidXchange from $11.00 to $13.00 and gave the company an "overweight" rating in a research report on Monday, November 18th. Keefe, Bruyette & Woods increased their price target on AvidXchange from $10.00 to $12.00 and gave the stock a "market perform" rating in a report on Monday, December 9th. Wells Fargo & Company boosted their price target on AvidXchange from $9.00 to $10.00 and gave the company an "equal weight" rating in a research note on Thursday, November 7th. Finally, Compass Point upgraded shares of AvidXchange from a "neutral" rating to a "buy" rating and boosted their target price for the company from $8.00 to $15.00 in a research report on Thursday, November 7th. Two 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. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $11.68.

AvidXchange Stock Down 1.3 %

Shares of AVDX traded down $0.14 on Friday, reaching $10.37. The company's stock had a trading volume of 587,311 shares, compared to its average volume of 2,010,052. AvidXchange has a twelve month low of $7.38 and a twelve month high of $13.56. The stock has a market capitalization of $2.13 billion, a PE ratio of 517.50 and a beta of 1.20. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The firm has a fifty day moving average of $10.27 and a 200-day moving average of $9.74.

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.