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

AvidXchange logo with Computer and Technology background

AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report) saw a large decline in short interest during the month of January. As of January 31st, there was short interest totalling 4,180,000 shares, a decline of 17.1% from the January 15th total of 5,040,000 shares. Based on an average daily volume of 1,630,000 shares, the days-to-cover ratio is presently 2.6 days. Currently, 2.6% of the company's stock are sold short.

AvidXchange Price Performance

Shares of NASDAQ AVDX traded down $0.19 during midday trading on Wednesday, reaching $9.77. The company's stock had a trading volume of 1,232,479 shares, compared to its average volume of 1,425,334. The business's 50 day moving average price is $10.41 and its two-hundred day moving average price is $9.38. 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. The company has a market cap of $2.01 billion, a P/E ratio of 502.50 and a beta of 1.22.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Keefe, Bruyette & Woods reduced their price target on shares of AvidXchange from $12.00 to $11.00 and set a "market perform" rating for the company in a report on Monday, January 6th. Barclays lifted their price target on shares of AvidXchange from $11.00 to $13.00 and gave the stock an "overweight" rating in a research report on Monday, November 18th. KeyCorp lifted their price target on AvidXchange from $12.00 to $13.00 and gave the company an "overweight" rating in a report on Thursday, December 5th. BMO Capital Markets upped their target price on AvidXchange from $10.00 to $11.00 and gave the stock a "market perform" rating in a research report on Friday, November 8th. Finally, Compass Point raised shares of AvidXchange from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $8.00 to $15.00 in a report on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $11.61.

View Our Latest Research Report on AVDX

Insiders Place Their Bets

In other news, Director Teresa Mackintosh sold 13,316 shares of AvidXchange stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $11.44, for a total value of $152,335.04. Following the completion of the transaction, the director now directly owns 47,388 shares of the company's stock, valued at approximately $542,118.72. The trade was a 21.94 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Michael Praeger sold 42,377 shares of AvidXchange stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $11.40, for a total value of $483,097.80. Following the completion of the transaction, the chief executive officer now owns 10,381,033 shares of the company's stock, valued at approximately $118,343,776.20. The trade was a 0.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 80,693 shares of company stock worth $916,683 in the last three months. 10.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in AVDX. Neo Ivy Capital Management acquired a new position in AvidXchange in the 4th quarter valued at approximately $2,393,000. PharVision Advisers LLC acquired a new position in shares of AvidXchange in the fourth quarter worth approximately $230,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of AvidXchange by 10.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 465,690 shares of the company's stock valued at $4,815,000 after purchasing an additional 42,993 shares during the last quarter. Vident Advisory LLC bought a new position in shares of AvidXchange in the 4th quarter worth about $255,000. Finally, Tremblant Capital Group boosted its stake in AvidXchange by 2.3% during the fourth quarter. Tremblant Capital Group now owns 3,231,149 shares of the company's stock worth $33,410,000 after acquiring an additional 73,802 shares in the last quarter. Institutional investors own 80.58% of the company's stock.

AvidXchange Company Profile

(Get Free Report)

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.

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