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

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

AvidXchange Price Performance

Shares of AvidXchange stock traded down $0.30 on Friday, reaching $10.44. 1,833,922 shares of the stock were exchanged, compared to its average volume of 2,079,049. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.36 and a current ratio of 1.32. The firm has a market cap of $2.15 billion, a PE ratio of 537.00 and a beta of 1.00. The firm's 50 day moving average is $8.44 and its 200-day moving average is $9.79. AvidXchange has a one year low of $7.38 and a one year high of $13.56.

Wall Street Analyst Weigh In

AVDX has been the subject of a number of research analyst reports. Robert W. Baird reduced their price objective on AvidXchange from $16.00 to $14.00 and set an "outperform" rating for the company in a report on Thursday, August 1st. Compass Point upgraded AvidXchange from a "neutral" rating to a "buy" rating and boosted their price target for the company from $8.00 to $15.00 in a research note on Thursday, November 7th. JPMorgan Chase & Co. lowered AvidXchange from an "overweight" rating to a "neutral" rating and decreased their price objective for the company from $11.00 to $9.00 in a report on Tuesday, August 20th. Keefe, Bruyette & Woods lifted their target price on AvidXchange from $9.00 to $10.00 and gave the stock a "market perform" rating in a report on Thursday, November 7th. Finally, The Goldman Sachs Group upped their price target on shares of AvidXchange from $7.00 to $9.00 and gave the company a "sell" rating in a research note on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, AvidXchange currently has an average rating of "Hold" and a consensus price target of $11.18.

Insider Activity at AvidXchange

In other news, President Daniel Drees sold 20,069 shares of the stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total value of $160,150.62. Following the transaction, the president now directly owns 753,644 shares of the company's stock, valued at $6,014,079.12. This represents a 2.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Joel Wilhite sold 47,308 shares of AvidXchange stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $8.10, for a total transaction of $383,194.80. Following the sale, the insider now directly owns 413,687 shares of the company's stock, valued at $3,350,864.70. The trade was a 10.26 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 166,386 shares of company stock worth $1,343,044. Insiders own 10.40% of the company's stock.

Institutional Investors Weigh In On AvidXchange

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Advisors Asset Management Inc. lifted its position in shares of AvidXchange by 96.3% during the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company's stock worth $57,000 after buying an additional 2,114 shares during the last quarter. Point72 DIFC Ltd bought a new stake in shares of AvidXchange during the third quarter worth $37,000. Allspring Global Investments Holdings LLC bought a new stake in shares of AvidXchange during the third quarter worth $38,000. nVerses Capital LLC acquired a new position in shares of AvidXchange during the second quarter worth $66,000. Finally, CWM LLC lifted its stake in shares of AvidXchange by 7,259.8% in the 3rd 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 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.