AvidXchange Holdings, Inc. (NASDAQ:AVDX) Short Interest Update

AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report) was the target of a significant increase in short interest in the month of January. As of January 15th, there was short interest totalling 5,100,000 shares, an increase of 10.4% from the December 31st total of 4,620,000 shares. Based on an average daily trading volume, of 1,820,000 shares, the short-interest ratio is currently 2.8 days. Currently, 3.1% of the company's shares are short sold.

Insider Transactions at AvidXchange

In related news, Director James E. Hausman sold 25,000 shares of AvidXchange stock in a transaction on Monday, December 9th. The stock was sold at an average price of $11.25, for a total value of $281,250.00. Following the completion of the transaction, the director now directly owns 2,112,232 shares in the company, valued at approximately $23,762,610. This trade represents a 1.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Michael Praeger sold 42,377 shares of AvidXchange stock in a transaction 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. This trade represents a 0.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 80,693 shares of company stock worth $916,683 over the last ninety days. Company insiders own 10.40% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. US Bancorp DE grew its position in AvidXchange by 11.6% during the 4th quarter. US Bancorp DE now owns 58,350 shares of the company's stock worth $603,000 after purchasing an additional 6,079 shares in the last quarter. Y Intercept Hong Kong Ltd grew its holdings in shares of AvidXchange by 610.5% during the fourth quarter. Y Intercept Hong Kong Ltd now owns 75,010 shares of the company's stock valued at $776,000 after buying an additional 64,452 shares in the last quarter. Olympiad Research LP acquired a new position in AvidXchange during the fourth quarter valued at $340,000. New York State Common Retirement Fund grew its position in AvidXchange by 26.8% during the fourth quarter. New York State Common Retirement Fund now owns 53,873 shares of the company's stock valued at $557,000 after purchasing an additional 11,400 shares in the last quarter. Finally, Rhumbline Advisers increased its stake in AvidXchange by 1.0% in the 4th quarter. Rhumbline Advisers now owns 234,738 shares of the company's stock valued at $2,427,000 after buying an additional 2,391 shares during the period. 80.58% of the stock is owned by hedge funds and other institutional investors.

AvidXchange Trading Up 1.6 %

AVDX traded up $0.18 during trading on Wednesday, reaching $10.81. The company had a trading volume of 660,973 shares, compared to its average volume of 1,523,671. The firm's 50-day simple moving average is $10.65 and its 200 day simple moving average is $9.46. 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 $2.22 billion, a price-to-earnings ratio of 530.00 and a beta of 1.22. AvidXchange has a 12-month low of $7.38 and a 12-month high of $13.56.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on AVDX shares. KeyCorp upped their target price on AvidXchange from $12.00 to $13.00 and gave the company an "overweight" rating in a research note on Thursday, December 5th. Compass Point upgraded 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. UBS Group upped their price objective on AvidXchange from $10.00 to $10.50 and gave the stock a "neutral" rating in a report on Thursday, November 7th. Barclays increased their price target on AvidXchange from $11.00 to $13.00 and gave the company an "overweight" rating in a report on Monday, November 18th. Finally, Piper Sandler increased their target price on AvidXchange from $9.00 to $10.00 and gave the company a "neutral" 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 issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $11.61.

About AvidXchange

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.