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

AvidXchange Holdings, Inc. (NASDAQ:AVDX) was the recipient of a large increase in short interest during 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. Currently, 3.1% of the company’s stock are sold short. Based on an average daily trading volume, of 1,820,000 shares, the days-to-cover ratio is currently 2.8 days.

AvidXchange Price Performance

Shares of AvidXchange stock traded down $0.06 on Friday, reaching $10.60. The company’s stock had a trading volume of 1,220,287 shares, compared to its average volume of 1,502,752. AvidXchange has a 52-week low of $7.38 and a 52-week high of $13.56. The company has a market capitalization of $2.18 billion, a P/E ratio of 538.00 and a beta of 1.22. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The stock has a 50-day moving average price of $10.68 and a 200-day moving average price of $9.53.

Insider Buying and Selling

In other AvidXchange news, Director James E. Hausman sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $11.25, for a total transaction of $281,250.00. Following the transaction, the director now owns 2,112,232 shares in the company, valued at approximately $23,762,610. This represents a 1.17 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Michael Praeger sold 42,377 shares of AvidXchange stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $11.40, for a total transaction of $483,097.80. Following the sale, the chief executive officer now 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 disclosure for this sale can be found here. Insiders have sold a total of 80,693 shares of company stock worth $916,683 in the last ninety days. 10.40% of the stock is owned by insiders.

Hedge Funds Weigh In On AvidXchange

Large investors have recently added to or reduced their stakes in the stock. US Bancorp DE raised its position in shares of AvidXchange by 111,114.9% during the 3rd quarter. US Bancorp DE now owns 52,271 shares of the company’s stock worth $424,000 after purchasing an additional 52,224 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in shares of AvidXchange during the third quarter valued at approximately $25,339,000. Entropy Technologies LP purchased a new position in shares of AvidXchange in the third quarter valued at approximately $447,000. State of New Jersey Common Pension Fund D boosted its stake in shares of AvidXchange by 39.3% in the third quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company’s stock worth $2,011,000 after acquiring an additional 69,971 shares during the last quarter. Finally, Barclays PLC raised its stake in AvidXchange by 239.8% in the 3rd quarter. Barclays PLC now owns 285,768 shares of the company’s stock valued at $2,318,000 after purchasing an additional 201,679 shares during the last quarter. 80.58% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

AVDX has been the subject of several research analyst reports. Barclays raised their price objective on AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a research note on Monday, November 18th. Bank of America decreased their price objective on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a research note on Tuesday, October 15th. Keefe, Bruyette & Woods dropped their price objective on shares of AvidXchange from $12.00 to $11.00 and set a “market perform” rating on the stock in a report on Monday, January 6th. Piper Sandler boosted their target price on shares of AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Finally, The Goldman Sachs Group increased their price target on AvidXchange from $9.00 to $10.00 and gave the stock a “sell” rating in a research report on Monday, December 2nd. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $11.61.

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.