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

AvidXchange Holdings, Inc. (NASDAQ:AVDX) saw 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. Currently, 2.8% of the shares of the stock are sold short. Based on an average daily volume of 1,780,000 shares, the short-interest ratio is presently 2.6 days.

Insider Activity

In other news, insider Ryan Stahl sold 7,427 shares of the firm’s stock in a transaction on Wednesday, October 16th. The stock was 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 directly owns 369,603 shares in the company, valued at approximately $3,171,193.74. This trade represents a 1.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Michael Praeger sold 42,377 shares of the company’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $11.40, for a total transaction of $483,097.80. Following the transaction, the chief executive officer now owns 10,381,033 shares in the company, valued at approximately $118,343,776.20. This trade represents a 0.41 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 88,120 shares of company stock worth $980,407. Company insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of AVDX. Geode Capital Management LLC raised its position in AvidXchange by 5.0% during the third quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company’s stock valued at $34,607,000 after purchasing an additional 201,847 shares in the last quarter. Barclays PLC lifted its position in shares of AvidXchange by 239.8% during the 3rd quarter. Barclays PLC now owns 285,768 shares of the company’s stock worth $2,318,000 after buying an additional 201,679 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in AvidXchange in the third quarter valued at about $86,000. State Street Corp grew its position in AvidXchange by 1.5% in the third quarter. State Street Corp now owns 3,763,694 shares of the company’s stock valued at $30,524,000 after acquiring an additional 54,403 shares during the last quarter. Finally, Point72 DIFC Ltd acquired a new position in AvidXchange during the third quarter worth about $37,000. Institutional investors own 80.58% of the company’s stock.

AvidXchange Price Performance

Shares of NASDAQ AVDX traded down $0.14 during midday trading 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. 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 $2.13 billion, a P/E ratio of 517.50 and a beta of 1.20. The business’s 50 day moving average price is $10.27 and its two-hundred day moving average price is $9.75. AvidXchange has a fifty-two week low of $7.38 and a fifty-two week high of $13.56.

Analyst Upgrades and Downgrades

AVDX has been the topic of a number of research reports. UBS Group upped their target price on shares of AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. KeyCorp increased their price objective on AvidXchange from $12.00 to $13.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Barclays lifted their target price on AvidXchange from $11.00 to $13.00 and gave the company an “overweight” rating in a research note on Monday, November 18th. BTIG Research started coverage on AvidXchange in a research note on Wednesday, December 11th. They set a “buy” rating and a $14.00 price target on the stock. Finally, Bank of America dropped their price objective on AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a report on Tuesday, October 15th. Two research 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. According to data from MarketBeat.com, AvidXchange presently has an average rating of “Hold” and a consensus price target of $11.68.

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.