Short Interest in AvidXchange Holdings, Inc. (NASDAQ:AVDX) Increases By 10.4%

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

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. BMO Capital Markets boosted their target price on shares of AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a research report on Friday, November 8th. Keefe, Bruyette & Woods decreased their target price on AvidXchange from $12.00 to $11.00 and set a “market perform” rating for the company in a research note on Monday, January 6th. Piper Sandler raised their target price on AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Compass Point upgraded AvidXchange from a “neutral” rating to a “buy” rating and upped their price target for the stock from $8.00 to $15.00 in a report on Thursday, November 7th. Finally, Wells Fargo & Company increased their price objective on AvidXchange from $9.00 to $10.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $11.61.

AvidXchange Price Performance

NASDAQ AVDX traded up $0.13 during trading on Friday, reaching $10.38. 1,131,483 shares of the company traded hands, compared to its average volume of 1,353,849. AvidXchange has a 1-year low of $7.38 and a 1-year high of $13.56. The company has a market cap of $2.14 billion, a price-to-earnings ratio of 481.50 and a beta of 1.22. The stock’s 50 day moving average price is $10.71 and its two-hundred day moving average price is $9.63. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32.

Insider Activity at AvidXchange

In related news, Director James E. Hausman sold 25,000 shares of the firm’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 completion of the sale, 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 can be accessed through the SEC website. Also, CEO Michael Praeger sold 42,377 shares of the company’s 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 completion of the transaction, the chief executive officer now directly owns 10,381,033 shares in the company, valued at $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. In the last 90 days, insiders sold 80,693 shares of company stock worth $916,683. 10.40% of the stock is owned by corporate insiders.

Institutional Trading of AvidXchange

Several institutional investors have recently bought and sold shares of the stock. Envestnet Asset Management Inc. grew its position in AvidXchange by 3.2% during the 2nd quarter. Envestnet Asset Management Inc. now owns 310,999 shares of the company’s stock worth $3,751,000 after acquiring an additional 9,585 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of AvidXchange by 2.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 1,821,585 shares of the company’s stock worth $21,968,000 after purchasing an additional 46,791 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of AvidXchange by 5.6% in the second quarter. Dimensional Fund Advisors LP now owns 4,317,134 shares of the company’s stock valued at $52,062,000 after buying an additional 230,777 shares in the last quarter. Edgestream Partners L.P. raised its holdings in shares of AvidXchange by 457.5% in the second quarter. Edgestream Partners L.P. now owns 92,515 shares of the company’s stock valued at $1,116,000 after buying an additional 75,921 shares during the last quarter. Finally, King Luther Capital Management Corp lifted its position in AvidXchange by 1.7% during the 2nd quarter. King Luther Capital Management Corp now owns 701,903 shares of the company’s stock worth $8,465,000 after buying an additional 12,025 shares in the last quarter. Institutional investors and hedge funds own 80.58% of the company’s stock.

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.