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

AvidXchange Holdings, Inc. (NASDAQ:AVDX) was the recipient of a significant decline in short interest during the month of January. As of January 31st, there was short interest totalling 4,180,000 shares, a decline of 17.1% from the January 15th total of 5,040,000 shares. Currently, 2.6% of the shares of the company are short sold. Based on an average trading volume of 1,630,000 shares, the days-to-cover ratio is currently 2.6 days.

AvidXchange Trading Up 0.1 %

Shares of AVDX opened at $10.05 on Monday. The firm’s 50-day moving average price is $10.46 and its 200-day moving average price is $9.35. The firm has a market capitalization of $2.07 billion, a price-to-earnings ratio of 534.50 and a beta of 1.22. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange has a 1-year low of $7.38 and a 1-year high of $13.56.

Insider Buying and Selling at AvidXchange

In related news, Director Teresa Mackintosh sold 13,316 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $11.44, for a total transaction of $152,335.04. Following the sale, the director now directly owns 47,388 shares in the company, valued at approximately $542,118.72. This represents a 21.94 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, 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 sale, the director now owns 2,112,232 shares in the company, valued at $23,762,610. The trade was a 1.17 % 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 over the last three months. 10.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On AvidXchange

Hedge funds have recently bought and sold shares of the business. Blue Trust Inc. boosted its stake in AvidXchange by 90.1% during the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock worth $28,000 after acquiring an additional 1,278 shares in the last quarter. R Squared Ltd bought a new stake in AvidXchange during the fourth quarter worth about $41,000. Point72 DIFC Ltd bought a new stake in AvidXchange during the third quarter worth about $37,000. Allspring Global Investments Holdings LLC bought a new stake in AvidXchange during the third quarter worth about $38,000. Finally, Quarry LP raised its holdings in AvidXchange by 126.6% in the fourth quarter. Quarry LP now owns 5,518 shares of the company’s stock worth $57,000 after buying an additional 3,083 shares during the last quarter. Institutional investors own 80.58% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on AVDX shares. Barclays upped their price target on shares of AvidXchange from $11.00 to $13.00 and gave the company an “overweight” rating in a research note on Monday, November 18th. UBS Group raised their price objective on shares of AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Keefe, Bruyette & Woods lowered their price objective on shares of AvidXchange from $12.00 to $11.00 and set a “market perform” rating on the stock in a research report on Monday, January 6th. BTIG Research assumed coverage on shares of AvidXchange in a research report on Wednesday, December 11th. They set a “buy” rating and a $14.00 price objective on the stock. Finally, The Goldman Sachs Group lifted their target price on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “sell” rating in a research report on Monday, December 2nd. 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.com, the company presently has an average 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.