AvidXchange Holdings, Inc. (NASDAQ:AVDX) Short Interest Down 13.0% in December

AvidXchange Holdings, Inc. (NASDAQ:AVDX) saw a significant 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. Based on an average trading volume of 1,780,000 shares, the days-to-cover ratio is currently 2.6 days. Currently, 2.8% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. BTIG Research assumed coverage on AvidXchange in a report on Wednesday, December 11th. They issued a “buy” rating and a $14.00 price objective on the stock. Barclays increased their target price on shares of AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. The Goldman Sachs Group increased their price objective on AvidXchange from $9.00 to $10.00 and gave the company a “sell” rating in a report on Monday, December 2nd. BMO Capital Markets raised their price target on AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a research note on Friday, November 8th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of AvidXchange from $10.00 to $12.00 and gave the company a “market perform” rating in a report on Monday, December 9th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, AvidXchange presently has a consensus rating of “Hold” and an average price target of $11.68.

Insider Buying and Selling at AvidXchange

In related news, insider Ryan Stahl sold 7,427 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total value of $63,723.66. Following the transaction, the insider now owns 369,603 shares of the company’s stock, valued at $3,171,193.74. This trade represents a 1.97 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Teresa Mackintosh sold 13,316 shares of AvidXchange stock in a transaction on Friday, December 6th. The stock was sold at an average price of $11.44, for a total transaction of $152,335.04. Following the completion of the transaction, the director now directly owns 47,388 shares in the company, valued at $542,118.72. This represents a 21.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 88,120 shares of company stock valued at $980,407. 10.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. FMR LLC raised its holdings in AvidXchange by 272.5% in the 3rd quarter. FMR LLC now owns 13,733,769 shares of the company’s stock valued at $111,381,000 after acquiring an additional 10,046,893 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new position in AvidXchange in the third quarter worth $25,339,000. American Century Companies Inc. lifted its position in AvidXchange by 54.2% in the second quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock worth $54,460,000 after purchasing an additional 1,586,510 shares during the period. Point72 Asset Management L.P. acquired a new stake in AvidXchange during the third quarter worth $7,920,000. Finally, Providence Capital Advisors LLC increased its holdings in AvidXchange by 709.6% in the 3rd quarter. Providence Capital Advisors LLC now owns 649,565 shares of the company’s stock valued at $5,268,000 after buying an additional 569,328 shares during the period. 80.58% of the stock is currently owned by institutional investors and hedge funds.

AvidXchange Stock Down 1.3 %

NASDAQ AVDX traded down $0.14 during trading on Friday, hitting $10.37. 587,311 shares of the company traded hands, compared to its average volume of 2,010,052. AvidXchange has a 12 month low of $7.38 and a 12 month high of $13.56. The business has a fifty day simple moving average of $10.27 and a 200 day simple moving average of $9.75. The company has a market capitalization of $2.13 billion, a P/E ratio of 517.50 and a beta of 1.20. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11.

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.