AvidXchange Holdings, Inc. (NASDAQ:AVDX) Sees Significant Decline in Short Interest

AvidXchange Holdings, Inc. (NASDAQ:AVDX) was the target of a large decrease in short interest in the month of January. As of January 31st, there was short interest totalling 4,180,000 shares, a decrease of 17.1% from the January 15th total of 5,040,000 shares. Based on an average daily trading volume, of 1,630,000 shares, the short-interest ratio is presently 2.6 days. Approximately 2.6% of the company’s shares are sold short.

Insider Buying and Selling at AvidXchange

In other news, CEO Michael Praeger sold 42,377 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $11.40, for a total value of $483,097.80. Following the completion of the transaction, the chief executive officer now owns 10,381,033 shares of the company’s stock, valued at approximately $118,343,776.20. This represents a 0.41 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 value of $281,250.00. Following the completion of the transaction, the director now owns 2,112,232 shares of the company’s stock, valued at approximately $23,762,610. The trade was a 1.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 80,693 shares of company stock valued at $916,683 in the last quarter. Company insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Xponance Inc. raised its holdings in AvidXchange by 9.2% during the fourth quarter. Xponance Inc. now owns 12,459 shares of the company’s stock valued at $129,000 after acquiring an additional 1,045 shares during the period. Ameritas Investment Partners Inc. grew its stake in AvidXchange by 6.8% during the fourth quarter. Ameritas Investment Partners Inc. now owns 18,182 shares of the company’s stock valued at $188,000 after acquiring an additional 1,155 shares in the last quarter. Blue Trust Inc. grew its stake in AvidXchange by 90.1% during the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after acquiring an additional 1,278 shares in the last quarter. Captrust Financial Advisors grew its stake in AvidXchange by 9.2% during the third quarter. Captrust Financial Advisors now owns 17,350 shares of the company’s stock valued at $141,000 after acquiring an additional 1,465 shares in the last quarter. Finally, Rhumbline Advisers grew its stake in AvidXchange by 1.0% during the fourth quarter. Rhumbline Advisers now owns 234,738 shares of the company’s stock valued at $2,427,000 after acquiring an additional 2,391 shares in the last quarter. 80.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on AVDX. Wells Fargo & Company boosted their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 7th. BMO Capital Markets raised their target price on shares of AvidXchange from $10.00 to $11.00 and gave the company a “market perform” rating in a research note on Friday, November 8th. Barclays raised their target price 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. Keefe, Bruyette & Woods cut 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. Finally, Piper Sandler increased their price objective 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. Two research 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’s stock. According to data from MarketBeat.com, AvidXchange currently has a consensus rating of “Hold” and an average price target of $11.61.

AvidXchange Stock Performance

NASDAQ AVDX traded up $0.01 during trading hours on Friday, hitting $10.05. 588,208 shares of the company’s stock traded hands, compared to its average volume of 1,268,602. The business’s fifty day moving average price is $10.46 and its two-hundred day moving average price is $9.35. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $2.07 billion, a P/E ratio of 534.50 and a beta of 1.22. AvidXchange has a 52 week low of $7.38 and a 52 week high of $13.56.

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.