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

AvidXchange Holdings, Inc. (NASDAQ:AVDX) was the target of a large drop in short interest during the month of December. As of December 15th, there was short interest totalling 4,620,000 shares, a drop of 13.0% from the November 30th total of 5,310,000 shares. Based on an average daily volume of 1,780,000 shares, the days-to-cover ratio is currently 2.6 days. Approximately 2.8% of the shares of the company are sold short.

Wall Street Analyst Weigh In

Several brokerages have weighed in on AVDX. BTIG Research assumed coverage on shares of AvidXchange in a research note on Wednesday, December 11th. They issued a “buy” rating and a $14.00 price objective for the company. BMO Capital Markets lifted their price target on shares of AvidXchange from $10.00 to $11.00 and gave the company a “market perform” rating in a research report on Friday, November 8th. The Goldman Sachs Group boosted their price target on AvidXchange from $9.00 to $10.00 and gave the company a “sell” rating in a research note on Monday, December 2nd. KeyCorp raised their price objective on AvidXchange from $12.00 to $13.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Finally, Piper Sandler upped their target price on AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, AvidXchange currently has an average rating of “Hold” and a consensus target price of $11.68.

AvidXchange Price Performance

Shares of AvidXchange stock traded up $0.06 during midday trading on Tuesday, hitting $10.28. 338,467 shares of the company traded hands, compared to its average volume of 1,999,780. The stock has a market cap of $2.11 billion, a price-to-earnings ratio of 525.50 and a beta of 1.20. 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 firm’s fifty day moving average price is $10.30 and its 200-day moving average price is $9.74. AvidXchange has a 12 month low of $7.38 and a 12 month high of $13.56.

Insider Buying and Selling at AvidXchange

In other news, Director James E. Hausman sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $11.25, for a total value of $281,250.00. Following the transaction, the director now owns 2,112,232 shares of the company’s stock, valued at approximately $23,762,610. This represents a 1.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ryan Stahl sold 7,427 shares of AvidXchange stock in a transaction that occurred 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 sale, the insider now directly owns 369,603 shares of the company’s stock, valued at approximately $3,171,193.74. The trade was a 1.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 88,120 shares of company stock valued at $980,407 in the last quarter. 10.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of AVDX. FMR LLC increased its holdings in AvidXchange by 272.5% in the 3rd quarter. FMR LLC now owns 13,733,769 shares of the company’s stock worth $111,381,000 after purchasing an additional 10,046,893 shares in the last quarter. American Century Companies Inc. increased its stake in shares of AvidXchange by 54.2% in the second quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock valued at $54,460,000 after buying an additional 1,586,510 shares during the period. Dimensional Fund Advisors LP raised its holdings in AvidXchange by 5.6% in the 2nd 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 during the last quarter. Geode Capital Management LLC boosted its position in AvidXchange by 5.0% during the 3rd quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company’s stock worth $34,607,000 after buying an additional 201,847 shares during the period. Finally, State Street Corp grew its holdings in AvidXchange by 1.5% during the 3rd quarter. State Street Corp now owns 3,763,694 shares of the company’s stock worth $30,524,000 after acquiring an additional 54,403 shares during the last quarter. 80.58% of the stock is currently owned by institutional investors.

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.