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

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. Currently, 2.8% of the company’s shares are short sold. Based on an average daily volume of 1,780,000 shares, the short-interest ratio is presently 2.6 days.

AvidXchange Stock Up 0.6 %

AVDX traded up $0.06 during mid-day trading on Tuesday, reaching $10.28. 338,467 shares of the stock were exchanged, compared to its average volume of 1,999,780. The company has a 50 day moving average price of $10.30 and a two-hundred day moving average price of $9.74. The stock has a market capitalization of $2.11 billion, a PE 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. AvidXchange has a 1 year low of $7.38 and a 1 year high of $13.56.

Insider Buying and Selling

In other news, CEO Michael Praeger sold 42,377 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $11.40, for a total transaction of $483,097.80. Following the completion of the sale, the chief executive officer now directly owns 10,381,033 shares in the company, valued at $118,343,776.20. This represents a 0.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Ryan Stahl sold 7,427 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total transaction of $63,723.66. Following the completion of the transaction, the insider now owns 369,603 shares in the company, valued at approximately $3,171,193.74. The trade was a 1.97 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 88,120 shares of company stock valued at $980,407 in the last three months. Insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

A number of institutional investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its holdings in shares of AvidXchange by 17.1% in the second quarter. Principal Financial Group Inc. now owns 23,479 shares of the company’s stock valued at $283,000 after acquiring an additional 3,421 shares in the last quarter. nVerses Capital LLC bought a new stake in shares of AvidXchange during the 2nd quarter worth $66,000. Rhumbline Advisers boosted its holdings in shares of AvidXchange by 15.2% in the 2nd quarter. Rhumbline Advisers now owns 242,533 shares of the company’s stock worth $2,925,000 after buying an additional 32,085 shares during the last quarter. American Century Companies Inc. grew its position in AvidXchange by 54.2% during 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. Finally, Envestnet Asset Management Inc. raised its position in AvidXchange by 3.2% in the second 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 period. 80.58% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently commented on AVDX. KeyCorp upped their target price on AvidXchange from $12.00 to $13.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Compass Point upgraded AvidXchange from a “neutral” rating to a “buy” rating and increased their price target for the stock from $8.00 to $15.00 in a report on Thursday, November 7th. Piper Sandler lifted their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Bank of America cut their target price on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a research note on Tuesday, October 15th. Finally, UBS Group lifted their price target on shares of AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, AvidXchange has a consensus rating of “Hold” and an average price target of $11.68.

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.