Short Interest in AvidXchange Holdings, Inc. (NASDAQ:AVDX) Increases By 10.4%

AvidXchange Holdings, Inc. (NASDAQ:AVDX) was the recipient of a significant growth in short interest during the month of December. As of December 31st, there was short interest totalling 5,100,000 shares, a growth of 10.4% from the December 15th total of 4,620,000 shares. Approximately 3.1% of the company’s stock are short sold. Based on an average daily volume of 1,820,000 shares, the short-interest ratio is currently 2.8 days.

Insider Activity at AvidXchange

In other AvidXchange news, Director Teresa Mackintosh sold 13,316 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $11.44, for a total value of $152,335.04. Following the completion of the sale, the director now directly owns 47,388 shares of the company’s stock, valued at approximately $542,118.72. This represents a 21.94 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael Praeger sold 42,377 shares of AvidXchange stock in a transaction 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 in the company, valued at $118,343,776.20. The trade was a 0.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 80,693 shares of company stock valued at $916,683. Insiders own 10.40% of the company’s stock.

Institutional Trading of AvidXchange

Several hedge funds and other institutional investors have recently made changes to their positions in AVDX. Assenagon Asset Management S.A. increased its position in AvidXchange by 480.2% during the 4th quarter. Assenagon Asset Management S.A. now owns 178,483 shares of the company’s stock worth $1,846,000 after purchasing an additional 147,719 shares during the period. Geode Capital Management LLC grew its holdings in AvidXchange by 5.0% during the third quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company’s stock worth $34,607,000 after acquiring an additional 201,847 shares during the period. Barclays PLC raised its position in AvidXchange by 239.8% in the third quarter. Barclays PLC now owns 285,768 shares of the company’s stock worth $2,318,000 after acquiring an additional 201,679 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new position in AvidXchange in the third quarter worth $86,000. Finally, State Street Corp lifted its holdings in AvidXchange by 1.5% in the third quarter. State Street Corp now owns 3,763,694 shares of the company’s stock valued at $30,524,000 after acquiring an additional 54,403 shares during the period. Hedge funds and other institutional investors own 80.58% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on AVDX shares. BTIG Research assumed coverage on shares of AvidXchange in a research note on Wednesday, December 11th. They set a “buy” rating and a $14.00 price target for the company. Wells Fargo & Company raised their target price on AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. BMO Capital Markets upped their price target on AvidXchange from $10.00 to $11.00 and gave the company a “market perform” rating in a research report on Friday, November 8th. Piper Sandler lifted their price objective on AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Finally, UBS Group upped their target price on shares of AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, AvidXchange currently has an average rating of “Hold” and an average target price of $11.61.

AvidXchange Trading Up 1.3 %

Shares of AVDX stock opened at $10.38 on Monday. The company has a market capitalization of $2.14 billion, a P/E ratio of 481.50 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 twelve month low of $7.38 and a twelve month high of $13.56. The business’s 50 day moving average is $10.71 and its two-hundred day moving average is $9.61.

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.