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

AvidXchange Holdings, Inc. (NASDAQ:AVDX) saw a large growth in short interest in 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. Based on an average daily trading volume, of 1,820,000 shares, the short-interest ratio is currently 2.8 days. Approximately 3.1% of the company’s shares are sold short.

AvidXchange Stock Performance

Shares of AvidXchange stock traded up $0.13 during trading on Friday, hitting $10.38. 1,131,483 shares of the stock were exchanged, compared to its average volume of 1,353,849. The company has a fifty day moving average price of $10.71 and a 200-day moving average price of $9.63. The stock has a market capitalization of $2.14 billion, a price-to-earnings 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 1-year low of $7.38 and a 1-year high of $13.56.

Insider Activity

In other news, CEO Michael Praeger sold 42,377 shares of AvidXchange stock in a transaction that occurred 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 owns 10,381,033 shares in the company, valued at $118,343,776.20. The trade was a 0.41 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director James E. Hausman sold 25,000 shares of the business’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 transaction of $281,250.00. Following the sale, the director now directly owns 2,112,232 shares of the company’s stock, valued at approximately $23,762,610. This trade represents a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 80,693 shares of company stock valued at $916,683. Company insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC increased its stake in shares of AvidXchange by 272.5% during the third 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 during the period. Dimensional Fund Advisors LP boosted 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 purchasing an additional 230,777 shares during the period. Geode Capital Management LLC grew its position in shares of 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 purchasing an additional 201,847 shares in the last quarter. State Street Corp increased its holdings in shares of AvidXchange by 1.5% during the third quarter. State Street Corp now owns 3,763,694 shares of the company’s stock worth $30,524,000 after purchasing an additional 54,403 shares during the period. Finally, Jacobs Levy Equity Management Inc. acquired a new stake in shares of AvidXchange in the third quarter valued at approximately $25,339,000. 80.58% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on AVDX. UBS Group increased their price target on AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a research note on Thursday, November 7th. BTIG Research assumed coverage on AvidXchange in a research note on Wednesday, December 11th. They issued a “buy” rating and a $14.00 target price on the stock. KeyCorp boosted their target price on AvidXchange from $12.00 to $13.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Keefe, Bruyette & Woods cut their price target 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, BMO Capital Markets boosted their price objective on shares of AvidXchange from $10.00 to $11.00 and gave the company a “market perform” rating in a report on Friday, November 8th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $11.61.

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.