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

AvidXchange Holdings, Inc. (NASDAQ:AVDX) was the target of a large increase in short interest in November. As of November 15th, there was short interest totalling 5,190,000 shares, an increase of 14.6% from the October 31st total of 4,530,000 shares. Based on an average daily volume of 1,990,000 shares, the short-interest ratio is currently 2.6 days. Approximately 3.2% of the shares of the stock are short sold.

Insider Transactions at AvidXchange

In related news, insider Ryan Stahl sold 7,427 shares of the company’s 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 owns 369,603 shares of the company’s stock, valued at approximately $3,171,193.74. This represents a 1.97 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 17,697 shares of company stock valued at $146,265 in the last ninety days. Corporate insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

Large investors have recently made changes to their positions in the business. SG Americas Securities LLC lifted its holdings in shares of AvidXchange by 2.9% during the 2nd quarter. SG Americas Securities LLC now owns 29,813 shares of the company’s stock valued at $360,000 after acquiring an additional 835 shares in the last quarter. Captrust Financial Advisors grew its stake in shares of AvidXchange by 9.2% in the third quarter. Captrust Financial Advisors now owns 17,350 shares of the company’s stock valued at $141,000 after buying an additional 1,465 shares in the last quarter. California State Teachers Retirement System raised its holdings in shares of AvidXchange by 1.0% during the 1st quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock valued at $2,121,000 after buying an additional 1,656 shares during the period. Advisors Asset Management Inc. lifted its position in AvidXchange by 96.3% during the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock worth $57,000 after acquiring an additional 2,114 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in AvidXchange by 29.6% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company’s stock worth $107,000 after acquiring an additional 3,019 shares during the period. Institutional investors and hedge funds own 80.58% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on AVDX shares. BMO Capital Markets upped their price objective on AvidXchange from $10.00 to $11.00 and gave the company a “market perform” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. downgraded shares of AvidXchange from an “overweight” rating to a “neutral” rating and cut their target price for the company from $11.00 to $9.00 in a research note on Tuesday, August 20th. Compass Point raised shares of AvidXchange from a “neutral” rating to a “buy” rating and raised their price target for the stock from $8.00 to $15.00 in a research note on Thursday, November 7th. Piper Sandler boosted 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. Finally, Barclays upped their price objective 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. Two analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $11.46.

AvidXchange Stock Down 0.6 %

AVDX opened at $11.37 on Tuesday. AvidXchange has a 1 year low of $7.38 and a 1 year high of $13.56. The firm has a 50 day moving average price of $9.18 and a 200 day moving average price of $9.72. 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 company has a market cap of $2.34 billion, a PE ratio of 572.00 and a beta of 1.00.

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.