AvidXchange Holdings, Inc. (NASDAQ:AVDX) Short Interest Up 10.4% in December

AvidXchange Holdings, Inc. (NASDAQ:AVDX) was the recipient of a significant 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 days-to-cover ratio is presently 2.8 days. Currently, 3.1% of the company’s shares are short sold.

AvidXchange Trading Up 1.3 %

AVDX opened at $10.38 on Monday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The stock has a market capitalization of $2.14 billion, a PE ratio of 481.50 and a beta of 1.22. AvidXchange has a 12-month low of $7.38 and a 12-month high of $13.56. The firm’s fifty day moving average price is $10.71 and its 200 day moving average price is $9.61.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. UBS Group raised their price target on shares of AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a report on Thursday, November 7th. BMO Capital Markets raised their target price on shares of AvidXchange from $10.00 to $11.00 and gave the company a “market perform” rating in a research note on Friday, November 8th. Wells Fargo & Company increased their price target on AvidXchange from $9.00 to $10.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Piper Sandler boosted their price objective on AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Finally, Bank of America lowered their target price on AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a research note on Tuesday, October 15th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, AvidXchange presently has an average rating of “Hold” and a consensus target price of $11.61.

Insider Buying and Selling

In other news, Director Teresa Mackintosh sold 13,316 shares of the company’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $11.44, for a total transaction of $152,335.04. Following the completion of the sale, the director now directly owns 47,388 shares in the company, valued at $542,118.72. This represents a 21.94 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Michael Praeger sold 42,377 shares of AvidXchange stock in a transaction on Monday, December 2nd. The shares were 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 position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 80,693 shares of company stock worth $916,683. 10.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Point72 DIFC Ltd bought a new position in AvidXchange during the third quarter worth $37,000. Allspring Global Investments Holdings LLC bought a new position in shares of AvidXchange in the 3rd quarter worth about $38,000. CWM LLC lifted its position in shares of AvidXchange by 7,259.8% in the 3rd quarter. CWM LLC now owns 6,771 shares of the company’s stock worth $55,000 after buying an additional 6,679 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in shares of AvidXchange during the 3rd quarter valued at about $86,000. Finally, Arbor Investment Advisors LLC acquired a new stake in AvidXchange during the third quarter worth about $98,000. Institutional investors and hedge funds own 80.58% of the company’s stock.

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.