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

AvidXchange Holdings, Inc. (NASDAQ:AVDXGet Free Report) saw a significant growth in short interest in the month of April. As of April 30th, there was short interest totalling 7,290,000 shares, a growth of 5.8% from the April 15th total of 6,890,000 shares. Based on an average daily trading volume, of 1,780,000 shares, the short-interest ratio is currently 4.1 days. Approximately 4.6% of the shares of the stock are short sold.

AvidXchange Stock Up 0.1 %

NASDAQ AVDX opened at $11.29 on Friday. AvidXchange has a 1 year low of $6.88 and a 1 year high of $13.56. The stock has a market capitalization of $2.33 billion, a PE ratio of -75.19 and a beta of 1.07. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.34 and a quick ratio of 1.34. The business’s 50-day moving average is $12.16 and its 200 day moving average is $11.49.

Analyst Ratings Changes

Several brokerages have issued reports on AVDX. The Goldman Sachs Group reaffirmed a “sell” rating and set a $11.50 price target (down previously from $13.00) on shares of AvidXchange in a research note on Monday, April 15th. JPMorgan Chase & Co. increased their price target on shares of AvidXchange from $14.00 to $15.00 and gave the company an “overweight” rating in a research report on Thursday, February 29th. Barclays decreased their price target on shares of AvidXchange from $16.00 to $14.00 and set an “overweight” rating on the stock in a research note on Monday, May 13th. Susquehanna upped their price objective on shares of AvidXchange from $15.00 to $16.00 and gave the company a “positive” rating in a research note on Thursday, February 29th. Finally, Keefe, Bruyette & Woods started coverage on shares of AvidXchange in a research report on Tuesday, April 9th. They issued a “market perform” rating and a $13.50 target price on the stock. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $13.14.

Read Our Latest Analysis on AVDX

Insider Activity at AvidXchange

In other AvidXchange news, Director Matthew C. Harris sold 2,500,000 shares of the company’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $13.03, for a total value of $32,575,000.00. Following the transaction, the director now directly owns 9,139,898 shares in the company, valued at approximately $119,092,870.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other AvidXchange news, Director Matthew C. Harris sold 2,500,000 shares of AvidXchange stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $13.03, for a total transaction of $32,575,000.00. Following the completion of the sale, the director now directly owns 9,139,898 shares in the company, valued at $119,092,870.94. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Todd Alan Cunningham sold 11,340 shares of the stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $13.00, for a total transaction of $147,420.00. Following the completion of the transaction, the insider now directly owns 173,019 shares in the company, valued at approximately $2,249,247. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,061,710 shares of company stock valued at $39,656,533. Company insiders own 10.30% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

A number of large investors have recently modified their holdings of the stock. National Bank of Canada FI purchased a new position in shares of AvidXchange during the 4th quarter worth approximately $54,000. Advisors Asset Management Inc. increased its stake in shares of AvidXchange by 96.3% in 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. Highland Capital Management LLC purchased a new stake in AvidXchange in the fourth quarter worth about $145,000. MBL Wealth LLC purchased a new position in shares of AvidXchange during the first quarter valued at approximately $163,000. Finally, Legato Capital Management LLC purchased a new position in shares of AvidXchange during the fourth quarter valued at approximately $168,000. Institutional investors own 80.58% of the company’s stock.

AvidXchange Company Profile

(Get Free Report)

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.

Further Reading

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