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

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

Wall Street Analysts Forecast Growth

AVDX has been the subject of several recent analyst reports. BTIG Research initiated coverage on shares of AvidXchange in a research note on Wednesday, December 11th. They issued a “buy” rating and a $14.00 target price for the company. BMO Capital Markets raised their price objective on shares of 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 boosted their target price on AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Compass Point raised AvidXchange from a “neutral” rating to a “buy” rating and raised their price target for the company from $8.00 to $15.00 in a report on Thursday, November 7th. Finally, KeyCorp upped their price objective on AvidXchange from $12.00 to $13.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $11.61.

Insider Transactions at AvidXchange

In other news, Director Teresa Mackintosh sold 13,316 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $11.44, for a total value of $152,335.04. Following the transaction, the director now owns 47,388 shares of the company’s stock, valued at approximately $542,118.72. The trade was a 21.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director James E. Hausman sold 25,000 shares of the company’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 value of $281,250.00. Following the sale, the director now owns 2,112,232 shares of the company’s stock, valued at $23,762,610. This trade represents a 1.17 % 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. Insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Sei Investments Co. grew its holdings in AvidXchange by 7.2% during the 2nd quarter. Sei Investments Co. now owns 72,153 shares of the company’s stock valued at $870,000 after buying an additional 4,866 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in shares of AvidXchange during the second quarter valued at $2,423,000. The Manufacturers Life Insurance Company increased its position in AvidXchange by 14.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 102,804 shares of the company’s stock worth $1,240,000 after purchasing an additional 13,229 shares in the last quarter. Creative Planning raised its stake in AvidXchange by 272.1% in the 2nd quarter. Creative Planning now owns 38,635 shares of the company’s stock valued at $466,000 after purchasing an additional 28,253 shares during the last quarter. Finally, Sanctuary Advisors LLC purchased a new position in AvidXchange in the 2nd quarter valued at about $575,000. 80.58% of the stock is owned by hedge funds and other institutional investors.

AvidXchange Price Performance

NASDAQ:AVDX traded up $0.10 during mid-day trading on Monday, hitting $10.70. 767,142 shares of the company’s stock traded hands, compared to its average volume of 1,561,995. 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 $2.20 billion, a PE ratio of 530.00 and a beta of 1.22. The firm’s 50 day simple moving average is $10.68 and its 200 day simple moving average is $9.48. AvidXchange has a 1 year low of $7.38 and a 1 year high of $13.56.

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.