Short Interest in AvidXchange Holdings, Inc. (NASDAQ:AVDX) Decreases By 13.5%

AvidXchange Holdings, Inc. (NASDAQ:AVDX) saw a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 4,530,000 shares, a decline of 13.5% from the October 15th total of 5,240,000 shares. Currently, 2.8% of the shares of the stock are sold short. Based on an average trading volume of 1,990,000 shares, the days-to-cover ratio is presently 2.3 days.

Analyst Ratings Changes

AVDX has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods lifted their price objective on AvidXchange from $9.00 to $10.00 and gave the company a “market perform” rating in a research report on Thursday, November 7th. Robert W. Baird lowered their price target on AvidXchange from $16.00 to $14.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. The Goldman Sachs Group increased their price objective on shares of AvidXchange from $7.00 to $9.00 and gave the stock a “sell” rating in a report on Thursday, November 7th. Bank of America lowered their target price on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a report on Tuesday, October 15th. Finally, KeyCorp cut their price target on shares of AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, August 1st. 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 company. According to MarketBeat, AvidXchange has an average rating of “Hold” and a consensus price target of $11.18.

Insider Transactions at AvidXchange

In other AvidXchange news, insider Ryan Stahl sold 7,427 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total transaction of $63,723.66. Following the sale, the insider now directly owns 369,603 shares of the company’s stock, valued at $3,171,193.74. This trade represents a 1.97 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joel Wilhite sold 47,308 shares of AvidXchange stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $8.10, for a total transaction of $383,194.80. Following the sale, the insider now owns 413,687 shares of the company’s stock, valued at approximately $3,350,864.70. This trade represents a 10.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 166,386 shares of company stock valued at $1,343,044 over the last three months. 10.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AvidXchange

Several hedge funds and other institutional investors have recently bought and sold shares of AVDX. US Bancorp DE raised its stake in shares of AvidXchange by 111,114.9% during the third quarter. US Bancorp DE now owns 52,271 shares of the company’s stock valued at $424,000 after purchasing an additional 52,224 shares during the period. Lazard Asset Management LLC purchased a new stake in AvidXchange during the 1st quarter worth $7,621,000. California State Teachers Retirement System increased its stake in AvidXchange by 1.0% during the 1st quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock worth $2,121,000 after buying an additional 1,656 shares during the period. American Century Companies Inc. boosted its position in AvidXchange by 54.2% in the 2nd quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock valued at $54,460,000 after buying an additional 1,586,510 shares during the last quarter. Finally, Interval Partners LP acquired a new stake in shares of AvidXchange during the second quarter valued at about $1,833,000. 80.58% of the stock is owned by institutional investors and hedge funds.

AvidXchange Trading Down 2.8 %

Shares of AVDX opened at $10.44 on Friday. AvidXchange has a 12 month low of $7.38 and a 12 month high of $13.56. The stock’s 50-day moving average is $8.44 and its two-hundred day moving average is $9.79. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.36. The stock has a market cap of $2.15 billion, a PE ratio of 537.00 and a beta of 1.00.

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.