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

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on AVDX shares. Robert W. Baird reduced their price objective on AvidXchange from $16.00 to $14.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. Bank of America decreased their price target on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a research note on Tuesday, October 15th. Compass Point raised shares of AvidXchange from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $8.00 to $15.00 in a research report on Thursday, November 7th. The Goldman Sachs Group upped their target price on shares of AvidXchange from $7.00 to $9.00 and gave the company a “sell” rating in a report on Thursday, November 7th. Finally, Piper Sandler raised their price target on AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, AvidXchange currently has a consensus rating of “Hold” and a consensus target price of $11.18.

Insider Buying and Selling

In other AvidXchange news, insider Joel Wilhite sold 47,308 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $8.10, for a total value of $383,194.80. Following the transaction, the insider now directly owns 413,687 shares in the company, valued at $3,350,864.70. This represents a 10.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Ryan Stahl sold 7,427 shares of the business’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 transaction of $63,723.66. Following the sale, the insider now owns 369,603 shares of the company’s stock, valued at $3,171,193.74. This represents a 1.97 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 166,386 shares of company stock worth $1,343,044. Company insiders own 10.40% of the company’s stock.

Institutional Trading of AvidXchange

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. FMR LLC increased its holdings in AvidXchange by 272.5% in the third quarter. FMR LLC now owns 13,733,769 shares of the company’s stock valued at $111,381,000 after buying an additional 10,046,893 shares in the last quarter. American Century Companies Inc. increased its stake 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 purchasing an additional 1,586,510 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in AvidXchange by 5.6% during the second quarter. Dimensional Fund Advisors LP now owns 4,317,134 shares of the company’s stock worth $52,062,000 after purchasing an additional 230,777 shares during the last quarter. Geode Capital Management LLC grew its holdings in AvidXchange by 5.0% in the third quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company’s stock valued at $34,607,000 after purchasing an additional 201,847 shares during the last quarter. Finally, State Street Corp grew its holdings in AvidXchange by 1.5% in the third quarter. State Street Corp now owns 3,763,694 shares of the company’s stock valued at $30,524,000 after purchasing an additional 54,403 shares during the last quarter. Institutional investors and hedge funds own 80.58% of the company’s stock.

AvidXchange Trading Down 2.8 %

NASDAQ:AVDX opened at $10.44 on Friday. The stock has a market capitalization of $2.15 billion, a price-to-earnings ratio of 537.00 and a beta of 1.00. AvidXchange has a 1 year low of $7.38 and a 1 year high of $13.56. The stock has a fifty day moving average price of $8.44 and a two-hundred day moving average price of $9.79. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.36 and a current ratio of 1.32.

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.