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

AvidXchange Holdings, Inc. (NASDAQ:AVDX) saw a significant growth in short interest in January. As of January 15th, there was short interest totalling 5,100,000 shares, a growth of 10.4% from the December 31st total of 4,620,000 shares. Based on an average daily volume of 1,820,000 shares, the days-to-cover ratio is currently 2.8 days. Approximately 3.1% of the shares of the stock are short sold.

AvidXchange Trading Up 0.9 %

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

Insiders Place Their Bets

In other news, CEO Michael Praeger sold 42,377 shares of AvidXchange stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $11.40, for a total value of $483,097.80. Following the sale, the chief executive officer now owns 10,381,033 shares in the company, valued at $118,343,776.20. This trade represents a 0.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director James E. Hausman sold 25,000 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $11.25, for a total transaction of $281,250.00. Following the completion of the transaction, the director now directly owns 2,112,232 shares in the company, valued at $23,762,610. This represents a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 80,693 shares of company stock worth $916,683. 10.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On AvidXchange

A number of hedge funds and other institutional investors have recently bought and sold shares of AVDX. Blue Trust Inc. lifted its position in shares of AvidXchange by 90.1% during the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock worth $28,000 after purchasing an additional 1,278 shares in the last quarter. R Squared Ltd acquired a new stake in shares of AvidXchange in the fourth quarter valued at $41,000. Point72 DIFC Ltd purchased a new position in shares of AvidXchange in the 3rd quarter valued at about $37,000. Allspring Global Investments Holdings LLC acquired a new position in AvidXchange during the 3rd quarter worth approximately $38,000. Finally, CWM LLC lifted its position in shares of AvidXchange by 7,259.8% during the 3rd quarter. CWM LLC now owns 6,771 shares of the company’s stock worth $55,000 after purchasing an additional 6,679 shares during the last quarter. 80.58% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

AVDX has been the topic of a number of research reports. Compass Point upgraded AvidXchange from a “neutral” rating to a “buy” rating and raised their price objective for the company from $8.00 to $15.00 in a report on Thursday, November 7th. Keefe, Bruyette & Woods lowered their price target on shares of AvidXchange from $12.00 to $11.00 and set a “market perform” rating on the stock in a research report on Monday, January 6th. BMO Capital Markets increased their price objective on shares of AvidXchange from $10.00 to $11.00 and gave the company a “market perform” rating in a report on Friday, November 8th. Wells Fargo & Company boosted their target price on AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. Finally, The Goldman Sachs Group increased their price target on AvidXchange from $9.00 to $10.00 and gave the company a “sell” rating in a report on Monday, December 2nd. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, AvidXchange currently has a consensus rating of “Hold” and a consensus target price of $11.61.

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.