Short Interest in AvidXchange Holdings, Inc. (NASDAQ:AVDX) Declines By 17.7%

AvidXchange Holdings, Inc. (NASDAQ:AVDX) was the target of a large decline in short interest in May. As of May 15th, there was short interest totalling 3,030,000 shares, a decline of 17.7% from the April 30th total of 3,680,000 shares. Based on an average trading volume of 3,990,000 shares, the short-interest ratio is currently 0.8 days. Approximately 1.9% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Susquehanna lowered shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 8th. Morgan Stanley raised their price target on AvidXchange from $8.00 to $10.00 and gave the company an “equal weight” rating in a report on Thursday, May 8th. BMO Capital Markets decreased their target price on AvidXchange from $11.00 to $7.50 and set a “market perform” rating on the stock in a report on Thursday, February 27th. Keefe, Bruyette & Woods raised their target price on AvidXchange from $8.00 to $9.00 and gave the company a “market perform” rating in a research note on Monday, March 31st. Finally, The Goldman Sachs Group reduced their price target on shares of AvidXchange from $9.50 to $7.00 and set a “sell” rating on the stock in a research report on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $10.30.

AvidXchange Stock Up 0.1%

Shares of AvidXchange stock opened at $9.78 on Thursday. The business has a fifty day simple moving average of $8.67 and a 200 day simple moving average of $9.46. The stock has a market cap of $2.02 billion, a PE ratio of 244.50 and a beta of 1.22. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange has a 12 month low of $6.61 and a 12 month high of $12.93.

Insider Activity

In other news, insider Ryan Stahl sold 8,999 shares of the business’s stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $9.74, for a total value of $87,650.26. Following the sale, the insider now owns 667,226 shares in the company, valued at approximately $6,498,781.24. The trade was a 1.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joel Wilhite sold 20,914 shares of the stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $9.74, for a total transaction of $203,702.36. Following the sale, the insider now owns 808,841 shares of the company’s stock, valued at $7,878,111.34. This trade represents a 2.52% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 95,890 shares of company stock worth $933,969. Corporate insiders own 11.10% of the company’s stock.

Hedge Funds Weigh In On AvidXchange

Institutional investors have recently modified their holdings of the stock. Barclays PLC raised its holdings in AvidXchange by 239.8% in the third quarter. Barclays PLC now owns 285,768 shares of the company’s stock worth $2,318,000 after purchasing an additional 201,679 shares during the period. Blue Trust Inc. increased its holdings in shares of AvidXchange by 90.1% in the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock worth $28,000 after acquiring an additional 1,278 shares in the last quarter. KBC Group NV raised its position in shares of AvidXchange by 60.9% during the fourth quarter. KBC Group NV now owns 8,836 shares of the company’s stock worth $91,000 after purchasing an additional 3,344 shares during the period. R Squared Ltd bought a new position in shares of AvidXchange during the 4th quarter valued at about $41,000. Finally, Jennison Associates LLC grew its position in shares of AvidXchange by 50.9% in the 4th quarter. Jennison Associates LLC now owns 2,176,525 shares of the company’s stock valued at $22,505,000 after purchasing an additional 733,860 shares during the period. 80.58% of the stock is currently owned by institutional investors and hedge funds.

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.