AvidXchange Holdings, Inc. (NASDAQ:AVDX) Short Interest Down 13.5% in October

AvidXchange Holdings, Inc. (NASDAQ:AVDX) was the recipient of a significant decline in short interest in 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 company are sold short. Based on an average trading volume of 1,990,000 shares, the short-interest ratio is presently 2.3 days.

AvidXchange Stock Performance

AVDX stock opened at $10.44 on Monday. The stock has a market capitalization of $2.15 billion, a PE ratio of 522.00 and a beta of 1.00. 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 company has a 50 day moving average price of $8.44 and a 200 day moving average price of $9.77. AvidXchange has a fifty-two week low of $7.38 and a fifty-two week high of $13.56.

Analysts Set New Price Targets

Several research firms have recently weighed in on AVDX. KeyCorp lowered their price objective on AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, August 1st. Barclays dropped their price objective on AvidXchange from $14.00 to $10.00 and set an “overweight” rating for the company in a research note on Monday, August 5th. Bank of America reduced their target price on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a research note on Tuesday, October 15th. Susquehanna dropped their target price on shares of AvidXchange from $16.00 to $14.00 and set a “positive” rating for the company in a research report on Thursday, August 1st. Finally, Wells Fargo & Company lifted their price target on shares of AvidXchange from $9.00 to $10.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Two analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $11.18.

Insider Activity at AvidXchange

In other news, President Daniel Drees sold 20,069 shares of AvidXchange stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total transaction of $160,150.62. Following the sale, the president now directly owns 753,644 shares in the company, valued at approximately $6,014,079.12. The trade was a 2.59 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Joel Wilhite sold 47,308 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $8.10, for a total transaction of $383,194.80. Following the completion of the sale, the insider now directly owns 413,687 shares in the company, valued at approximately $3,350,864.70. The trade was a 10.26 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 166,386 shares of company stock worth $1,343,044 over the last three months. Company insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

A number of institutional investors and hedge funds have recently made changes to their positions in AVDX. Advisors Asset Management Inc. increased its position in AvidXchange by 96.3% in the first quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock worth $57,000 after purchasing an additional 2,114 shares during the period. Point72 DIFC Ltd acquired a new stake in shares of AvidXchange during the 3rd quarter worth approximately $37,000. Allspring Global Investments Holdings LLC bought a new stake in shares of AvidXchange during the third quarter worth approximately $38,000. nVerses Capital LLC bought a new position in AvidXchange in the second quarter valued at approximately $66,000. Finally, CWM LLC grew its holdings in 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 acquiring an additional 6,679 shares during the period. Institutional investors own 80.58% of the company’s stock.

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.