AvidXchange Holdings, Inc. (NASDAQ:AVDX) Sees Significant Decline in Short Interest

AvidXchange Holdings, Inc. (NASDAQ:AVDX) was the recipient of a large drop in short interest in April. As of April 15th, there was short interest totalling 6,890,000 shares, a drop of 9.5% from the March 31st total of 7,610,000 shares. Based on an average trading volume of 1,700,000 shares, the days-to-cover ratio is presently 4.1 days. Currently, 4.4% of the company’s stock are short sold.

AvidXchange Price Performance

NASDAQ:AVDX traded up $0.01 during trading hours on Monday, reaching $11.97. 228,912 shares of the stock were exchanged, compared to its average volume of 1,767,955. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.20. The firm has a 50 day simple moving average of $12.38 and a 200-day simple moving average of $11.26. AvidXchange has a 52 week low of $6.88 and a 52 week high of $13.56.

Analyst Ratings Changes

A number of research firms have issued reports on AVDX. JPMorgan Chase & Co. lifted their target price on AvidXchange from $14.00 to $15.00 and gave the company an “overweight” rating in a research report on Thursday, February 29th. Keefe, Bruyette & Woods began coverage on shares of AvidXchange in a report on Tuesday, April 9th. They set a “market perform” rating and a $13.50 price objective for the company. The Goldman Sachs Group reaffirmed a “sell” rating and set a $11.50 price objective (down previously from $13.00) on shares of AvidXchange in a research note on Monday, April 15th. Piper Sandler lowered their price objective on shares of AvidXchange from $14.00 to $12.00 and set a “neutral” rating for the company in a report on Friday, April 12th. Finally, Susquehanna boosted their price objective on shares of AvidXchange from $15.00 to $16.00 and gave the company a “positive” rating in a research report on Thursday, February 29th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, AvidXchange currently has a consensus rating of “Hold” and a consensus target price of $13.07.

Insider Buying and Selling

In other AvidXchange news, insider Angelic Gibson sold 40,000 shares of AvidXchange stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $13.00, for a total transaction of $520,000.00. Following the completion of the transaction, the insider now owns 430,606 shares in the company, valued at $5,597,878. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider Joel Wilhite sold 136,158 shares of the firm’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $12.28, for a total value of $1,672,020.24. Following the sale, the insider now owns 454,878 shares in the company, valued at $5,585,901.84. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Angelic Gibson sold 40,000 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $13.00, for a total transaction of $520,000.00. Following the transaction, the insider now owns 430,606 shares in the company, valued at $5,597,878. The disclosure for this sale can be found here. Insiders have sold 3,010,167 shares of company stock worth $39,077,190 in the last ninety days. 10.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On AvidXchange

Hedge funds have recently modified their holdings of the company. National Bank of Canada FI acquired a new stake in shares of AvidXchange in the fourth quarter worth $54,000. Highland Capital Management LLC purchased a new stake in shares of AvidXchange during the fourth quarter worth $145,000. MBL Wealth LLC purchased a new stake in shares of AvidXchange during the first quarter worth $163,000. Legato Capital Management LLC purchased a new stake in shares of AvidXchange during the fourth quarter worth $168,000. Finally, Cornerstone Investment Partners LLC purchased a new stake in shares of AvidXchange during the fourth quarter worth $178,000. 80.58% of the stock is currently owned by institutional investors and hedge funds.

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.