AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report) was the target of a large decline in short interest during the month of 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 days-to-cover ratio is currently 0.8 days. Currently, 1.9% of the shares of the stock are short sold.
Wall Street Analysts Forecast Growth
A number of brokerages have recently weighed in on AVDX. Robert W. Baird reiterated a "neutral" rating and set a $10.00 price target on shares of AvidXchange in a report on Thursday, May 8th. Baird R W downgraded AvidXchange from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 8th. Wolfe Research cut AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Thursday, February 27th. JPMorgan Chase & Co. reduced their price objective on AvidXchange from $10.00 to $9.00 and set a "neutral" rating for the company in a research report on Thursday, February 27th. Finally, Susquehanna cut AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 8th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $10.30.
Read Our Latest Report on AVDX
AvidXchange Stock Up 0.2%
Shares of NASDAQ:AVDX traded up $0.02 on Friday, reaching $9.80. The company had a trading volume of 1,998,267 shares, compared to its average volume of 2,593,401. AvidXchange has a twelve month low of $6.61 and a twelve month high of $12.93. The stock has a 50-day moving average price of $8.72 and a 200 day moving average price of $9.45. The stock has a market capitalization of $2.02 billion, a P/E ratio of 245.00 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.
Insider Buying and Selling
In other news, CEO Michael Praeger sold 40,005 shares of AvidXchange stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $9.74, for a total transaction of $389,648.70. Following the transaction, the chief executive officer now owns 11,037,830 shares in the company, valued at approximately $107,508,464.20. The trade was a 0.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Ryan Stahl sold 8,999 shares of AvidXchange 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 transaction, the insider now owns 667,226 shares in the company, valued at $6,498,781.24. This represents a 1.33% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 95,890 shares of company stock worth $933,969 in the last three months. 11.10% of the stock is currently owned by insiders.
Institutional Trading of AvidXchange
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Rhumbline Advisers lifted its position in shares of AvidXchange by 3.6% in the first quarter. Rhumbline Advisers now owns 243,261 shares of the company's stock worth $2,063,000 after buying an additional 8,523 shares during the last quarter. Strs Ohio acquired a new stake in shares of AvidXchange in the first quarter worth about $172,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of AvidXchange by 0.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 469,037 shares of the company's stock worth $3,977,000 after buying an additional 3,347 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of AvidXchange by 5.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 103,909 shares of the company's stock worth $881,000 after buying an additional 5,046 shares during the last quarter. Finally, Circumference Group LLC lifted its position in shares of AvidXchange by 34.5% during the 1st quarter. Circumference Group LLC now owns 370,000 shares of the company's stock worth $3,138,000 after purchasing an additional 95,000 shares during the last quarter. Institutional investors and hedge funds own 80.58% of the company's stock.
About AvidXchange
(
Get Free Report)
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.
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