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

AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report) 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 days-to-cover ratio is currently 0.8 days. Currently, 1.9% of the company's stock are sold short.

AvidXchange Stock Performance

Shares of NASDAQ AVDX traded up $0.01 during trading on Wednesday, reaching $9.78. The stock had a trading volume of 16,305,632 shares, compared to its average volume of 2,577,809. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. The stock has a market cap of $2.02 billion, a PE ratio of 244.50 and a beta of 1.14. AvidXchange has a one year low of $6.61 and a one year high of $12.93. The firm's 50 day moving average price is $8.64 and its two-hundred day moving average price is $9.45.

Wall Street Analyst Weigh In

AVDX has been the topic of a number of recent analyst reports. Robert W. Baird reiterated a "neutral" rating and issued a $10.00 price objective on shares of AvidXchange in a report on Thursday, May 8th. Baird R W lowered AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 8th. Morgan Stanley boosted their price target on AvidXchange from $8.00 to $10.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 8th. Susquehanna downgraded AvidXchange from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 8th. Finally, BMO Capital Markets lowered their price objective on AvidXchange from $11.00 to $7.50 and set a "market perform" rating for the company in a research note on Thursday, February 27th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $10.30.

Insider Activity at AvidXchange

In related news, insider Ryan Stahl sold 8,999 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $9.74, for a total transaction of $87,650.26. Following the transaction, the insider now directly owns 667,226 shares of the company's stock, valued at approximately $6,498,781.24. The trade was a 1.33% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Joel Wilhite sold 20,914 shares of the stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $9.74, for a total transaction of $203,702.36. Following the completion of the sale, the insider now directly 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 90 days, insiders have sold 95,890 shares of company stock worth $933,969. 11.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On AvidXchange

A number of hedge funds have recently added to or reduced their stakes in AVDX. Azora Capital LP acquired a new stake in shares of AvidXchange during the fourth quarter worth $45,067,000. FMR LLC grew its position in shares of AvidXchange by 8.4% during the 4th quarter. FMR LLC now owns 14,889,282 shares of the company's stock valued at $153,955,000 after buying an additional 1,155,513 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in AvidXchange during the fourth quarter worth about $10,292,000. Jennison Associates LLC lifted its holdings in AvidXchange by 45.7% in the first quarter. Jennison Associates LLC now owns 3,171,634 shares of the company's stock worth $26,895,000 after acquiring an additional 995,109 shares during the last quarter. Finally, Point72 Asset Management L.P. lifted its holdings in AvidXchange by 74.1% in the fourth quarter. Point72 Asset Management L.P. now owns 1,700,334 shares of the company's stock worth $17,581,000 after acquiring an additional 723,724 shares during the last quarter. Institutional investors and hedge funds own 80.58% of the company's stock.

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.