AvidXchange Holdings, Inc. (NASDAQ:AVDX) Short Interest Down 17.7% in May

AvidXchange Holdings, Inc. (NASDAQ:AVDX) was the target of a significant 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. Currently, 1.9% of the company’s stock are short sold. Based on an average daily trading volume, of 3,990,000 shares, the short-interest ratio is currently 0.8 days.

AvidXchange Price Performance

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

Insider Buying and Selling

In related news, insider Ryan Stahl sold 8,999 shares of AvidXchange 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 completion of the sale, the insider now directly owns 667,226 shares of the company’s stock, valued at approximately $6,498,781.24. This trade represents a 1.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President Daniel Drees sold 25,972 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 $252,967.28. Following the completion of the sale, the president now owns 1,167,186 shares of the company’s stock, valued at $11,368,391.64. This trade represents a 2.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 95,890 shares of company stock worth $933,969. Insiders own 11.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in AVDX. US Bancorp DE grew its stake in AvidXchange by 11.6% during the fourth quarter. US Bancorp DE now owns 58,350 shares of the company’s stock worth $603,000 after purchasing an additional 6,079 shares during the period. Azora Capital LP bought a new stake in shares of AvidXchange in the 4th quarter valued at $45,067,000. Wells Fargo & Company MN increased its stake in shares of AvidXchange by 17.4% in the 4th quarter. Wells Fargo & Company MN now owns 102,923 shares of the company’s stock valued at $1,064,000 after acquiring an additional 15,243 shares in the last quarter. Barclays PLC lifted its position in shares of AvidXchange by 239.8% during the 3rd quarter. Barclays PLC now owns 285,768 shares of the company’s stock valued at $2,318,000 after acquiring an additional 201,679 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its stake in AvidXchange by 5.4% during the fourth quarter. The Manufacturers Life Insurance Company now owns 96,313 shares of the company’s stock worth $996,000 after acquiring an additional 4,953 shares in the last quarter. 80.58% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on AVDX shares. Barclays lowered shares of AvidXchange from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $13.00 to $8.00 in a research report on Tuesday, March 4th. UBS Group raised their price objective on shares of AvidXchange from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Thursday, May 8th. BTIG Research downgraded shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 7th. Keefe, Bruyette & Woods upped their price target on shares of AvidXchange from $8.00 to $9.00 and gave the company a “market perform” rating in a research report on Monday, March 31st. Finally, JPMorgan Chase & Co. dropped their price target on shares of AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $10.30.

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.