AvidXchange Holdings, Inc. (NASDAQ:AVDX) Short Interest Up 5.5% in February

AvidXchange Holdings, Inc. (NASDAQ:AVDXGet Free Report) was the recipient of a significant increase in short interest during the month of February. As of February 29th, there was short interest totalling 9,210,000 shares, an increase of 5.5% from the February 14th total of 8,730,000 shares. Based on an average trading volume of 2,040,000 shares, the days-to-cover ratio is currently 4.5 days. Currently, 5.9% of the shares of the company are short sold.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Piper Sandler increased their target price on shares of AvidXchange from $13.00 to $14.00 and gave the stock a “neutral” rating in a research note on Thursday, February 29th. BMO Capital Markets increased their price target on shares of AvidXchange from $11.00 to $13.00 and gave the stock a “market perform” rating in a report on Thursday, February 29th. The Goldman Sachs Group increased their price target on shares of AvidXchange from $11.00 to $13.00 and gave the stock a “neutral” rating in a report on Thursday, February 29th. TheStreet raised shares of AvidXchange from a “d+” rating to a “c-” rating in a report on Friday, December 15th. Finally, BTIG Research initiated coverage on shares of AvidXchange in a research report on Wednesday, December 6th. They set a “buy” rating and a $14.00 price target for the company. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $13.29.

View Our Latest Report on AVDX

Insider Buying and Selling at AvidXchange

In other AvidXchange news, insider Joel Wilhite sold 27,384 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $13.15, for a total value of $360,099.60. Following the transaction, the insider now directly owns 327,100 shares in the company, valued at $4,301,365. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, President Daniel Drees sold 38,900 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $13.15, for a total transaction of $511,535.00. Following the sale, the president now directly owns 501,394 shares in the company, valued at approximately $6,593,331.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joel Wilhite sold 27,384 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $13.15, for a total transaction of $360,099.60. Following the completion of the sale, the insider now owns 327,100 shares in the company, valued at $4,301,365. The disclosure for this sale can be found here. Insiders have sold a total of 2,799,210 shares of company stock worth $36,443,010 over the last three months. 10.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. National Bank of Canada FI bought a new stake in AvidXchange during the 4th quarter valued at about $54,000. Quarry LP bought a new stake in shares of AvidXchange in the first quarter worth approximately $58,000. Russell Investments Group Ltd. bought a new stake in shares of AvidXchange in the second quarter worth approximately $65,000. Ensign Peak Advisors Inc bought a new stake in shares of AvidXchange in the third quarter worth approximately $78,000. Finally, Price T Rowe Associates Inc. MD bought a new stake in shares of AvidXchange in the second quarter worth approximately $86,000. 70.42% of the stock is owned by hedge funds and other institutional investors.

AvidXchange Trading Up 2.7 %

NASDAQ:AVDX opened at $12.75 on Tuesday. AvidXchange has a 12 month low of $6.88 and a 12 month high of $13.56. The stock has a market cap of $2.61 billion, a price-to-earnings ratio of -55.43 and a beta of 1.05. The company has a 50-day moving average price of $11.89 and a 200-day moving average price of $10.71. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.20.

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 Cashflow manager that provides cash management solutions.

See Also

Receive News & Ratings for AvidXchange Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AvidXchange and related companies with MarketBeat.com's FREE daily email newsletter.