From MarketBeat:

AvidXchange experienced a 16.3% drop in short interest in December, with 9,120,000 shares currently sold short. This makes up about 6.0% of total shares outstanding, resulting in a current days-to-cover ratio of 4.4 days, based on an average daily volume of 2,080,000 shares.

The stock has received various price target revisions and ratings from analysts, with an average target price of $12.54 and a “Moderate Buy” consensus rating based on data from MarketBeat.

AvidXchange stock traded at $11.31 on Monday, marking a 1.4% decrease. The company’s market cap is $2.30 billion, with a negative net margin of 18.71% and a negative return on equity of 6.17%. It reported earnings of ($0.01) per share for the quarter, exceeding analysts’ consensus estimates of ($0.10) by $0.09.

Insider trading activities saw significant selling, with over 2.6 million shares sold by insiders within the last 90 days, amounting to over $24 million worth of stocks.

Institutional investors and hedge funds own 70.42% of AvidXchange’s stock, with various firms adding or increasing positions in the company.

AvidXchange Holdings, Inc provides accounts payable (AP) automation software and payment solutions for middle market businesses in North America.

This news alert was generated by narrative science technology and financial data from MarketBeat, reviewed by the editorial team. MarketBeat has identified five top-rated stocks recommended by top analysts, none of which are AvidXchange. If you’re considering AvidXchange, these five stocks could be better buys.



Read more: Short Interest in AvidXchange Holdings, Inc. (NASDAQ:AVDX) Declines By 16.3%