The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. AvidXchange Holdings Inc shares valued at $229,142 were sold by Drees Daniel on Mar 20 ’24. At $13.02 per share, Drees Daniel sold 17,604 shares. The insider’s holdings dropped to 750,744 shares worth approximately $8.87 million following the completion of this transaction.
Also, Stahl Ryan sold 4,217 shares, netting a total of over 52,417 in proceeds. Following the sale of shares at $12.43 each, the insider now holds 384,588 shares.
Before that, Wilhite Joel had sold 136,158 shares from its account. In a trade valued at $1,672,020, the insider traded AvidXchange Holdings Inc shares for $12.28 each. Upon closing the transaction, the insider’s holdings decreased to 136,158 shares, worth approximately $5.37 million.
As published in their initiating research note from Keefe Bruyette on April 09, 2024, AvidXchange Holdings Inc [AVDX] has been a Mkt perform and the price target has been revised to $13.50. Analysts at Piper Sandler downgraded the stock from ‘”an Overweight”‘ to ‘”a Neutral”‘ outlook in a report released in early January. As of December 06, 2023, BTIG Research has initiated its “Buy” rating for AVDX. Earlier on December 05, 2023, BMO Capital Markets initiated its rating. Their recommendation was “a Market perform” for AVDX stock.
Analyzing AVDX Stock Performance
During the last five days, there has been a drop of approximately -3.83%. Over the course of the year, AvidXchange Holdings Inc shares have dropped approximately -4.68%. Shares of the company reached a 52-week high of $13.56 on 02/29/24 and a 52-week low of $10.35 on 01/18/24. A 50-day SMA is recorded $12.37, while a 200-day SMA reached $10.86. Nevertheless, trading volume fell to 0.92 million shares from 0.42 million shares the previous day.
Support And Resistance Levels for AvidXchange Holdings Inc (AVDX)
According to the 24-hour chart, there is a support level at 11.68, which, if violated, would cause prices to drop to 11.55. In the upper region, resistance lies at 11.99. The next price resistance is at 12.17. RSI (Relative Strength Index) is 37.37 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.38, which suggests the price will decrease in the coming days. Percent R is at 95.47%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is AvidXchange Holdings Inc subject to short interest?
Stocks of AvidXchange Holdings Inc saw a sharp steep in short interest on Mar 15, 2024 dropping by -0.46 million shares to 8.27 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 8.73 million shares. A decline of -5.56% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 3.57 of the overall float, the days-to-cover ratio (short ratio) decline to 3.57.
