AvidXchange (NASDAQ:AVDX) Hits New 1-Year Low – Time to Sell?

AvidXchange Holdings, Inc. (NASDAQ:AVDX)’s share price hit a new 52-week low during trading on Monday . The company traded as low as $6.83 and last traded at $6.91, with a volume of 429594 shares changing hands. The stock had previously closed at $7.17.

Wall Street Analysts Forecast Growth

AVDX has been the subject of several recent research reports. BTIG Research assumed coverage on shares of AvidXchange in a research note on Wednesday, December 11th. They set a “buy” rating and a $14.00 target price for the company. Wells Fargo & Company lowered their price target on shares of AvidXchange from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 27th. JPMorgan Chase & Co. lowered their target price on shares of AvidXchange from $10.00 to $9.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. BMO Capital Markets reduced their price target on shares of AvidXchange from $11.00 to $7.50 and set a “market perform” rating for the company in a research report on Thursday, February 27th. Finally, Morgan Stanley lowered their price target on AvidXchange from $11.00 to $8.00 and set an “equal weight” rating on the stock in a report on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $10.00.

AvidXchange Stock Up 1.5 %

The stock has a fifty day moving average price of $9.58 and a two-hundred day moving average price of $9.38. The firm has a market capitalization of $1.43 billion, a P/E ratio of 175.45 and a beta of 1.28. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32.

AvidXchange (NASDAQ:AVDX) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). The business had revenue of $115.44 million during the quarter, compared to the consensus estimate of $114.98 million. AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. Research analysts forecast that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

Insider Activity at AvidXchange

In other news, insider Joel Wilhite sold 32,203 shares of the firm’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $244,420.77. Following the completion of the transaction, the insider now owns 843 shares in the company, valued at approximately $6,398.37. This trade represents a 97.45 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Michael Praeger sold 58,881 shares of the stock in a transaction on Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $446,906.79. Following the sale, the chief executive officer now owns 11,164,737 shares of the company’s stock, valued at $84,740,353.83. This trade represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 125,866 shares of company stock worth $955,323 in the last ninety days. 10.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. US Bancorp DE grew its holdings in shares of AvidXchange by 111,114.9% during the 3rd quarter. US Bancorp DE now owns 52,271 shares of the company’s stock worth $424,000 after purchasing an additional 52,224 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new position in shares of AvidXchange during the 3rd quarter worth about $25,339,000. Entropy Technologies LP acquired a new stake in shares of AvidXchange during the 3rd quarter valued at about $447,000. State of New Jersey Common Pension Fund D raised its position in AvidXchange by 39.3% in the third quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company’s stock worth $2,011,000 after purchasing an additional 69,971 shares in the last quarter. Finally, Barclays PLC lifted its stake in AvidXchange by 239.8% during the third quarter. Barclays PLC now owns 285,768 shares of the company’s stock worth $2,318,000 after purchasing an additional 201,679 shares during the period. 80.58% of the stock is owned by institutional investors.

AvidXchange Company Profile

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.