Insider Selling: AvidXchange Holdings, Inc. (NASDAQ:AVDX) CEO Sells 58,881 Shares of Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) CEO Michael Praeger sold 58,881 shares of the business’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $446,906.79. Following the transaction, the chief executive officer now owns 11,164,737 shares in the company, valued at $84,740,353.83. This represents a 0.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

AvidXchange Trading Up 2.1 %

Shares of NASDAQ:AVDX opened at $7.31 on Thursday. The business’s 50 day simple moving average is $9.85 and its 200 day simple moving average is $9.40. AvidXchange Holdings, Inc. has a 1 year low of $6.89 and a 1 year high of $13.49. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The company has a market capitalization of $1.50 billion, a P/E ratio of 182.75 and a beta of 1.22.

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

Hedge Funds Weigh In On AvidXchange

Several hedge funds have recently bought and sold shares of the company. Blue Trust Inc. boosted its position in shares of AvidXchange by 90.1% during the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock worth $28,000 after acquiring an additional 1,278 shares in the last quarter. Point72 DIFC Ltd bought a new stake in AvidXchange during the third quarter worth $37,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of AvidXchange in the 3rd quarter valued at $38,000. R Squared Ltd acquired a new stake in shares of AvidXchange in the 4th quarter valued at $41,000. Finally, Quarry LP increased its stake in shares of AvidXchange by 126.6% in the 4th quarter. Quarry LP now owns 5,518 shares of the company’s stock valued at $57,000 after purchasing an additional 3,083 shares during the last quarter. 80.58% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on AVDX shares. The Goldman Sachs Group lowered their price target on AvidXchange from $9.50 to $7.00 and set a “sell” rating on the stock in a research report on Thursday, February 27th. Barclays lowered AvidXchange from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $13.00 to $8.00 in a report on Tuesday. Wolfe Research downgraded AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 27th. KeyCorp downgraded shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a report on Thursday, February 27th. Finally, JPMorgan Chase & Co. cut their target price 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 analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $10.00.

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.