AvidXchange Holdings, Inc. (NASDAQ:AVDX) Insider Sells $383,194.80 in Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) insider Joel Wilhite sold 47,308 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $8.10, for a total transaction of $383,194.80. Following the transaction, the insider now directly owns 413,687 shares in the company, valued at $3,350,864.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Joel Wilhite also recently made the following trade(s):

• On Tuesday, August 27th, Joel Wilhite sold 18,028 shares of AvidXchange stock. The shares were sold at an average price of $7.98, for a total transaction of $143,863.44.

AvidXchange Price Performance

NASDAQ:AVDX opened at $8.15 on Friday. The stock has a market cap of $1.68 billion, a P/E ratio of -54.33 and a beta of 1.03. AvidXchange Holdings, Inc. has a one year low of $6.88 and a one year high of $13.56. The company has a fifty day moving average price of $10.35 and a 200 day moving average price of $11.33. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.34 and a quick ratio of 1.34.

AvidXchange (NASDAQ:AVDX) last released its earnings results on Wednesday, July 31st. The company reported $0.05 EPS for the quarter, beating the consensus estimate of $0.04 by $0.01. The firm had revenue of $105.30 million during the quarter, compared to analysts’ expectations of $107.13 million. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. The business’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.05) EPS. Analysts anticipate that AvidXchange Holdings, Inc. will post 0.01 earnings per share for the current year.

Hedge Funds Weigh In On AvidXchange

A number of hedge funds have recently made changes to their positions in AVDX. National Bank of Canada FI acquired a new position in shares of AvidXchange in the 4th quarter valued at $54,000. Advisors Asset Management Inc. raised its stake in shares of AvidXchange by 96.3% in the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock valued at $57,000 after buying an additional 2,114 shares in the last quarter. nVerses Capital LLC acquired a new position in shares of AvidXchange in the 2nd quarter valued at $66,000. Xponance Inc. acquired a new position in shares of AvidXchange in the 2nd quarter valued at $133,000. Finally, Cardinal Capital Management acquired a new position in shares of AvidXchange in the 1st quarter valued at $190,000. Institutional investors and hedge funds own 80.58% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Wells Fargo & Company lowered their price objective on shares of AvidXchange from $13.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 1st. Barclays decreased their target price on shares of AvidXchange from $14.00 to $10.00 and set an “overweight” rating for the company in a research report on Monday, August 5th. BMO Capital Markets decreased their target price on shares of AvidXchange from $13.00 to $10.00 and set a “market perform” rating for the company in a research report on Thursday, August 1st. UBS Group downgraded shares of AvidXchange from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $15.00 to $10.00 in a research report on Thursday, August 1st. Finally, Robert W. Baird decreased their target price on shares of AvidXchange from $16.00 to $14.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $11.25.

About AvidXchange

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.