Insider Selling: AvidXchange Holdings, Inc. (NASDAQ:AVDX) President Sells 20,069 Shares of Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) President Daniel Drees sold 20,069 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total value of $160,150.62. Following the transaction, the president now owns 753,644 shares of the company’s stock, valued at $6,014,079.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

AvidXchange Trading Up 2.3 %

AVDX traded up $0.18 during midday trading on Thursday, reaching $8.15. 2,130,218 shares of the company were exchanged, compared to its average volume of 2,097,860. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.34 and a current ratio of 1.34. AvidXchange Holdings, Inc. has a one year low of $6.88 and a one year high of $13.56. The stock has a market capitalization of $1.68 billion, a P/E ratio of -54.33 and a beta of 1.03. The stock’s 50-day simple moving average is $10.35 and its 200 day simple moving average is $11.33.

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

Institutional Investors Weigh In On AvidXchange

A number of hedge funds have recently modified their holdings of AVDX. National Bank of Canada FI acquired a new stake in shares of AvidXchange during the fourth quarter worth about $54,000. Advisors Asset Management Inc. raised its position in 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 during the last quarter. nVerses Capital LLC acquired a new stake in AvidXchange in the 2nd quarter valued at approximately $66,000. Xponance Inc. acquired a new stake in AvidXchange in the 2nd quarter valued at approximately $133,000. Finally, Cardinal Capital Management acquired a new stake in AvidXchange in the 1st quarter valued at approximately $190,000. Institutional investors and hedge funds own 80.58% of the company’s stock.

Analysts Set New Price Targets

AVDX has been the topic of several research analyst reports. JPMorgan Chase & Co. cut AvidXchange from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $11.00 to $9.00 in a report on Tuesday, August 20th. Robert W. Baird decreased their target price on AvidXchange from $16.00 to $14.00 and set an “outperform” rating on the stock in a report on Thursday, August 1st. Wells Fargo & Company decreased their price target on AvidXchange from $13.00 to $10.00 and set an “equal weight” rating on the stock in a report on Thursday, August 1st. Susquehanna decreased their price target on AvidXchange from $16.00 to $14.00 and set a “positive” rating on the stock in a report on Thursday, August 1st. Finally, Keefe, Bruyette & Woods decreased their price target on AvidXchange from $13.50 to $11.00 and set a “market perform” rating on the stock in a report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus 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.