AvidXchange Holdings, Inc. (NASDAQ:AVDX) Director Teresa Mackintosh Sells 13,316 Shares

AvidXchange Holdings, Inc. (NASDAQ:AVDX) Director Teresa Mackintosh sold 13,316 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $11.44, for a total value of $152,335.04. Following the transaction, the director now owns 47,388 shares of the company’s stock, valued at approximately $542,118.72. This trade represents a 21.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

AvidXchange Price Performance

Shares of NASDAQ AVDX traded down $0.07 during midday trading on Tuesday, reaching $11.11. 1,291,014 shares of the company traded hands, compared to its average volume of 2,049,436. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. The firm has a market cap of $2.29 billion, a PE ratio of 578.00 and a beta of 1.19. AvidXchange Holdings, Inc. has a 12 month low of $7.38 and a 12 month high of $13.56. The stock’s 50-day simple moving average is $9.50 and its 200-day simple moving average is $9.73.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. SG Americas Securities LLC grew its holdings in AvidXchange by 2.9% during the 2nd quarter. SG Americas Securities LLC now owns 29,813 shares of the company’s stock worth $360,000 after acquiring an additional 835 shares during the last quarter. Captrust Financial Advisors grew its stake in shares of AvidXchange by 9.2% during the third quarter. Captrust Financial Advisors now owns 17,350 shares of the company’s stock valued at $141,000 after purchasing an additional 1,465 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of AvidXchange by 29.6% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company’s stock valued at $107,000 after purchasing an additional 3,019 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of AvidXchange by 17.1% in the second quarter. Principal Financial Group Inc. now owns 23,479 shares of the company’s stock valued at $283,000 after purchasing an additional 3,421 shares in the last quarter. Finally, Point72 DIFC Ltd bought a new position in AvidXchange in the 3rd quarter worth approximately $37,000. Institutional investors own 80.58% of the company’s stock.

Wall Street Analysts Forecast Growth

AVDX has been the subject of several research analyst reports. Keefe, Bruyette & Woods upped their target price on shares of AvidXchange from $10.00 to $12.00 and gave the company a “market perform” rating in a research note on Monday. Bank of America cut their price objective on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a research report on Tuesday, October 15th. JPMorgan Chase & Co. downgraded 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 research report on Tuesday, August 20th. Piper Sandler upped their price target on AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Finally, Wells Fargo & Company raised their price objective on AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $11.50.

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.