AvidXchange Holdings, Inc. (NASDAQ:AVDX) Insider Sells $20,582.73 in Stock

by · The Cerbat Gem

AvidXchange Holdings, Inc. (NASDAQ:AVDX – Get Free Report) insider Ryan Stahl sold 2,649 shares of the firm’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $7.77, for a total transaction of $20,582.73. Following the sale, the insider now owns 384,651 shares of the company’s stock, valued at $2,988,738.27. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

AvidXchange Stock Performance

Shares of AVDX stock traded down $0.14 during trading hours on Tuesday, hitting $7.44. The company’s stock had a trading volume of 2,153,099 shares, compared to its average volume of 2,086,482. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.19. The company has a 50 day moving average of $9.40 and a 200 day moving average of $10.94. AvidXchange Holdings, Inc. has a 12-month low of $6.88 and a 12-month high of $13.56. The stock has a market cap of $1.54 billion, a PE ratio of -50.53 and a beta of 1.01.

AvidXchange (NASDAQ:AVDX – Get Free Report) last posted its earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share 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 analyst estimates of $107.13 million. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. During the same period in the previous year, the firm earned ($0.05) EPS. The business’s quarterly revenue was up 15.6% on a year-over-year basis. On average, sell-side analysts forecast that AvidXchange Holdings, Inc. will post 0.03 EPS for the current fiscal year.

Institutional Investors Weigh In On AvidXchange

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Advisors Asset Management Inc. raised its stake 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 purchasing an additional 2,114 shares during the last quarter. nVerses Capital LLC purchased a new stake in AvidXchange in the 2nd quarter valued at $66,000. Xponance Inc. acquired a new stake in shares of AvidXchange in the 2nd quarter worth $133,000. Cardinal Capital Management purchased a new stake in shares of AvidXchange in the 1st quarter valued at approximately $190,000. Finally, Natixis acquired a new stake in shares of AvidXchange during the 1st quarter worth about $203,000. Hedge funds and other institutional investors own 80.58% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on AVDX. Keefe, Bruyette & Woods decreased their price objective on shares of AvidXchange from $13.50 to $11.00 and set a “market perform” rating for the company in a report on Thursday, August 1st. The Goldman Sachs Group decreased their target price on AvidXchange from $11.50 to $9.00 and set a “sell” rating on the stock in a report on Thursday, August 1st. UBS Group cut shares of AvidXchange from a “buy” rating to a “neutral” rating and lowered their target price for the company from $15.00 to $10.00 in a research note on Thursday, August 1st. JPMorgan Chase & Co. downgraded shares of AvidXchange from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $11.00 to $9.00 in a report on Tuesday, August 20th. Finally, Wells Fargo & Company lowered their price target on shares of AvidXchange from $13.00 to $10.00 and set an “equal weight” rating for the company in a report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $11.00.

Read Our Latest Analysis on AVDX

About AvidXchange

(Get Free Report)

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.

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