AvidXchange (NASDAQ:AVDX) Shares Gap Down to $12.72

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) gapped down prior to trading on Wednesday . The stock had previously closed at $12.72, but opened at $11.22. AvidXchange shares last traded at $10.21, with a volume of 1,378,266 shares traded.

Analyst Ratings Changes

Several analysts have issued reports on AVDX shares. Keefe, Bruyette & Woods lowered their target price on AvidXchange from $13.50 to $11.00 and set a “market perform” rating on the stock in a research note on Thursday. Wells Fargo & Company reduced their price objective on AvidXchange from $13.00 to $10.00 and set an “equal weight” rating for the company in a research report on Thursday. BMO Capital Markets dropped their price target on AvidXchange from $13.00 to $10.00 and set a “market perform” rating on the stock in a research note on Thursday. 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 research report on Thursday. Finally, KeyCorp cut their target price on AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday. One analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $12.00.

AvidXchange Stock Down 5.5 %

The stock has a market capitalization of $1.61 billion, a PE ratio of -55.00 and a beta of 1.03. The firm’s fifty day moving average is $11.48 and its 200-day moving average is $11.78. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.20.

AvidXchange (NASDAQ:AVDX) last posted its earnings results on Wednesday, May 8th. The company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.04. The company had revenue of $105.60 million for the quarter, compared to the consensus estimate of $101.33 million. AvidXchange had a negative return on equity of 0.23% and a negative net margin of 3.18%. On average, equities research analysts predict that AvidXchange Holdings, Inc. will post 0.01 earnings per share for the current year.

Insider Transactions at AvidXchange

In other AvidXchange news, insider Joel Wilhite sold 12,363 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $11.24, for a total transaction of $138,960.12. Following the sale, the insider now owns 466,491 shares in the company, valued at $5,243,358.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other AvidXchange news, President Daniel Drees sold 13,762 shares of the stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $11.24, for a total transaction of $154,684.88. Following the completion of the transaction, the president now directly owns 758,406 shares of the company’s stock, valued at approximately $8,524,483.44. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Joel Wilhite sold 12,363 shares of the firm’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $11.24, for a total value of $138,960.12. Following the sale, the insider now directly owns 466,491 shares of the company’s stock, valued at $5,243,358.84. The disclosure for this sale can be found here. Insiders sold 152,897 shares of company stock valued at $1,695,238 over the last quarter. Company insiders own 10.30% of the company’s stock.

Institutional Trading of AvidXchange

Several hedge funds and other institutional investors have recently modified their holdings of the business. Jennison Associates LLC bought a new position in AvidXchange during the first quarter valued at about $23,800,000. Kodai Capital Management LP lifted its holdings in AvidXchange by 872.9% during the 1st quarter. Kodai Capital Management LP now owns 1,581,667 shares of the company’s stock worth $20,799,000 after buying an additional 1,419,099 shares in the last quarter. Intrinsic Edge Capital Management LLC lifted its stake in shares of AvidXchange by 79.9% in the 4th quarter. Intrinsic Edge Capital Management LLC now owns 2,785,445 shares of the company’s stock valued at $34,512,000 after purchasing an additional 1,237,508 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of AvidXchange by 17.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,864,725 shares of the company’s stock valued at $47,885,000 after purchasing an additional 587,692 shares during the period. Finally, Lazard Asset Management LLC bought a new stake in shares of AvidXchange in the 1st quarter valued at $7,621,000. Institutional investors and hedge funds own 80.58% of the company’s stock.

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.