Michael Praeger Sells 37,225 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) CEO Michael Praeger sold 37,225 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total value of $297,055.50. Following the sale, the chief executive officer now directly owns 10,453,786 shares in the company, valued at $83,421,212.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Michael Praeger also recently made the following trade(s):

• On Tuesday, June 11th, Michael Praeger sold 29,192 shares of AvidXchange stock. The shares were sold at an average price of $10.85, for a total value of $316,733.20.

AvidXchange Trading Up 2.3 %

Shares of AvidXchange stock traded up $0.18 on Thursday, hitting $8.15. 2,130,218 shares of the company traded hands, compared to its average volume of 2,097,860. The stock’s 50 day moving average price is $10.35 and its 200-day moving average price is $11.33. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.20. AvidXchange Holdings, Inc. has a 52 week low of $6.88 and a 52 week high of $13.56. The company has a market cap of $1.68 billion, a PE ratio of -54.33 and a beta of 1.03.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. The company had revenue of $105.30 million during the quarter, compared to the consensus estimate of $107.13 million. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. AvidXchange’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.05) earnings per share. Equities research analysts predict that AvidXchange Holdings, Inc. will post 0.01 EPS for the current year.

Hedge Funds Weigh In On AvidXchange

A number of large investors have recently bought and sold shares of AVDX. National Bank of Canada FI bought a new position in AvidXchange in the fourth quarter worth approximately $54,000. Advisors Asset Management Inc. raised its stake in AvidXchange by 96.3% in the first quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock worth $57,000 after buying an additional 2,114 shares in the last quarter. nVerses Capital LLC bought a new position in AvidXchange in the second quarter worth approximately $66,000. Xponance Inc. bought a new position in AvidXchange in the second quarter worth approximately $133,000. Finally, Cardinal Capital Management purchased a new position in AvidXchange in the first quarter worth $190,000. Institutional investors own 80.58% of the company’s stock.

Analysts Set New Price Targets

AVDX has been the topic of a number of recent analyst reports. Barclays decreased their price target on AvidXchange from $14.00 to $10.00 and set an “overweight” rating on the stock in a report on Monday, August 5th. JPMorgan Chase & Co. cut AvidXchange from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $11.00 to $9.00 in a report on Tuesday, August 20th. Keefe, Bruyette & Woods cut their price objective on AvidXchange from $13.50 to $11.00 and set a “market perform” rating for the company in a research report on Thursday, August 1st. Susquehanna cut their price objective on AvidXchange from $16.00 to $14.00 and set a “positive” rating for the company in a research report on Thursday, August 1st. Finally, KeyCorp cut their price objective on AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. One 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’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $11.25.

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.