Insider Selling: AvidXchange Holdings, Inc. (NASDAQ:AVDX) Insider Sells $61,958.73 in Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) insider Ryan Stahl sold 7,621 shares of AvidXchange stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $8.13, for a total transaction of $61,958.73. Following the completion of the transaction, the insider now directly owns 377,030 shares of the company’s stock, valued at approximately $3,065,253.90. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

Ryan Stahl also recently made the following trade(s):

• On Friday, September 13th, Ryan Stahl sold 2,649 shares of AvidXchange stock. The shares were sold at an average price of $7.77, for a total transaction of $20,582.73.

AvidXchange Stock Up 0.7 %

NASDAQ AVDX opened at $8.14 on Friday. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.19. AvidXchange Holdings, Inc. has a 1-year low of $6.88 and a 1-year high of $13.56. The company has a 50 day moving average of $8.69 and a 200-day moving average of $10.70. The company has a market cap of $1.68 billion, a price-to-earnings ratio of -54.87 and a beta of 1.01.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. The company had revenue of $105.30 million during the quarter, compared to the consensus estimate of $107.13 million. During the same period in the previous year, the business earned ($0.05) earnings per share. The firm’s quarterly revenue was up 15.6% on a year-over-year basis. On average, equities research analysts expect that AvidXchange Holdings, Inc. will post 0.03 earnings per share for the current fiscal year.

Institutional Investors Weigh In On AvidXchange

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Advisors Asset Management Inc. raised its position in AvidXchange by 96.3% during the first 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 in the last quarter. nVerses Capital LLC acquired a new position in AvidXchange during the second quarter valued at approximately $66,000. Xponance Inc. acquired a new position in AvidXchange during the second quarter valued at approximately $133,000. Cardinal Capital Management acquired a new position in AvidXchange during the first quarter valued at approximately $190,000. Finally, Natixis acquired a new position in AvidXchange during the first quarter valued at approximately $203,000. 80.58% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently commented on AVDX shares. JPMorgan Chase & Co. downgraded shares of AvidXchange from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $11.00 to $9.00 in a research report on Tuesday, August 20th. Barclays lowered their price target on shares of AvidXchange from $14.00 to $10.00 and set an “overweight” rating on the stock in a report on Monday, August 5th. Compass Point assumed coverage on shares of AvidXchange in a research report on Wednesday, September 4th. They set a “neutral” rating and a $8.00 price objective for the company. BMO Capital Markets decreased their target price on AvidXchange from $13.00 to $10.00 and set a “market perform” rating on the stock in a research report on Thursday, August 1st. Finally, 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, August 1st. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $11.00.

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.