Joel Wilhite Sells 32,203 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) insider Joel Wilhite sold 32,203 shares of the firm’s stock in a transaction on Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $244,420.77. Following the completion of the sale, the insider now directly owns 843 shares of the company’s stock, valued at approximately $6,398.37. This trade represents a 97.45 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

AvidXchange Stock Performance

AVDX traded down $0.26 on Tuesday, hitting $7.16. 2,186,120 shares of the stock traded hands, compared to its average volume of 1,677,276. AvidXchange Holdings, Inc. has a 52 week low of $6.89 and a 52 week high of $13.49. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $1.47 billion, a PE ratio of 179.00 and a beta of 1.22. The business has a fifty day moving average price of $9.91 and a two-hundred day moving average price of $9.41.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.03). AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. The firm had revenue of $115.44 million for the quarter, compared to the consensus estimate of $114.98 million. On average, research analysts predict that AvidXchange Holdings, Inc. will post 0.02 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. The Goldman Sachs Group reduced their price objective on AvidXchange from $9.50 to $7.00 and set a “sell” rating for the company in a research report on Thursday, February 27th. Compass Point raised AvidXchange from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $8.00 to $15.00 in a research report on Thursday, November 7th. JPMorgan Chase & Co. reduced their price objective on AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. Wells Fargo & Company cut their target price on AvidXchange from $10.00 to $8.00 and set an “equal weight” rating on the stock in a report on Thursday, February 27th. Finally, Wolfe Research lowered AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $10.00.

Hedge Funds Weigh In On AvidXchange

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. FMR LLC boosted its holdings in AvidXchange by 272.5% during the third quarter. FMR LLC now owns 13,733,769 shares of the company’s stock valued at $111,381,000 after purchasing an additional 10,046,893 shares in the last quarter. Azora Capital LP acquired a new stake in AvidXchange during the fourth quarter valued at approximately $45,067,000. Jacobs Levy Equity Management Inc. acquired a new stake in AvidXchange during the third quarter valued at approximately $25,339,000. Arrowstreet Capital Limited Partnership acquired a new stake in AvidXchange during the fourth quarter valued at approximately $10,292,000. Finally, Point72 Asset Management L.P. acquired a new stake in AvidXchange during the third quarter valued at approximately $7,920,000. 80.58% of the stock is currently owned by institutional investors.

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.