Insider Selling: AvidXchange Holdings, Inc. (NASDAQ:AVDX) President Sells $263,995.38 in Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) President Daniel Drees sold 34,782 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $263,995.38. Following the completion of the sale, the president now directly owns 1,176,833 shares in the company, valued at approximately $8,932,162.47. This represents a 2.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

AvidXchange Stock Down 2.3 %

Shares of NASDAQ:AVDX opened at $7.14 on Friday. The stock has a market cap of $1.46 billion, a P/E ratio of 178.50 and a beta of 1.28. The firm has a fifty day moving average price of $9.78 and a 200 day moving average price of $9.38. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. AvidXchange Holdings, Inc. has a 1-year low of $6.89 and a 1-year high of $13.49.

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

Institutional Trading of AvidXchange

Several hedge funds have recently made changes to their positions in AVDX. Blue Trust Inc. lifted its stake in shares of AvidXchange by 90.1% in the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock worth $28,000 after acquiring an additional 1,278 shares during the period. Point72 DIFC Ltd acquired a new stake in shares of AvidXchange in the 3rd quarter worth $37,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of AvidXchange in the 3rd quarter worth $38,000. R Squared Ltd acquired a new stake in shares of AvidXchange in the 4th quarter worth $41,000. Finally, Quarry LP lifted its stake in shares of AvidXchange by 126.6% in the 4th quarter. Quarry LP now owns 5,518 shares of the company’s stock worth $57,000 after acquiring an additional 3,083 shares during the period. Institutional investors and hedge funds 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. BTIG Research initiated coverage on shares of AvidXchange in a research report on Wednesday, December 11th. They issued a “buy” rating and a $14.00 price objective on the stock. Wells Fargo & Company dropped their price objective on shares of AvidXchange from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 27th. KeyCorp downgraded shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a research report on Thursday, February 27th. Wolfe Research cut shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 27th. Finally, Keefe, Bruyette & Woods lowered their target price on shares of AvidXchange from $11.00 to $8.00 and set a “market perform” rating for the company in a report on Thursday, February 27th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $10.00.

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.