Stock Traders Purchase High Volume of AvidXchange Call Options (NASDAQ:AVDX)

AvidXchange Holdings, Inc. (NASDAQ:AVDX) was the target of unusually large options trading on Friday. Stock traders acquired 5,680 call options on the stock. This is an increase of 6,505% compared to the average daily volume of 86 call options.

Analysts Set New Price Targets

AVDX has been the subject of several analyst reports. JPMorgan Chase & Co. dropped their price objective on AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company in a report on Thursday, February 27th. Wolfe Research cut shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 27th. BTIG Research assumed coverage on shares of AvidXchange in a report on Wednesday, December 11th. They set a “buy” rating and a $14.00 price target for the company. Keefe, Bruyette & Woods lowered their price target on AvidXchange from $11.00 to $8.00 and set a “market perform” rating for the company in a report on Thursday, February 27th. Finally, Morgan Stanley reduced their price objective on AvidXchange from $11.00 to $8.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $10.00.

AvidXchange Trading Up 1.8 %

Shares of NASDAQ:AVDX traded up $0.15 during trading on Friday, reaching $7.99. The stock had a trading volume of 1,182,379 shares, compared to its average volume of 1,853,810. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. The stock has a market cap of $1.63 billion, a price-to-earnings ratio of 199.63 and a beta of 1.28. The firm’s fifty day moving average is $9.46 and its 200 day moving average is $9.35. AvidXchange has a 52 week low of $6.61 and a 52 week high of $13.49.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). The company had revenue of $115.44 million for the quarter, compared to the consensus estimate of $114.98 million. AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. As a group, equities analysts forecast that AvidXchange will post 0.02 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Michael Praeger sold 58,881 shares of AvidXchange stock in a transaction on Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $446,906.79. Following the completion of the sale, the chief executive officer now owns 11,164,737 shares of the company’s stock, valued at approximately $84,740,353.83. This trade represents a 0.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Joel Wilhite sold 32,203 shares of the company’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $244,420.77. Following the completion of the transaction, the insider now owns 843 shares in the company, valued at $6,398.37. This trade represents a 97.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 125,866 shares of company stock valued at $955,323. Insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

Hedge funds have recently modified their holdings of the stock. Neo Ivy Capital Management bought a new stake in shares of AvidXchange in the fourth quarter valued at approximately $2,393,000. PharVision Advisers LLC purchased a new position in AvidXchange during the fourth quarter valued at approximately $230,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of AvidXchange by 10.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 465,690 shares of the company’s stock worth $4,815,000 after buying an additional 42,993 shares in the last quarter. Vident Advisory LLC purchased a new position in AvidXchange during the fourth quarter worth about $255,000. Finally, Tremblant Capital Group raised its holdings in shares of AvidXchange by 2.3% in the 4th quarter. Tremblant Capital Group now owns 3,231,149 shares of the company’s stock valued at $33,410,000 after acquiring an additional 73,802 shares in the last quarter. Institutional investors own 80.58% of the company’s stock.

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.