Ryan Stahl Sells 7,427 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) insider Ryan Stahl sold 7,427 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total transaction of $63,723.66. Following the transaction, the insider now directly owns 369,603 shares of the company’s stock, valued at $3,171,193.74. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

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

• On Monday, September 23rd, Ryan Stahl sold 7,621 shares of AvidXchange stock. The shares were sold at an average price of $8.13, for a total value of $61,958.73.
• On Friday, September 13th, Ryan Stahl sold 2,649 shares of AvidXchange stock. The stock was sold at an average price of $7.77, for a total transaction of $20,582.73.

AvidXchange Stock Performance

Shares of NASDAQ:AVDX traded up $0.13 on Friday, reaching $8.58. The company’s stock had a trading volume of 1,165,248 shares, compared to its average volume of 2,051,791. The stock has a market capitalization of $1.77 billion, a P/E ratio of -57.33 and a beta of 1.01. AvidXchange Holdings, Inc. has a 52-week low of $6.88 and a 52-week high of $13.56. The stock’s 50-day moving average is $7.96 and its two-hundred day moving average is $10.19. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.36 and a quick ratio of 1.36.

AvidXchange (NASDAQ:AVDX) last released its earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. The business had revenue of $105.30 million for the quarter, compared to analyst estimates of $107.13 million. AvidXchange had a negative return on equity of 0.23% and a negative net margin of 3.18%. The company’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 company posted ($0.05) earnings per share. As a group, sell-side analysts forecast that AvidXchange Holdings, Inc. will post 0.03 EPS for the current year.

Analysts Set New Price Targets

AVDX has been the subject of a number of research reports. Bank of America dropped their price objective on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a report on Tuesday. Keefe, Bruyette & Woods decreased their price objective on AvidXchange from $13.50 to $11.00 and set a “market perform” rating for the company in a research note on Thursday, August 1st. Robert W. Baird cut their target price on shares of AvidXchange from $16.00 to $14.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. JPMorgan Chase & Co. downgraded shares of AvidXchange from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $11.00 to $9.00 in a research note on Tuesday, August 20th. Finally, KeyCorp dropped their target price on AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, AvidXchange has an average rating of “Hold” and an average target price of $10.64.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC increased its position in AvidXchange by 2.9% during the 2nd quarter. SG Americas Securities LLC now owns 29,813 shares of the company’s stock worth $360,000 after purchasing an additional 835 shares during the period. California State Teachers Retirement System boosted its holdings in AvidXchange by 1.0% during the first quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock worth $2,121,000 after buying an additional 1,656 shares in the last quarter. Advisors Asset Management Inc. increased its holdings in AvidXchange by 96.3% in the first quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock valued at $57,000 after buying an additional 2,114 shares in the last quarter. ProShare Advisors LLC lifted its position in shares of AvidXchange by 9.7% during the 1st quarter. ProShare Advisors LLC now owns 27,135 shares of the company’s stock valued at $357,000 after acquiring an additional 2,396 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in shares of AvidXchange by 14.6% during the 1st quarter. Principal Financial Group Inc. now owns 20,058 shares of the company’s stock worth $264,000 after acquiring an additional 2,556 shares in the last quarter. 80.58% of the stock is owned by hedge funds and other institutional investors.

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.