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 stock in a transaction on Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $244,420.77. Following the completion of the sale, the insider now directly owns 843 shares of the company’s stock, valued at $6,398.37. The trade was a 97.45 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

AvidXchange Trading Up 2.1 %

NASDAQ AVDX opened at $7.31 on Thursday. AvidXchange Holdings, Inc. has a 12 month low of $6.89 and a 12 month high of $13.49. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The company has a market capitalization of $1.50 billion, a price-to-earnings ratio of 182.75 and a beta of 1.22. The company’s fifty day moving average price is $9.85 and its two-hundred day moving average price is $9.40.

AvidXchange (NASDAQ:AVDX) last posted 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). AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. The company had revenue of $115.44 million for the quarter, compared to the consensus estimate of $114.98 million. As a group, research analysts predict that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Blue Trust Inc. lifted its position 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 buying an additional 1,278 shares during the last quarter. R Squared Ltd bought a new position in shares of AvidXchange in the 4th quarter worth about $41,000. Point72 DIFC Ltd bought a new position in shares of AvidXchange in the 3rd quarter worth about $37,000. Allspring Global Investments Holdings LLC bought a new position in shares of AvidXchange in the 3rd quarter worth about $38,000. Finally, Quarry LP lifted its position 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 buying an additional 3,083 shares during the last quarter. 80.58% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently issued reports on AVDX. JPMorgan Chase & Co. dropped their price objective on shares of AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. Barclays lowered shares of AvidXchange from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $13.00 to $8.00 in a research report on Tuesday. The Goldman Sachs Group dropped their price objective on shares of 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 upgraded shares of AvidXchange from a “neutral” rating to a “buy” rating and upped their target price for the company from $8.00 to $15.00 in a research note on Thursday, November 7th. Finally, KeyCorp downgraded shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a research note on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $10.00.

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.