Insider Selling: AvidXchange Holdings, Inc. (NASDAQ:AVDX) Insider Sells 2,649 Shares of Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) insider Ryan Stahl sold 2,649 shares of the firm’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $7.77, for a total value of $20,582.73. Following the transaction, the insider now owns 384,651 shares of the company’s stock, valued at $2,988,738.27. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

AvidXchange Stock Down 1.8 %

AvidXchange stock traded down $0.14 during midday trading on Tuesday, hitting $7.44. The stock had a trading volume of 2,153,099 shares, compared to its average volume of 2,086,482. The stock has a market cap of $1.54 billion, a P/E ratio of -50.53 and a beta of 1.01. The business has a fifty day moving average price of $9.40 and a 200 day moving average price of $10.94. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.19. AvidXchange Holdings, Inc. has a 12 month low of $6.88 and a 12 month high of $13.56.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. AvidXchange had a negative return on equity of 0.23% and a negative net margin of 3.18%. The company had revenue of $105.30 million for the quarter, compared to analysts’ expectations of $107.13 million. During the same quarter in the previous year, the company posted ($0.05) earnings per share. The business’s revenue for the quarter was up 15.6% compared to the same quarter last year. Research analysts predict that AvidXchange Holdings, Inc. will post 0.03 EPS for the current year.

Hedge Funds Weigh In On AvidXchange

Several institutional investors and hedge funds have recently bought and sold shares of the business. Advisors Asset Management Inc. lifted its holdings in AvidXchange by 96.3% in the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock worth $57,000 after purchasing an additional 2,114 shares during the last quarter. nVerses Capital LLC acquired a new stake in AvidXchange during the 2nd quarter valued at $66,000. Xponance Inc. bought a new stake in shares of AvidXchange during the second quarter valued at approximately $133,000. Cardinal Capital Management acquired a new stake in shares of AvidXchange during the 1st quarter worth approximately $190,000. Finally, Natixis acquired a new position in shares of AvidXchange during the first quarter worth about $203,000. Hedge funds and other institutional investors own 80.58% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Keefe, Bruyette & Woods cut their price target on AvidXchange from $13.50 to $11.00 and set a “market perform” rating on the stock in a report 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. Susquehanna lowered their target price on shares of AvidXchange from $16.00 to $14.00 and set a “positive” rating for the company in a research note on Thursday, August 1st. BMO Capital Markets lowered their price target on AvidXchange from $13.00 to $10.00 and set a “market perform” rating for the company in a report on Thursday, August 1st. Finally, KeyCorp dropped their price target on AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, AvidXchange presently has a consensus rating of “Hold” and a consensus price target of $11.00.

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.