Michael Praeger Sells 58,881 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) CEO Michael Praeger sold 58,881 shares of the firm’s stock in a transaction on Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $446,906.79. Following the completion of the transaction, the chief executive officer now owns 11,164,737 shares in the company, valued at $84,740,353.83. This represents a 0.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

AvidXchange Stock Performance

AVDX opened at $7.31 on Thursday. 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 business’s 50-day moving average price is $9.85 and its two-hundred day moving average price is $9.40. AvidXchange Holdings, Inc. has a 1 year low of $6.89 and a 1 year high of $13.49.

AvidXchange (NASDAQ:AVDX) last released its earnings results on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.03). The firm had revenue of $115.44 million during the quarter, compared to the consensus estimate of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. Equities analysts expect that AvidXchange Holdings, Inc. will post 0.02 EPS for the current fiscal year.

Analysts Set New Price Targets

AVDX has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. reduced their target price on AvidXchange from $10.00 to $9.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. The Goldman Sachs Group cut their price target on shares of AvidXchange from $9.50 to $7.00 and set a “sell” rating on the stock in a research report on Thursday, February 27th. Robert W. Baird decreased their price objective on shares of AvidXchange from $14.00 to $12.00 and set an “outperform” rating for the company in a report on Thursday, February 27th. Wolfe Research lowered shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 27th. Finally, KeyCorp lowered shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a report on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $10.00.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Neo Ivy Capital Management acquired a new stake in AvidXchange in the 4th quarter valued at $2,393,000. PharVision Advisers LLC acquired a new stake in shares of AvidXchange in the fourth quarter valued at about $230,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in AvidXchange by 10.2% during 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 acquiring an additional 42,993 shares in the last quarter. Vident Advisory LLC bought a new stake in AvidXchange during the fourth quarter worth about $255,000. Finally, Tremblant Capital Group boosted its position in AvidXchange by 2.3% during the fourth quarter. Tremblant Capital Group now owns 3,231,149 shares of the company’s stock valued at $33,410,000 after purchasing an additional 73,802 shares during the last quarter. Institutional investors and hedge funds 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.