Insider Selling: AvidXchange Holdings, Inc. (NASDAQ:AVDX) President Sells 34,782 Shares of Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) President Daniel Drees sold 34,782 shares of the company’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $263,995.38. Following the transaction, the president now directly owns 1,176,833 shares of the company’s stock, valued at $8,932,162.47. This represents a 2.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

AvidXchange Stock Performance

Shares of NASDAQ AVDX opened at $7.16 on Wednesday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $1.47 billion, a P/E ratio of 179.00 and a beta of 1.22. AvidXchange Holdings, Inc. has a 12 month low of $6.89 and a 12 month high of $13.49. The stock has a 50 day moving average of $9.91 and a 200-day moving average of $9.41.

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of AVDX. Blue Trust Inc. boosted its holdings in shares of AvidXchange by 90.1% during the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock worth $28,000 after acquiring an additional 1,278 shares during the period. Point72 DIFC Ltd bought a new stake in AvidXchange in the 3rd quarter valued at $37,000. Allspring Global Investments Holdings LLC acquired a new position in AvidXchange in the 3rd quarter valued at $38,000. R Squared Ltd acquired a new position in AvidXchange in the 4th quarter valued at $41,000. Finally, Quarry LP increased its position in AvidXchange by 126.6% during 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 period. 80.58% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on AVDX shares. Robert W. Baird cut their target price on AvidXchange from $14.00 to $12.00 and set an “outperform” rating on the stock in a research note on Thursday, February 27th. Wolfe Research lowered shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 27th. Morgan Stanley decreased their target price on shares of AvidXchange from $11.00 to $8.00 and set an “equal weight” 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 lowered their price target for the company from $13.00 to $8.00 in a research note on Tuesday. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of AvidXchange from $11.00 to $8.00 and set a “market perform” rating for the company in a research note on Thursday, February 27th. Two 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 stock. According to data from MarketBeat.com, AvidXchange presently has a consensus rating of “Hold” and a consensus price target of $10.00.

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.