AvidXchange Holdings, Inc. (NASDAQ:AVDX) Insider Ryan Stahl Sells 2,649 Shares

AvidXchange Holdings, Inc. (NASDAQ:AVDX) insider Ryan Stahl sold 2,649 shares of AvidXchange stock in a transaction on Friday, September 13th. The stock was sold at an average price of $7.77, for a total value of $20,582.73. Following the transaction, the insider now directly owns 384,651 shares of the company’s stock, valued at approximately $2,988,738.27. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

AvidXchange Price Performance

AVDX opened at $7.44 on Wednesday. AvidXchange Holdings, Inc. has a 1 year low of $6.88 and a 1 year high of $13.56. The company’s 50 day simple moving average is $9.30 and its 200 day simple moving average is $10.90. The stock has a market capitalization of $1.54 billion, a PE ratio of -49.60 and a beta of 1.01. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.36 and a current ratio of 1.36.

AvidXchange (NASDAQ:AVDX) last announced 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. The company had revenue of $105.30 million for the quarter, compared to analyst estimates of $107.13 million. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. AvidXchange’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same quarter last year, the business earned ($0.05) EPS. As a group, sell-side analysts expect that AvidXchange Holdings, Inc. will post 0.03 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have issued reports on AVDX shares. Susquehanna cut their target price on shares of AvidXchange from $16.00 to $14.00 and set a “positive” rating for the company in a research report on Thursday, August 1st. Barclays reduced their target price on AvidXchange from $14.00 to $10.00 and set an “overweight” rating on the stock in a research note on Monday, August 5th. UBS Group downgraded AvidXchange from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $15.00 to $10.00 in a research report on Thursday, August 1st. JPMorgan Chase & Co. downgraded AvidXchange from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $11.00 to $9.00 in a research report on Tuesday, August 20th. Finally, Robert W. Baird dropped their price objective on AvidXchange from $16.00 to $14.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $11.00.

Institutional Investors Weigh In On AvidXchange

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. American Century Companies Inc. grew its holdings in shares of AvidXchange by 54.2% during the 2nd quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock worth $54,460,000 after purchasing an additional 1,586,510 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of AvidXchange by 5.6% during the second quarter. Dimensional Fund Advisors LP now owns 4,317,134 shares of the company’s stock worth $52,062,000 after purchasing an additional 230,777 shares in the last quarter. Intrinsic Edge Capital Management LLC lifted its stake in shares of AvidXchange by 79.9% during the fourth quarter. Intrinsic Edge Capital Management LLC now owns 2,785,445 shares of the company’s stock worth $34,512,000 after purchasing an additional 1,237,508 shares in the last quarter. Millennium Management LLC grew its stake in shares of AvidXchange by 9.8% in the second quarter. Millennium Management LLC now owns 2,770,662 shares of the company’s stock valued at $33,414,000 after buying an additional 246,462 shares in the last quarter. Finally, Par Capital Management Inc. raised its holdings in shares of AvidXchange by 10.0% during the 4th quarter. Par Capital Management Inc. now owns 2,750,000 shares of the company’s stock valued at $34,072,000 after buying an additional 250,000 shares during the period. 80.58% of the stock is currently owned by institutional investors and hedge funds.

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.