Insider Selling: AvidXchange Holdings, Inc. (NASDAQ:AVDX) CEO Sells $483,097.80 in Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) CEO Michael Praeger sold 42,377 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $11.40, for a total transaction of $483,097.80. Following the completion of the sale, the chief executive officer now directly owns 10,381,033 shares in the company, valued at $118,343,776.20. This trade represents a 0.41 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

AvidXchange Stock Up 2.8 %

Shares of AvidXchange stock opened at $11.56 on Friday. AvidXchange Holdings, Inc. has a 1 year low of $7.38 and a 1 year high of $13.56. 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 $2.38 billion, a P/E ratio of 565.50 and a beta of 1.20. The business has a 50-day moving average of $9.44 and a two-hundred day moving average of $9.75.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. US Bancorp DE increased its holdings in AvidXchange by 111,114.9% during the 3rd quarter. US Bancorp DE now owns 52,271 shares of the company’s stock worth $424,000 after purchasing an additional 52,224 shares in the last quarter. Entropy Technologies LP acquired a new stake in AvidXchange in the 3rd quarter valued at approximately $447,000. State of New Jersey Common Pension Fund D lifted its stake in AvidXchange by 39.3% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company’s stock valued at $2,011,000 after acquiring an additional 69,971 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in AvidXchange during the 3rd quarter worth approximately $25,339,000. Finally, California State Teachers Retirement System grew its stake in shares of AvidXchange by 1.0% during the 1st quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock worth $2,121,000 after acquiring an additional 1,656 shares in the last quarter. Institutional investors own 80.58% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on AVDX shares. Compass Point raised AvidXchange from a “neutral” rating to a “buy” rating and raised their price target for the company from $8.00 to $15.00 in a report on Thursday, November 7th. Bank of America reduced their price target on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a research report on Tuesday, October 15th. Piper Sandler raised their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Keefe, Bruyette & Woods increased their price target on shares of AvidXchange from $9.00 to $10.00 and gave the company a “market perform” rating in a research note on Thursday, November 7th. Finally, Barclays raised their price target on shares of AvidXchange from $11.00 to $13.00 and gave the company an “overweight” rating in a report on Monday, November 18th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $11.35.

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.