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

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

AvidXchange Stock Down 3.5 %

AVDX opened at $7.16 on Wednesday. AvidXchange Holdings, Inc. has a twelve month low of $6.89 and a twelve month high of $13.49. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The company has a 50-day moving average price of $9.91 and a 200 day moving average price of $9.41. The company has a market cap of $1.47 billion, a PE ratio of 179.00 and a beta of 1.22.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate 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 analyst estimates of $114.98 million. Sell-side analysts expect that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have commented on AVDX. KeyCorp lowered shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a 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 report on Tuesday. Compass Point raised shares of AvidXchange from a “neutral” rating to a “buy” rating and upped their price target for the company from $8.00 to $15.00 in a report on Thursday, November 7th. Piper Sandler lowered their price target on shares of AvidXchange from $10.00 to $8.00 and set a “neutral” rating on the stock in a report on Friday, February 28th. Finally, Morgan Stanley decreased their price objective 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. 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 company’s stock. According to data from MarketBeat.com, AvidXchange presently has a consensus rating of “Hold” and an average target price of $10.00.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in AvidXchange by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 18,110,051 shares of the company’s stock valued at $187,258,000 after acquiring an additional 116,410 shares during the last quarter. FMR LLC raised its holdings in AvidXchange by 8.4% in the 4th quarter. FMR LLC now owns 14,889,282 shares of the company’s stock valued at $153,955,000 after acquiring an additional 1,155,513 shares during the last quarter. North Reef Capital Management LP raised its holdings in AvidXchange by 2.5% in the 4th quarter. North Reef Capital Management LP now owns 7,994,000 shares of the company’s stock valued at $82,658,000 after acquiring an additional 194,000 shares during the last quarter. Azora Capital LP acquired a new stake in AvidXchange in the 4th quarter valued at about $45,067,000. Finally, Geode Capital Management LLC raised its holdings in AvidXchange by 5.0% in the 3rd quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company’s stock valued at $34,607,000 after acquiring an additional 201,847 shares during the last quarter. Institutional investors and hedge funds own 80.58% of the company’s stock.

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.