AvidXchange Holdings, Inc. (NASDAQ:AVDX) President Daniel Drees Sells 25,972 Shares

AvidXchange Holdings, Inc. (NASDAQ:AVDX) President Daniel Drees sold 25,972 shares of the company’s stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $9.74, for a total value of $252,967.28. Following the sale, the president now owns 1,167,186 shares in the company, valued at approximately $11,368,391.64. The trade was a 2.18% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Daniel Drees also recently made the following trade(s):

• On Friday, February 28th, Daniel Drees sold 34,782 shares of AvidXchange stock. The stock was sold at an average price of $7.59, for a total value of $263,995.38.

AvidXchange Stock Down 0.1%

AvidXchange stock traded down $0.01 during trading hours on Monday, hitting $9.72. 3,739,445 shares of the stock traded hands, compared to its average volume of 2,488,593. The firm’s 50-day moving average price is $8.28 and its two-hundred day moving average price is $9.46. 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 cap of $2.01 billion, a PE ratio of 243.00 and a beta of 1.14. AvidXchange Holdings, Inc. has a one year low of $6.61 and a one year high of $12.93.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $114.98 million. On average, research analysts forecast that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

Analysts Set New Price Targets

AVDX has been the subject of a number of research analyst reports. JPMorgan Chase & Co. decreased their price target on AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. Wells Fargo & Company raised their price target on AvidXchange from $8.00 to $10.00 and gave the stock an “equal weight” rating in a report on Thursday, May 8th. Susquehanna lowered AvidXchange from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 8th. Baird R W downgraded AvidXchange from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 8th. Finally, Morgan Stanley lifted their price objective on AvidXchange from $8.00 to $10.00 and gave the stock an “equal weight” rating in a report on Thursday, May 8th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $10.30.

Hedge Funds Weigh In On AvidXchange

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AVDX. Barclays PLC lifted its position in AvidXchange by 239.8% in the 3rd quarter. Barclays PLC now owns 285,768 shares of the company’s stock valued at $2,318,000 after acquiring an additional 201,679 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in AvidXchange by 480.2% in the 4th quarter. Assenagon Asset Management S.A. now owns 178,483 shares of the company’s stock valued at $1,846,000 after acquiring an additional 147,719 shares in the last quarter. Blue Trust Inc. lifted its position in AvidXchange by 90.1% in the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after acquiring an additional 1,278 shares in the last quarter. KBC Group NV lifted its position in AvidXchange by 60.9% in the 4th quarter. KBC Group NV now owns 8,836 shares of the company’s stock valued at $91,000 after acquiring an additional 3,344 shares in the last quarter. Finally, R Squared Ltd bought a new position in AvidXchange in the 4th quarter valued at approximately $41,000. 80.58% of the stock is owned by institutional investors.

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.