Insider Selling: AvidXchange Holdings, Inc. (NASDAQ:AVDX) CEO Sells 40,005 Shares of Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) CEO Michael Praeger sold 40,005 shares of AvidXchange stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $9.74, for a total value of $389,648.70. Following the sale, the chief executive officer now directly owns 11,037,830 shares in the company, valued at approximately $107,508,464.20. This trade represents a 0.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Michael Praeger also recently made the following trade(s):

• On Friday, February 28th, Michael Praeger sold 58,881 shares of AvidXchange stock. The stock was sold at an average price of $7.59, for a total value of $446,906.79.

AvidXchange Stock Up 0.1%

Shares of AVDX opened at $9.73 on Wednesday. The company has a market capitalization of $2.01 billion, a P/E ratio of 243.25 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. The business’s 50 day simple moving average is $8.38 and its 200-day simple moving average is $9.47. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.03). The business had revenue of $115.44 million during the quarter, compared to the consensus estimate of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. As a group, sell-side analysts predict that AvidXchange Holdings, Inc. will post 0.02 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

AVDX has been the subject of a number of recent research reports. Barclays lowered AvidXchange from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $13.00 to $8.00 in a research note on Tuesday, March 4th. Baird R W cut shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 8th. BTIG Research lowered shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 7th. JPMorgan Chase & Co. lowered their target price on shares of AvidXchange from $10.00 to $9.00 and set a “neutral” rating on the stock in a research note on Thursday, February 27th. Finally, KeyCorp lowered shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a research report on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $10.30.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in AvidXchange by 0.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 469,037 shares of the company’s stock valued at $3,977,000 after acquiring an additional 3,347 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of AvidXchange by 5.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 103,909 shares of the company’s stock valued at $881,000 after purchasing an additional 5,046 shares during the last quarter. Circumference Group LLC raised its position in AvidXchange by 34.5% in the 1st quarter. Circumference Group LLC now owns 370,000 shares of the company’s stock worth $3,138,000 after purchasing an additional 95,000 shares during the last quarter. Ardsley Advisory Partners LP acquired a new position in AvidXchange during the 1st quarter worth $127,000. Finally, Maverick Capital Ltd. acquired a new position in AvidXchange during the 1st quarter worth $835,000. 80.58% of the stock is owned by institutional investors.

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.