Ryan Stahl Sells 8,999 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) insider Ryan Stahl sold 8,999 shares of the stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $9.74, for a total transaction of $87,650.26. Following the transaction, the insider now directly owns 667,226 shares in the company, valued at approximately $6,498,781.24. This represents a 1.33% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

AvidXchange Trading Down 0.1%

Shares of NASDAQ:AVDX traded down $0.01 on Monday, hitting $9.72. The company had a trading volume of 3,739,445 shares, compared to its average volume of 2,488,593. The firm’s 50-day simple moving average is $8.28 and its two-hundred day simple moving average is $9.46. The firm has a market capitalization of $2.01 billion, a price-to-earnings ratio of 243.00 and a beta of 1.14. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange Holdings, Inc. has a 1 year low of $6.61 and a 1 year high of $12.93.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share (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. Equities analysts anticipate that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

AVDX has been the subject of several analyst reports. Susquehanna lowered shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 8th. JPMorgan Chase & Co. dropped their target price on AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company in a report on Thursday, February 27th. The Goldman Sachs Group decreased their price target on AvidXchange from $9.50 to $7.00 and set a “sell” rating on the stock in a research note on Thursday, February 27th. Piper Sandler increased their price objective on AvidXchange from $8.00 to $10.00 and gave the company a “neutral” rating in a research note on Thursday, May 8th. Finally, UBS Group raised their target price on shares of AvidXchange from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, May 8th. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $10.30.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in AVDX. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of AvidXchange by 0.7% during the first 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 purchasing an additional 3,347 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in 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 buying an additional 5,046 shares during the period. Circumference Group LLC boosted its holdings in shares of AvidXchange by 34.5% during the 1st quarter. Circumference Group LLC now owns 370,000 shares of the company’s stock valued at $3,138,000 after buying an additional 95,000 shares in the last quarter. Ardsley Advisory Partners LP bought a new stake in shares of AvidXchange during the 1st quarter valued at $127,000. Finally, Maverick Capital Ltd. purchased a new stake in shares of AvidXchange in the 1st quarter worth about $835,000. Institutional investors 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.