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

AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report) CEO Michael Praeger sold 58,881 shares of the company's stock in a transaction on Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $446,906.79. Following the sale, the chief executive officer now owns 11,164,737 shares of the company's stock, valued at approximately $84,740,353.83. This represents a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

AvidXchange Trading Up 0.4 %

Shares of AVDX traded up $0.03 during mid-day trading on Friday, reaching $7.17. 2,953,678 shares of the company were exchanged, compared to its average volume of 1,710,463. AvidXchange Holdings, Inc. has a 52 week low of $6.89 and a 52 week high of $13.49. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. The stock has a market capitalization of $1.47 billion, a PE ratio of 179.25 and a beta of 1.28. The business has a 50 day simple moving average of $9.71 and a two-hundred day simple moving average of $9.38.

AvidXchange (NASDAQ:AVDX - Get Free Report) last issued its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $114.98 million. On average, analysts predict that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current fiscal year.

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Institutional Investors Weigh In On AvidXchange

Several large investors have recently added to or reduced their stakes in AVDX. Allspring Global Investments Holdings LLC acquired a new stake in AvidXchange during the third quarter worth approximately $38,000. Wealth Enhancement Advisory Services LLC grew its stake in AvidXchange by 29.6% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company's stock worth $107,000 after purchasing an additional 3,019 shares during the period. US Bancorp DE grew its stake in AvidXchange by 111,114.9% during the third quarter. US Bancorp DE now owns 52,271 shares of the company's stock worth $424,000 after purchasing an additional 52,224 shares during the period. ARK Investment Management LLC grew its stake in AvidXchange by 17.4% during the third quarter. ARK Investment Management LLC now owns 1,161,998 shares of the company's stock worth $9,424,000 after purchasing an additional 171,908 shares during the period. Finally, State of New Jersey Common Pension Fund D grew its stake in AvidXchange by 39.3% during the third quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company's stock worth $2,011,000 after purchasing an additional 69,971 shares during the period. Institutional investors and hedge funds own 80.58% of the company's stock.

Analyst Ratings Changes

AVDX has been the subject of several recent analyst reports. BTIG Research initiated coverage on AvidXchange in a research report on Wednesday, December 11th. They set a "buy" rating and a $14.00 price objective for the company. KeyCorp downgraded AvidXchange from an "overweight" rating to a "sector weight" rating in a research report on Thursday, February 27th. Robert W. Baird dropped their price objective on AvidXchange from $14.00 to $12.00 and set an "outperform" rating for the company in a research report on Thursday, February 27th. BMO Capital Markets dropped their price objective on AvidXchange from $11.00 to $7.50 and set a "market perform" rating for the company in a research report on Thursday, February 27th. Finally, Morgan Stanley dropped their price objective on 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 investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, AvidXchange has an average rating of "Hold" and an average target price of $10.00.

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.