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.
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.
Check Out Our Latest Stock Analysis on AVDX
About AvidXchange
(
Get Free Report)
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.
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