AvidXchange Holdings, Inc. (NASDAQ:AVDX) President Daniel Drees Sells 34,782 Shares

AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report) President Daniel Drees sold 34,782 shares of the business's stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $263,995.38. Following the completion of the sale, the president now directly owns 1,176,833 shares of the company's stock, valued at approximately $8,932,162.47. This trade represents a 2.87 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

AvidXchange Stock Up 0.4 %

AVDX traded up $0.03 during trading on Friday, hitting $7.17. 2,953,678 shares of the company's stock traded hands, compared to its average volume of 1,710,463. The company's 50 day simple moving average is $9.71 and its two-hundred day simple moving average is $9.38. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange Holdings, Inc. has a 12-month low of $6.89 and a 12-month high of $13.49. The stock has a market capitalization of $1.47 billion, a price-to-earnings ratio of 179.25 and a beta of 1.28.

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

Remove Ads

Analyst Upgrades and Downgrades

AVDX has been the subject of a number of recent analyst reports. Robert W. Baird lowered their price target on AvidXchange from $14.00 to $12.00 and set an "outperform" rating for the company in a research report on Thursday, February 27th. Barclays lowered AvidXchange from an "overweight" rating to an "equal weight" rating and lowered their price target for the company from $13.00 to $8.00 in a research report on Tuesday. Wells Fargo & Company decreased their target price on AvidXchange from $10.00 to $8.00 and set an "equal weight" rating for the company in a research report on Thursday, February 27th. The Goldman Sachs Group decreased their target price on AvidXchange from $9.50 to $7.00 and set a "sell" rating for the company in a research report on Thursday, February 27th. Finally, Keefe, Bruyette & Woods decreased their target price on AvidXchange from $11.00 to $8.00 and set a "market perform" rating for the company in a research report on Thursday, February 27th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $10.00.

Institutional Trading of AvidXchange

Several institutional investors have recently added to or reduced their stakes in the business. Neo Ivy Capital Management bought a new position in shares of AvidXchange during the 4th quarter valued at $2,393,000. PharVision Advisers LLC bought a new position in shares of AvidXchange during the 4th quarter valued at $230,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of AvidXchange by 10.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 465,690 shares of the company's stock valued at $4,815,000 after buying an additional 42,993 shares during the period. Vident Advisory LLC bought a new position in shares of AvidXchange during the 4th quarter valued at $255,000. Finally, Tremblant Capital Group lifted its holdings in shares of AvidXchange by 2.3% during the 4th quarter. Tremblant Capital Group now owns 3,231,149 shares of the company's stock valued at $33,410,000 after buying an additional 73,802 shares during the period. 80.58% of the stock is currently owned by hedge funds and other 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.