AvidXchange (NASDAQ:AVDX) Shares Gap Down - Should You Sell?

AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report) gapped down prior to trading on Friday . The stock had previously closed at $10.69, but opened at $10.37. AvidXchange shares last traded at $10.25, with a volume of 292,126 shares trading hands.

Analyst Ratings Changes

A number of research analysts recently commented on AVDX shares. Barclays upped their target price on AvidXchange from $11.00 to $13.00 and gave the company an "overweight" rating in a research note on Monday, November 18th. Piper Sandler upped their target price on AvidXchange from $9.00 to $10.00 and gave the company a "neutral" rating in a research note on Thursday, November 7th. Compass Point upgraded AvidXchange from a "neutral" rating to a "buy" rating and upped their target price for the company from $8.00 to $15.00 in a research note on Thursday, November 7th. UBS Group upped their price target on AvidXchange from $10.00 to $10.50 and gave the company a "neutral" rating in a research report on Thursday, November 7th. Finally, The Goldman Sachs Group upped their price target on AvidXchange from $9.00 to $10.00 and gave the company a "sell" rating in a research report on Monday, December 2nd. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $11.61.

AvidXchange Stock Performance

The firm has a fifty day moving average of $10.57 and a 200-day moving average of $9.40. The firm has a market cap of $2.07 billion, a P/E ratio of 534.50 and a beta of 1.22. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11.

Insider Buying and Selling at AvidXchange

In other AvidXchange news, Director Teresa Mackintosh sold 13,316 shares of the stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $11.44, for a total value of $152,335.04. Following the transaction, the director now owns 47,388 shares of the company's stock, valued at approximately $542,118.72. This represents a 21.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Michael Praeger sold 42,377 shares of the firm's stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $11.40, for a total value of $483,097.80. Following the sale, the chief executive officer now directly owns 10,381,033 shares in the company, valued at approximately $118,343,776.20. This represents a 0.41 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 80,693 shares of company stock valued at $916,683. 10.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On AvidXchange

A number of hedge funds have recently modified their holdings of the business. FMR LLC raised its position in AvidXchange by 272.5% in the 3rd quarter. FMR LLC now owns 13,733,769 shares of the company's stock valued at $111,381,000 after buying an additional 10,046,893 shares during the last quarter. Geode Capital Management LLC grew its stake in AvidXchange by 5.0% in the third quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company's stock valued at $34,607,000 after purchasing an additional 201,847 shares in the last quarter. State Street Corp grew its stake in AvidXchange by 1.5% in the third quarter. State Street Corp now owns 3,763,694 shares of the company's stock valued at $30,524,000 after purchasing an additional 54,403 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new position in AvidXchange in the third quarter valued at approximately $25,339,000. Finally, Rockefeller Capital Management L.P. grew its stake in AvidXchange by 30.4% in the third quarter. Rockefeller Capital Management L.P. now owns 2,314,653 shares of the company's stock valued at $18,779,000 after purchasing an additional 538,956 shares in the last quarter. Institutional investors and hedge funds own 80.58% of the company's stock.

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.