AvidXchange (NASDAQ:AVDX) Stock Price Up 9.6% - What's Next?

AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report)'s share price shot up 9.6% during mid-day trading on Thursday . The company traded as high as $7.59 and last traded at $7.55. 1,790,643 shares traded hands during mid-day trading, an increase of 3% from the average session volume of 1,733,836 shares. The stock had previously closed at $6.89.

Wall Street Analyst Weigh In

Several brokerages have weighed in on AVDX. The Goldman Sachs Group dropped their price objective on AvidXchange from $9.50 to $7.00 and set a "sell" rating for the company in a report on Thursday, February 27th. Wells Fargo & Company decreased their price objective 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. Wolfe Research lowered AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Thursday, February 27th. Keefe, Bruyette & Woods cut their target price on AvidXchange from $11.00 to $8.00 and set a "market perform" rating on the stock in a research note on Thursday, February 27th. Finally, Robert W. Baird cut their target price on AvidXchange from $14.00 to $12.00 and set an "outperform" rating on the stock in a research note on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $10.00.

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AvidXchange Stock Performance

The company has a fifty day moving average price of $9.41 and a two-hundred day moving average price of $9.37. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The company has a market capitalization of $1.62 billion, a P/E ratio of 198.00 and a beta of 1.28.

AvidXchange (NASDAQ:AVDX - Get Free Report) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share (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 during the quarter, compared to analyst estimates of $114.98 million. Equities analysts forecast that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Michael Praeger sold 58,881 shares of the stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $446,906.79. Following the transaction, the chief executive officer now directly owns 11,164,737 shares in the company, valued at approximately $84,740,353.83. This represents a 0.52 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Daniel Drees sold 34,782 shares of the 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 transaction, the president now owns 1,176,833 shares in the company, valued at $8,932,162.47. This trade represents a 2.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 125,866 shares of company stock worth $955,323. 10.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AvidXchange

A number of large investors have recently made changes to their positions in the business. US Bancorp DE lifted its stake in shares of AvidXchange by 11.6% in the 4th quarter. US Bancorp DE now owns 58,350 shares of the company's stock valued at $603,000 after purchasing an additional 6,079 shares during the period. Jacobs Levy Equity Management Inc. purchased a new position in shares of AvidXchange in the 3rd quarter valued at approximately $25,339,000. Entropy Technologies LP purchased a new position in shares of AvidXchange in the 3rd quarter valued at approximately $447,000. State of New Jersey Common Pension Fund D lifted its stake in shares of AvidXchange by 39.3% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company's stock valued at $2,011,000 after purchasing an additional 69,971 shares during the period. Finally, Barclays PLC lifted its stake in shares of AvidXchange by 239.8% in the 3rd quarter. Barclays PLC now owns 285,768 shares of the company's stock valued at $2,318,000 after purchasing an additional 201,679 shares during the period. 80.58% of the stock is currently owned by institutional investors.

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.