Joel Wilhite Sells 32,203 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report) insider Joel Wilhite sold 32,203 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 transaction of $244,420.77. Following the transaction, the insider now directly owns 843 shares of the company's stock, valued at $6,398.37. This trade represents a 97.45 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

AvidXchange Trading Up 0.4 %

Shares of AvidXchange stock traded up $0.03 on Friday, hitting $7.17. 2,953,678 shares of the company traded hands, compared to its average volume of 1,710,463. The stock's 50 day moving average price is $9.71 and its 200-day moving average price 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 52 week low of $6.89 and a 52 week high of $13.49. The company has a market cap of $1.47 billion, a PE ratio of 179.25 and a beta of 1.28.

AvidXchange (NASDAQ:AVDX - Get Free Report) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share 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 company had revenue of $115.44 million for the quarter, compared to the consensus estimate of $114.98 million. Equities research analysts predict that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

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Analyst Upgrades and Downgrades

A number of research firms have issued reports on AVDX. JPMorgan Chase & Co. reduced their price objective on AvidXchange from $10.00 to $9.00 and set a "neutral" rating on the stock in a research note on Thursday, February 27th. Wells Fargo & Company dropped their price target 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. Piper Sandler dropped their price target on AvidXchange from $10.00 to $8.00 and set a "neutral" rating for the company in a research report on Friday, February 28th. Morgan Stanley dropped their price target 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. Finally, BMO Capital Markets dropped their target price 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. 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 company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $10.00.

Hedge Funds Weigh In On AvidXchange

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in AvidXchange by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 18,110,051 shares of the company's stock worth $187,258,000 after buying an additional 116,410 shares in the last quarter. FMR LLC raised its stake in AvidXchange by 8.4% in the fourth quarter. FMR LLC now owns 14,889,282 shares of the company's stock worth $153,955,000 after buying an additional 1,155,513 shares in the last quarter. North Reef Capital Management LP raised its stake in AvidXchange by 2.5% in the fourth quarter. North Reef Capital Management LP now owns 7,994,000 shares of the company's stock worth $82,658,000 after buying an additional 194,000 shares in the last quarter. Azora Capital LP bought a new position in AvidXchange in the fourth quarter worth approximately $45,067,000. Finally, Geode Capital Management LLC raised 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 worth $34,607,000 after buying an additional 201,847 shares in the last quarter. Institutional investors own 80.58% of the company's stock.

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.