Stock Traders Buy High Volume of AvidXchange Call Options (NASDAQ:AVDX)

AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report) saw some unusual options trading on Friday. Stock traders bought 5,680 call options on the stock. This is an increase of 6,505% compared to the average daily volume of 86 call options.

AvidXchange Stock Up 2.1 %

Shares of NASDAQ AVDX traded up $0.17 during mid-day trading on Tuesday, hitting $8.42. The company had a trading volume of 2,197,232 shares, compared to its average volume of 1,911,500. The company has a market capitalization of $1.72 billion, a PE ratio of 210.50 and a beta of 1.28. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. AvidXchange has a 1-year low of $6.61 and a 1-year high of $13.50. The business's 50-day simple moving average is $9.37 and its 200 day simple moving average is $9.37.

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

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on AVDX. JPMorgan Chase & Co. cut their price target on AvidXchange from $10.00 to $9.00 and set a "neutral" rating on the stock in a report on Thursday, February 27th. Piper Sandler lowered 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. Wolfe Research lowered AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Thursday, February 27th. Keefe, Bruyette & Woods reduced their target price on AvidXchange from $11.00 to $8.00 and set a "market perform" rating for the company in a report on Thursday, February 27th. Finally, Robert W. Baird cut their price objective on AvidXchange from $14.00 to $12.00 and set an "outperform" rating for the company in a report on Thursday, February 27th. Two investment 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's stock. According to data from MarketBeat, AvidXchange has an average rating of "Hold" and a consensus price target of $10.00.

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Insider Activity

In other news, insider Joel Wilhite sold 32,203 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 $244,420.77. Following the completion of the sale, the insider now owns 843 shares of the company's stock, valued at approximately $6,398.37. The trade was a 97.45 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Daniel Drees sold 34,782 shares of the company's stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $263,995.38. Following the sale, the president now directly owns 1,176,833 shares of the company's stock, valued at $8,932,162.47. This represents a 2.87 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 125,866 shares of company stock valued at $955,323. Company insiders own 10.40% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of AvidXchange by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 18,110,051 shares of the company's stock valued at $187,258,000 after acquiring an additional 116,410 shares in the last quarter. FMR LLC increased its stake in shares of AvidXchange by 8.4% during the fourth quarter. FMR LLC now owns 14,889,282 shares of the company's stock valued at $153,955,000 after acquiring an additional 1,155,513 shares during the period. North Reef Capital Management LP grew its position 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 during the last quarter. Azora Capital LP acquired a new position in AvidXchange in the fourth quarter worth approximately $45,067,000. Finally, Geode Capital Management LLC boosted its stake in shares of AvidXchange by 5.0% during the 3rd quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company's stock valued at $34,607,000 after buying an additional 201,847 shares during the period. 80.58% of the stock is 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.