AvidXchange Holdings, Inc. (NASDAQ:AVDX) CEO Sells $389,648.70 in Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) CEO Michael Praeger sold 40,005 shares of the business’s stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $9.74, for a total value of $389,648.70. Following the completion of the transaction, the chief executive officer now owns 11,037,830 shares in the company, valued at $107,508,464.20. The trade was a 0.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Michael Praeger also recently made the following trade(s):

• On Friday, February 28th, Michael Praeger sold 58,881 shares of AvidXchange stock. The shares were sold at an average price of $7.59, for a total value of $446,906.79.

AvidXchange Trading Down 0.1%

AVDX stock traded down $0.01 during midday trading on Monday, reaching $9.72. 3,739,445 shares of the company traded hands, compared to its average volume of 2,488,593. AvidXchange Holdings, Inc. has a 52-week low of $6.61 and a 52-week high of $12.93. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. The business has a 50 day moving average of $8.28 and a 200-day moving average of $9.46. The firm has a market capitalization of $2.01 billion, a price-to-earnings ratio of 243.00 and a beta of 1.14.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $114.98 million. As a group, sell-side analysts expect that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current fiscal year.

Institutional Investors Weigh In On AvidXchange

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. US Bancorp DE raised its holdings in shares of AvidXchange by 11.6% in the fourth quarter. US Bancorp DE now owns 58,350 shares of the company’s stock worth $603,000 after buying an additional 6,079 shares during the period. Azora Capital LP purchased a new stake in shares of AvidXchange in the fourth quarter worth approximately $45,067,000. Barclays PLC raised its holdings in shares of AvidXchange by 239.8% in the third quarter. Barclays PLC now owns 285,768 shares of the company’s stock worth $2,318,000 after buying an additional 201,679 shares during the period. Wells Fargo & Company MN raised its holdings in shares of AvidXchange by 17.4% in the fourth quarter. Wells Fargo & Company MN now owns 102,923 shares of the company’s stock worth $1,064,000 after buying an additional 15,243 shares during the period. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of AvidXchange by 5.4% in the fourth quarter. The Manufacturers Life Insurance Company now owns 96,313 shares of the company’s stock worth $996,000 after buying an additional 4,953 shares during the period. 80.58% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on AVDX. Keefe, Bruyette & Woods boosted their price objective on AvidXchange from $8.00 to $9.00 and gave the company a “market perform” rating in a research report on Monday, March 31st. JPMorgan Chase & Co. lowered their price objective on AvidXchange from $10.00 to $9.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. BTIG Research lowered AvidXchange from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 7th. Wells Fargo & Company increased their price target on AvidXchange from $8.00 to $10.00 and gave the company an “equal weight” rating in a research note on Thursday, May 8th. Finally, Morgan Stanley increased their price target on AvidXchange from $8.00 to $10.00 and gave the company an “equal weight” rating in a research note on Thursday, May 8th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $10.30.

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.