AvidXchange Holdings, Inc. (NASDAQ:AVDX) Insider Ryan Stahl Sells 8,999 Shares

AvidXchange Holdings, Inc. (NASDAQ:AVDX) insider Ryan Stahl sold 8,999 shares of the business’s stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $9.74, for a total transaction of $87,650.26. Following the completion of the sale, the insider now owns 667,226 shares in the company, valued at approximately $6,498,781.24. This trade represents a 1.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

AvidXchange Price Performance

Shares of AVDX opened at $9.73 on Wednesday. The company has a 50 day moving average price of $8.38 and a 200-day moving average price of $9.47. AvidXchange Holdings, Inc. has a fifty-two week low of $6.61 and a fifty-two week high of $12.93. The stock has a market capitalization of $2.01 billion, a PE ratio of 243.25 and a beta of 1.14. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32.

AvidXchange (NASDAQ:AVDX) last announced 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 positive return on equity of 0.74% and a negative net margin of 0.23%. The business had revenue of $115.44 million during the quarter, compared to analysts’ expectations of $114.98 million. Equities analysts predict that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current fiscal year.

Institutional Investors Weigh In On AvidXchange

Hedge funds have recently modified their holdings of the business. Blue Trust Inc. lifted its position in shares of AvidXchange by 90.1% in the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock worth $28,000 after purchasing an additional 1,278 shares during the period. SVB Wealth LLC purchased a new stake in AvidXchange during the first quarter valued at approximately $26,000. Versant Capital Management Inc lifted its position in AvidXchange by 801.2% during the first quarter. Versant Capital Management Inc now owns 3,866 shares of the company’s stock valued at $33,000 after acquiring an additional 3,437 shares during the last quarter. R Squared Ltd purchased a new stake in AvidXchange during the fourth quarter valued at approximately $41,000. Finally, GAMMA Investing LLC lifted its position in AvidXchange by 816.6% during the first quarter. GAMMA Investing LLC now owns 4,079 shares of the company’s stock valued at $35,000 after acquiring an additional 3,634 shares during the last quarter. Hedge funds and other institutional investors own 80.58% of the company’s stock.

Wall Street Analysts Forecast Growth

AVDX has been the topic of several analyst reports. Keefe, Bruyette & Woods upped their price target on shares of AvidXchange from $8.00 to $9.00 and gave the company a “market perform” rating in a report on Monday, March 31st. The Goldman Sachs Group cut their price target on shares of AvidXchange from $9.50 to $7.00 and set a “sell” rating on the stock in a report on Thursday, February 27th. UBS Group upped their price target on shares of AvidXchange from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Thursday, May 8th. BTIG Research downgraded shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 7th. Finally, Barclays downgraded shares of AvidXchange from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $13.00 to $8.00 in a report on Tuesday, March 4th. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average 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.