AvidXchange Holdings, Inc. (NASDAQ:AVDX) President Sells $252,967.28 in Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) President Daniel Drees sold 25,972 shares of the firm’s stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $9.74, for a total value of $252,967.28. Following the completion of the sale, the president now directly owns 1,167,186 shares of the company’s stock, valued at $11,368,391.64. This represents a 2.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Daniel Drees also recently made the following trade(s):

• On Friday, February 28th, Daniel Drees sold 34,782 shares of AvidXchange stock. The stock was sold at an average price of $7.59, for a total value of $263,995.38.

AvidXchange Stock Performance

NASDAQ AVDX opened at $9.72 on Thursday. 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 cap of $2.01 billion, a price-to-earnings ratio of 243.00 and a beta of 1.14. The business has a fifty day moving average of $8.41 and a 200-day moving average of $9.47. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings results 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). AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. The company had revenue of $115.44 million during the quarter, compared to analyst estimates of $114.98 million. As a group, analysts predict that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. KeyCorp cut AvidXchange from an “overweight” rating to a “sector weight” rating in a report on Thursday, February 27th. The Goldman Sachs Group reduced 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. BTIG Research cut AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 7th. Piper Sandler lifted their price objective on AvidXchange from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, May 8th. Finally, UBS Group lifted their price objective on AvidXchange from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, May 8th. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $10.30.

Hedge Funds Weigh In On AvidXchange

A number of institutional investors have recently made changes to their positions in AVDX. Azora Capital LP purchased a new stake in shares of AvidXchange in the fourth quarter valued at $45,067,000. FMR LLC grew its position in shares of AvidXchange by 8.4% in the fourth quarter. FMR LLC now owns 14,889,282 shares of the company’s stock valued at $153,955,000 after purchasing an additional 1,155,513 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in shares of AvidXchange in the fourth quarter valued at $10,292,000. Jennison Associates LLC grew its position in shares of AvidXchange by 45.7% in the first quarter. Jennison Associates LLC now owns 3,171,634 shares of the company’s stock valued at $26,895,000 after purchasing an additional 995,109 shares during the period. Finally, Point72 Asset Management L.P. grew its position in shares of AvidXchange by 74.1% in the fourth quarter. Point72 Asset Management L.P. now owns 1,700,334 shares of the company’s stock valued at $17,581,000 after purchasing an additional 723,724 shares during the period. 80.58% of the stock is owned by institutional investors and hedge funds.

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.