Insider Selling: AvidXchange Holdings, Inc. (NASDAQ:AVDX) Insider Sells 20,914 Shares of Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) insider Joel Wilhite sold 20,914 shares of the firm’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 $203,702.36. Following the completion of the transaction, the insider now directly owns 808,841 shares in the company, valued at approximately $7,878,111.34. This represents a 2.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Joel Wilhite also recently made the following trade(s):

• On Friday, February 28th, Joel Wilhite sold 32,203 shares of AvidXchange stock. The stock was sold at an average price of $7.59, for a total transaction of $244,420.77.

AvidXchange Price Performance

Shares of AVDX opened at $9.72 on Thursday. AvidXchange Holdings, Inc. has a 1-year low of $6.61 and a 1-year high of $12.93. The stock has a market cap of $2.01 billion, a PE ratio of 243.00 and a beta of 1.14. The firm has a 50-day simple moving average of $8.41 and a two-hundred day simple moving average of $9.47. 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 (NASDAQ:AVDX) last announced 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 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 analyst estimates of $114.98 million. As a group, analysts forecast that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

Institutional Investors Weigh In On AvidXchange

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of AvidXchange by 0.7% during the first quarter. Vanguard Group Inc. now owns 18,236,837 shares of the company’s stock valued at $154,648,000 after acquiring an additional 126,786 shares during the last quarter. FMR LLC increased its position 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 last quarter. North Reef Capital Management LP increased its position in shares of AvidXchange by 2.5% during the fourth quarter. North Reef Capital Management LP now owns 7,994,000 shares of the company’s stock valued at $82,658,000 after acquiring an additional 194,000 shares during the last quarter. Azora Capital LP purchased a new position in shares of AvidXchange in the fourth quarter valued at approximately $45,067,000. Finally, Jacobs Levy Equity Management Inc. boosted its stake in shares of AvidXchange by 8.7% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 3,397,658 shares of the company’s stock valued at $35,132,000 after purchasing an additional 273,194 shares during the period. 80.58% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Wells Fargo & Company raised their price target on shares of AvidXchange from $8.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 8th. Baird R W downgraded shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 8th. Wolfe Research downgraded shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 27th. Piper Sandler raised their price target on shares of AvidXchange from $8.00 to $10.00 and gave the stock a “neutral” rating in a research note on Thursday, May 8th. Finally, Robert W. Baird reissued a “neutral” rating and issued a $10.00 price target on shares of AvidXchange in a research note on Thursday, May 8th. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, AvidXchange currently has a consensus rating of “Hold” and an average price target of $10.30.

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.