AvidXchange Holdings, Inc. (NASDAQ:AVDX) Insider Joel Wilhite Sells 47,308 Shares

AvidXchange Holdings, Inc. (NASDAQ:AVDX) insider Joel Wilhite sold 47,308 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $8.10, for a total value of $383,194.80. Following the completion of the sale, the insider now directly owns 413,687 shares of the company’s stock, valued at $3,350,864.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

AvidXchange Stock Performance

NASDAQ:AVDX opened at $8.00 on Wednesday. The firm’s fifty day simple moving average is $10.47 and its 200-day simple moving average is $11.37. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.20. The stock has a market cap of $1.65 billion, a PE ratio of -53.33 and a beta of 1.03. AvidXchange Holdings, Inc. has a fifty-two week low of $6.88 and a fifty-two week high of $13.56.

AvidXchange (NASDAQ:AVDX) last issued its earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.01. The company had revenue of $105.30 million for the quarter, compared to analyst estimates of $107.13 million. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. The firm’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.05) earnings per share. Analysts expect that AvidXchange Holdings, Inc. will post 0.01 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods decreased their price objective on AvidXchange from $13.50 to $11.00 and set a “market perform” rating for the company in a report on Thursday, August 1st. Barclays decreased their target price on shares of AvidXchange from $14.00 to $10.00 and set an “overweight” rating for the company in a research note on Monday, August 5th. UBS Group cut AvidXchange from a “buy” rating to a “neutral” rating and dropped their price target for the company from $15.00 to $10.00 in a research report on Thursday, August 1st. JPMorgan Chase & Co. cut AvidXchange from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $11.00 to $9.00 in a research report on Tuesday, August 20th. Finally, BMO Capital Markets lowered their target price on AvidXchange from $13.00 to $10.00 and set a “market perform” rating on the stock in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, AvidXchange presently has a consensus rating of “Hold” and a consensus price target of $11.25.

Hedge Funds Weigh In On AvidXchange

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Handelsbanken Fonder AB boosted its stake in shares of AvidXchange by 114.4% during the fourth quarter. Handelsbanken Fonder AB now owns 23,800 shares of the company’s stock valued at $295,000 after acquiring an additional 12,700 shares during the last quarter. New York State Common Retirement Fund lifted its holdings in AvidXchange by 90.3% in the 4th quarter. New York State Common Retirement Fund now owns 116,473 shares of the company’s stock valued at $1,443,000 after purchasing an additional 55,254 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in shares of AvidXchange by 3,611.1% during the 4th quarter. Russell Investments Group Ltd. now owns 234,061 shares of the company’s stock worth $2,900,000 after purchasing an additional 227,754 shares during the last quarter. Victory Capital Management Inc. grew its holdings in shares of AvidXchange by 25.5% during the fourth quarter. Victory Capital Management Inc. now owns 20,628 shares of the company’s stock worth $256,000 after buying an additional 4,189 shares in the last quarter. Finally, National Bank of Canada FI purchased a new stake in shares of AvidXchange during the fourth quarter worth about $54,000. Institutional investors and hedge funds own 80.58% of the company’s stock.

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.