AvidXchange Holdings, Inc. (NASDAQ:AVDX) President Sells $263,995.38 in Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) President Daniel Drees sold 34,782 shares of the company’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $263,995.38. Following the completion of the transaction, the president now owns 1,176,833 shares of the company’s stock, valued at $8,932,162.47. The trade was a 2.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

AvidXchange Stock Down 3.5 %

Shares of NASDAQ:AVDX traded down $0.26 during trading on Tuesday, hitting $7.16. The stock had a trading volume of 2,186,120 shares, compared to its average volume of 1,677,276. The company has a market capitalization of $1.47 billion, a PE ratio of 179.00 and a beta of 1.22. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The firm’s fifty day moving average is $9.91 and its 200 day moving average is $9.41. AvidXchange Holdings, Inc. has a 12 month low of $6.89 and a 12 month high of $13.49.

AvidXchange (NASDAQ:AVDX) last announced its earnings results on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). The business had revenue of $115.44 million for the quarter, compared to the consensus estimate of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. Analysts anticipate that AvidXchange Holdings, Inc. will post 0.02 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on AVDX. JPMorgan Chase & Co. dropped their target price on AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company in a report on Thursday, February 27th. Keefe, Bruyette & Woods dropped their target price on AvidXchange from $11.00 to $8.00 and set a “market perform” rating for the company in a report on Thursday, February 27th. Wells Fargo & Company dropped their target price on AvidXchange from $10.00 to $8.00 and set an “equal weight” rating for the company in a report on Thursday, February 27th. Piper Sandler dropped their target price on AvidXchange from $10.00 to $8.00 and set a “neutral” rating for the company in a report on Friday. Finally, Barclays cut AvidXchange from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $13.00 to $8.00 in a report on Tuesday. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $10.00.

Institutional Trading of AvidXchange

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Neo Ivy Capital Management purchased a new stake in shares of AvidXchange in the 4th quarter worth about $2,393,000. PharVision Advisers LLC purchased a new stake in shares of AvidXchange in the 4th quarter worth about $230,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of AvidXchange by 10.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 465,690 shares of the company’s stock worth $4,815,000 after buying an additional 42,993 shares during the period. Vident Advisory LLC purchased a new stake in shares of AvidXchange in the 4th quarter worth about $255,000. Finally, Tremblant Capital Group grew its position in shares of AvidXchange by 2.3% in the 4th quarter. Tremblant Capital Group now owns 3,231,149 shares of the company’s stock worth $33,410,000 after buying an additional 73,802 shares during the period. 80.58% of the stock is owned by hedge funds and other institutional investors.

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.