Daniel Drees Sells 34,782 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) 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 Trading Up 2.1 %

AVDX opened at $7.31 on Thursday. The firm has a market capitalization of $1.50 billion, a price-to-earnings ratio of 182.75 and a beta of 1.22. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The business has a 50 day simple moving average of $9.85 and a two-hundred day simple moving average of $9.40. AvidXchange Holdings, Inc. has a one year low of $6.89 and a one year high of $13.49.

AvidXchange (NASDAQ:AVDX) last released 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 firm had revenue of $115.44 million during the quarter, compared to analysts’ expectations of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. Analysts predict that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Xponance Inc. lifted its stake in shares of AvidXchange by 9.2% in the 4th quarter. Xponance Inc. now owns 12,459 shares of the company’s stock valued at $129,000 after purchasing an additional 1,045 shares during the period. Captrust Financial Advisors lifted its stake in shares of AvidXchange by 6.2% in the 4th quarter. Captrust Financial Advisors now owns 18,434 shares of the company’s stock valued at $191,000 after purchasing an additional 1,084 shares during the period. Summit Investment Advisors Inc. increased its position in AvidXchange by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 18,182 shares of the company’s stock valued at $188,000 after buying an additional 1,155 shares in the last quarter. Blue Trust Inc. increased its position in AvidXchange by 90.1% during the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after buying an additional 1,278 shares in the last quarter. Finally, Rhumbline Advisers increased its position in AvidXchange by 1.0% during the 4th quarter. Rhumbline Advisers now owns 234,738 shares of the company’s stock valued at $2,427,000 after buying an additional 2,391 shares in the last quarter. Hedge funds and other institutional investors own 80.58% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Wells Fargo & Company cut their price objective on AvidXchange from $10.00 to $8.00 and set an “equal weight” rating for the company in a report on Thursday, February 27th. UBS Group boosted their target price on AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Keefe, Bruyette & Woods lowered their target price on AvidXchange from $11.00 to $8.00 and set a “market perform” rating for the company in a research note on Thursday, February 27th. Compass Point raised AvidXchange from a “neutral” rating to a “buy” rating and boosted their target price for the company from $8.00 to $15.00 in a research note on Thursday, November 7th. Finally, Wolfe Research lowered AvidXchange from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, AvidXchange has a consensus rating of “Hold” and a consensus price target of $10.00.

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.