AvidXchange Holdings, Inc. (NASDAQ:AVDX) President Daniel Drees Sells 20,069 Shares

AvidXchange Holdings, Inc. (NASDAQ:AVDX) President Daniel Drees sold 20,069 shares of the stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total value of $160,150.62. Following the completion of the sale, the president now owns 753,644 shares in the company, valued at approximately $6,014,079.12. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

AvidXchange Stock Performance

AVDX opened at $8.07 on Friday. The firm has a market cap of $1.67 billion, a P/E ratio of -53.80 and a beta of 1.03. AvidXchange Holdings, Inc. has a 52-week low of $6.88 and a 52-week high of $13.56. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.34 and a current ratio of 1.34. The business’s fifty day moving average is $10.29 and its 200-day moving average is $11.30.

AvidXchange (NASDAQ:AVDX) last released its earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share (EPS) 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 return on equity of 0.23% and a negative net margin of 3.18%. AvidXchange’s quarterly revenue was up 15.6% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.05) EPS. Sell-side analysts expect that AvidXchange Holdings, Inc. will post 0.01 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. BMO Capital Markets dropped their price target 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. KeyCorp lowered their price objective on AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a research report on Thursday, August 1st. UBS Group cut AvidXchange from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $15.00 to $10.00 in a research report on Thursday, August 1st. Wells Fargo & Company lowered their price objective on AvidXchange from $13.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 1st. Finally, Keefe, Bruyette & Woods lowered their price objective on AvidXchange from $13.50 to $11.00 and set a “market perform” rating on the stock in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $11.25.

Institutional Trading of AvidXchange

Several large investors have recently bought and sold shares of AVDX. National Bank of Canada FI acquired a new stake in AvidXchange in the fourth quarter valued at about $54,000. Advisors Asset Management Inc. boosted its stake in AvidXchange by 96.3% in the first quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock valued at $57,000 after buying an additional 2,114 shares in the last quarter. nVerses Capital LLC acquired a new stake in AvidXchange in the second quarter valued at about $66,000. Xponance Inc. acquired a new stake in AvidXchange in the second quarter valued at about $133,000. Finally, Cardinal Capital Management acquired a new stake in AvidXchange in the first quarter valued at about $190,000. 80.58% of the stock is owned by institutional investors and hedge funds.

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.