Insider Selling: AvidXchange Holdings, Inc. (NASDAQ:AVDX) Insider Sells 7,621 Shares of Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) insider Ryan Stahl sold 7,621 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $8.13, for a total value of $61,958.73. Following the transaction, the insider now owns 377,030 shares in the company, valued at approximately $3,065,253.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Ryan Stahl also recently made the following trade(s):

• On Friday, September 13th, Ryan Stahl sold 2,649 shares of AvidXchange stock. The shares were sold at an average price of $7.77, for a total transaction of $20,582.73.

AvidXchange Stock Performance

Shares of AVDX stock traded down $0.12 during trading hours on Wednesday, hitting $8.09. The stock had a trading volume of 1,607,573 shares, compared to its average volume of 2,104,483. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.36 and a quick ratio of 1.36. The firm has a market capitalization of $1.67 billion, a PE ratio of -53.93 and a beta of 1.01. The stock’s 50 day moving average is $8.77 and its 200 day moving average is $10.72. AvidXchange Holdings, Inc. has a twelve month low of $6.88 and a twelve month high of $13.56.

AvidXchange (NASDAQ:AVDX) last announced its earnings results on Wednesday, July 31st. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. The business had revenue of $105.30 million during the quarter, compared to analysts’ expectations of $107.13 million. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. The business’s revenue was up 15.6% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.05) earnings per share. As a group, research analysts forecast that AvidXchange Holdings, Inc. will post 0.03 earnings per share for the current fiscal year.

Institutional Investors Weigh In On AvidXchange

Hedge funds have recently modified their holdings of the stock. Gillson Capital LP raised its stake in AvidXchange by 871.2% in the 4th quarter. Gillson Capital LP now owns 619,893 shares of the company’s stock valued at $7,680,000 after purchasing an additional 556,066 shares during the last quarter. TimesSquare Capital Management LLC boosted its position in AvidXchange by 6.8% during the 1st quarter. TimesSquare Capital Management LLC now owns 1,970,837 shares of the company’s stock valued at $25,917,000 after purchasing an additional 124,988 shares during the period. Lisanti Capital Growth LLC increased its position in AvidXchange by 58.3% in the 1st quarter. Lisanti Capital Growth LLC now owns 167,715 shares of the company’s stock valued at $2,205,000 after acquiring an additional 61,795 shares during the period. SG Capital Management LLC acquired a new stake in AvidXchange in the fourth quarter worth approximately $1,975,000. Finally, Lazard Asset Management LLC bought a new stake in shares of AvidXchange during the 1st quarter worth $7,621,000. 80.58% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Robert W. Baird decreased their target price on shares of AvidXchange from $16.00 to $14.00 and set an “outperform” rating on the stock in a report on Thursday, August 1st. Keefe, Bruyette & Woods reduced their price target on shares of AvidXchange from $13.50 to $11.00 and set a “market perform” rating on the stock in a research note on Thursday, August 1st. Compass Point initiated coverage on AvidXchange in a research note on Wednesday, September 4th. They set a “neutral” rating and a $8.00 target price on the stock. Susquehanna dropped their target price on AvidXchange from $16.00 to $14.00 and set a “positive” rating for the company in a research report on Thursday, August 1st. Finally, UBS Group lowered shares of AvidXchange from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $15.00 to $10.00 in a report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $11.00.

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.