AvidXchange Holdings, Inc. (NASDAQ:AVDX) CEO Sells $54,747.17 in Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) CEO Michael Praeger sold 6,701 shares of the company’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $8.17, for a total transaction of $54,747.17. Following the completion of the transaction, the chief executive officer now directly owns 10,410,983 shares in the company, valued at approximately $85,057,731.11. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Michael Praeger also recently made the following trade(s):

• On Tuesday, August 27th, Michael Praeger sold 37,225 shares of AvidXchange stock. The stock was sold at an average price of $7.98, for a total transaction of $297,055.50.
• On Tuesday, June 11th, Michael Praeger sold 29,192 shares of AvidXchange stock. The shares were sold at an average price of $10.85, for a total transaction of $316,733.20.

AvidXchange Trading Down 0.7 %

NASDAQ AVDX opened at $8.01 on Wednesday. AvidXchange Holdings, Inc. has a 52 week low of $6.88 and a 52 week high of $13.56. The firm has a 50 day moving average of $10.23 and a two-hundred day moving average of $11.26. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $1.65 billion, a PE ratio of -53.40 and a beta of 1.03.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in AVDX. Jennison Associates LLC purchased a new stake in AvidXchange during the first quarter worth approximately $23,800,000. American Century Companies Inc. lifted its position in shares of AvidXchange by 54.2% during the 2nd quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock worth $54,460,000 after buying an additional 1,586,510 shares during the last quarter. Kodai Capital Management LP lifted its position in shares of AvidXchange by 872.9% during the 1st quarter. Kodai Capital Management LP now owns 1,581,667 shares of the company’s stock worth $20,799,000 after buying an additional 1,419,099 shares during the last quarter. Intrinsic Edge Capital Management LLC boosted its holdings in shares of AvidXchange by 79.9% in the 4th quarter. Intrinsic Edge Capital Management LLC now owns 2,785,445 shares of the company’s stock valued at $34,512,000 after buying an additional 1,237,508 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of AvidXchange by 17.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,864,725 shares of the company’s stock valued at $47,885,000 after buying an additional 587,692 shares during the last quarter. 80.58% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have commented on AVDX shares. Wells Fargo & Company decreased their price target on AvidXchange from $13.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 1st. Robert W. Baird decreased their target price on AvidXchange from $16.00 to $14.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. JPMorgan Chase & Co. downgraded AvidXchange from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $11.00 to $9.00 in a research report on Tuesday, August 20th. KeyCorp reduced their price target on shares of AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a research report on Thursday, August 1st. Finally, The Goldman Sachs Group lowered their price objective on shares of AvidXchange from $11.50 to $9.00 and set a “sell” rating for the company in a research note 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 assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $11.25.

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.