AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report) insider Joel Wilhite sold 32,203 shares of the business's stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $244,420.77. Following the completion of the transaction, the insider now directly owns 843 shares in the company, valued at $6,398.37. The trade was a 97.45 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.
AvidXchange Stock Down 3.5 %
NASDAQ:AVDX opened at $7.16 on Wednesday. AvidXchange Holdings, Inc. has a 1-year low of $6.89 and a 1-year high of $13.49. The company has a market capitalization of $1.47 billion, a PE ratio of 179.00 and a beta of 1.22. The firm's 50-day moving average price is $9.91 and its 200-day moving average price is $9.41. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32.
AvidXchange (NASDAQ:AVDX - Get Free Report) last issued its earnings results on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.03). The business had revenue of $115.44 million for 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%. On average, equities analysts predict that AvidXchange Holdings, Inc. will post 0.02 EPS for the current fiscal year.
Wall Street Analyst Weigh In
AVDX has been the topic of a number of research reports. Wolfe Research downgraded shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Thursday, February 27th. JPMorgan Chase & Co. dropped their price target on AvidXchange from $10.00 to $9.00 and set a "neutral" rating on the stock in a research report on Thursday, February 27th. Keefe, Bruyette & Woods reduced their target price on shares of AvidXchange from $11.00 to $8.00 and set a "market perform" rating for the company in a research note on Thursday, February 27th. The Goldman Sachs Group lowered their price target on shares of AvidXchange from $9.50 to $7.00 and set a "sell" rating on the stock in a research note on Thursday, February 27th. Finally, BTIG Research initiated coverage on AvidXchange in a report on Wednesday, December 11th. They issued a "buy" rating and a $14.00 price objective for the company. Two equities 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, the company currently has an average rating of "Hold" and a consensus target price of $10.00.
Read Our Latest Research Report on AVDX
Institutional Trading of AvidXchange
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Xponance Inc. grew its position in shares of AvidXchange by 9.2% during the fourth quarter. Xponance Inc. now owns 12,459 shares of the company's stock worth $129,000 after purchasing an additional 1,045 shares in the last quarter. Captrust Financial Advisors grew 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 worth $191,000 after buying an additional 1,084 shares in the last quarter. Summit Investment Advisors Inc. increased its stake in AvidXchange by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 18,182 shares of the company's stock worth $188,000 after acquiring an additional 1,155 shares during the last quarter. Blue Trust Inc. raised its holdings 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 during the period. Finally, Rhumbline Advisers raised its stake in shares of AvidXchange by 1.0% in the fourth quarter. Rhumbline Advisers now owns 234,738 shares of the company's stock valued at $2,427,000 after acquiring an additional 2,391 shares during the period. Hedge funds and other institutional investors own 80.58% of the company's stock.
About AvidXchange
(
Get Free Report)
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.
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