Teresa Mackintosh Sells 13,316 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) Director Teresa Mackintosh sold 13,316 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $11.44, for a total value of $152,335.04. Following the completion of the transaction, the director now owns 47,388 shares in the company, valued at $542,118.72. This trade represents a 21.94 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

AvidXchange Trading Down 0.6 %

AvidXchange stock opened at $11.11 on Wednesday. The business has a 50 day moving average price of $9.50 and a two-hundred day moving average price of $9.73. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The stock has a market cap of $2.29 billion, a price-to-earnings ratio of 578.00 and a beta of 1.19. AvidXchange Holdings, Inc. has a 12 month low of $7.38 and a 12 month high of $13.56.

Hedge Funds Weigh In On AvidXchange

Several large investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC raised its holdings in AvidXchange by 2.9% in the 2nd quarter. SG Americas Securities LLC now owns 29,813 shares of the company’s stock valued at $360,000 after acquiring an additional 835 shares in the last quarter. Captrust Financial Advisors raised its holdings in AvidXchange by 9.2% in the 3rd quarter. Captrust Financial Advisors now owns 17,350 shares of the company’s stock valued at $141,000 after acquiring an additional 1,465 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in AvidXchange by 29.6% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company’s stock valued at $107,000 after acquiring an additional 3,019 shares in the last quarter. Principal Financial Group Inc. raised its holdings in AvidXchange by 17.1% in the 2nd quarter. Principal Financial Group Inc. now owns 23,479 shares of the company’s stock valued at $283,000 after acquiring an additional 3,421 shares in the last quarter. Finally, Point72 DIFC Ltd acquired a new position in shares of AvidXchange in the 3rd quarter worth approximately $37,000. Institutional investors and hedge funds own 80.58% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on AVDX shares. Compass Point upgraded AvidXchange from a “neutral” rating to a “buy” rating and upped their price target for the stock from $8.00 to $15.00 in a research note on Thursday, November 7th. Wells Fargo & Company upped their price target on AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 7th. KeyCorp upped their price target on AvidXchange from $12.00 to $13.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Bank of America decreased their price target on AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a research note on Tuesday, October 15th. Finally, Keefe, Bruyette & Woods upped their price target on AvidXchange from $10.00 to $12.00 and gave the stock a “market perform” rating in a research note on Monday. Two analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $11.50.

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.