AvidXchange Holdings, Inc. (NASDAQ:AVDX) Insider Sells $383,194.80 in Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) insider Joel Wilhite sold 47,308 shares of AvidXchange stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $8.10, for a total transaction of $383,194.80. Following the completion of the transaction, the insider now owns 413,687 shares in the company, valued at $3,350,864.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Joel Wilhite also recently made the following trade(s):

• On Tuesday, August 27th, Joel Wilhite sold 18,028 shares of AvidXchange stock. The shares were sold at an average price of $7.98, for a total transaction of $143,863.44.

AvidXchange Stock Up 2.3 %

AVDX stock opened at $8.15 on Friday. The company has a market cap of $1.68 billion, a P/E ratio of -54.33 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’s 50-day moving average price is $10.35 and its 200 day moving average price is $11.33. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.20.

AvidXchange (NASDAQ:AVDX) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $105.30 million for the quarter, compared to the consensus estimate of $107.13 million. During the same quarter in the prior year, the firm earned ($0.05) earnings per share. The company’s revenue for the quarter was up 15.6% compared to the same quarter last year. On average, research analysts expect that AvidXchange Holdings, Inc. will post 0.01 earnings per share for the current fiscal year.

Hedge Funds Weigh In On AvidXchange

Several institutional investors and hedge funds have recently modified their holdings of the company. American Century Companies Inc. lifted its stake in shares of AvidXchange by 54.2% during the second quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock valued at $54,460,000 after buying an additional 1,586,510 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of AvidXchange by 5.6% during the second quarter. Dimensional Fund Advisors LP now owns 4,317,134 shares of the company’s stock valued at $52,062,000 after buying an additional 230,777 shares during the period. Intrinsic Edge Capital Management LLC lifted its stake in shares of AvidXchange by 79.9% during the fourth 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 during the period. Millennium Management LLC lifted its stake in shares of AvidXchange by 9.8% during the second quarter. Millennium Management LLC now owns 2,770,662 shares of the company’s stock valued at $33,414,000 after buying an additional 246,462 shares during the period. Finally, Par Capital Management Inc. lifted its stake in shares of AvidXchange by 10.0% during the fourth quarter. Par Capital Management Inc. now owns 2,750,000 shares of the company’s stock valued at $34,072,000 after buying an additional 250,000 shares during the period. Hedge funds and other institutional investors own 80.58% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on AVDX. UBS Group lowered shares of AvidXchange from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $15.00 to $10.00 in a research note on Thursday, August 1st. KeyCorp dropped their price objective on shares of AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, August 1st. The Goldman Sachs Group dropped their price objective on shares of AvidXchange from $11.50 to $9.00 and set a “sell” rating on the stock in a research note on Thursday, August 1st. JPMorgan Chase & Co. lowered shares of AvidXchange from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $11.00 to $9.00 in a research note on Tuesday, August 20th. Finally, Susquehanna dropped their price target on shares of AvidXchange from $16.00 to $14.00 and set a “positive” rating on the stock in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company presently 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.