AvidXchange Target of Unusually Large Options Trading (NASDAQ:AVDX)

AvidXchange Holdings, Inc. (NASDAQ:AVDX) saw unusually large options trading activity on Friday. Investors acquired 5,680 call options on the company. This is an increase of 6,505% compared to the average daily volume of 86 call options.

AvidXchange Stock Up 1.0 %

AvidXchange stock opened at $7.92 on Friday. AvidXchange has a twelve month low of $6.61 and a twelve month high of $13.49. 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 company has a 50 day moving average of $9.41 and a 200-day moving average of $9.35. The stock has a market capitalization of $1.62 billion, a PE ratio of 198.00 and a beta of 1.28.

AvidXchange (NASDAQ:AVDX) last announced its earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. The company had revenue of $115.44 million during the quarter, compared to analyst estimates of $114.98 million. On average, equities research analysts anticipate that AvidXchange will post 0.02 EPS for the current fiscal year.

Analysts Set New Price Targets

AVDX has been the subject of a number of recent research reports. JPMorgan Chase & Co. dropped their price target on shares of AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. BTIG Research started coverage on shares of AvidXchange in a research report on Wednesday, December 11th. They set a “buy” rating and a $14.00 target price for the company. KeyCorp lowered AvidXchange from an “overweight” rating to a “sector weight” rating in a research report on Thursday, February 27th. BMO Capital Markets dropped their price objective on AvidXchange from $11.00 to $7.50 and set a “market perform” rating for the company in a report on Thursday, February 27th. Finally, Morgan Stanley reduced their target price on AvidXchange from $11.00 to $8.00 and set an “equal weight” rating on the stock in a report on Thursday, February 27th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $10.00.

Insiders Place Their Bets

In related news, President Daniel Drees sold 34,782 shares of the firm’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $263,995.38. Following the transaction, the president now owns 1,176,833 shares in the company, valued at $8,932,162.47. This trade represents a 2.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Praeger sold 58,881 shares of the business’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $446,906.79. Following the sale, the chief executive officer now directly owns 11,164,737 shares of the company’s stock, valued at $84,740,353.83. This represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 125,866 shares of company stock valued at $955,323. Insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of AVDX. FMR LLC lifted its stake in AvidXchange by 272.5% in the 3rd quarter. FMR LLC now owns 13,733,769 shares of the company’s stock valued at $111,381,000 after acquiring an additional 10,046,893 shares in the last quarter. Azora Capital LP acquired a new stake in shares of AvidXchange in the fourth quarter valued at approximately $45,067,000. Jacobs Levy Equity Management Inc. bought a new stake in shares of AvidXchange in the third quarter worth $25,339,000. Arrowstreet Capital Limited Partnership acquired a new position in AvidXchange during the fourth quarter worth $10,292,000. Finally, Point72 Asset Management L.P. bought a new position in AvidXchange in the third quarter valued at $7,920,000. 80.58% of the stock is currently owned by institutional investors.

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.