AvidXchange Holdings, Inc. (NASDAQ:AVDX – Get Free Report) CEO Michael Praeger sold 58,881 shares of the company’s stock in a transaction on 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 owns 11,164,737 shares of the company’s stock, valued at approximately $84,740,353.83. This represents a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

NASDAQ AVDX opened at $7.14 on Friday. The business has a 50 day simple moving average of $9.78 and a 200 day simple moving average of $9.38. AvidXchange Holdings, Inc. has a one year low of $6.89 and a one year high of $13.49. The stock has a market capitalization of $1.46 billion, a P/E ratio of 178.50 and a beta of 1.28. 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 released 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). AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. The business had revenue of $115.44 million for the quarter, compared to analyst estimates of $114.98 million. Research analysts expect that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current year.

Several large investors have recently added to or reduced their stakes in AVDX. Allspring Global Investments Holdings LLC acquired a new stake in AvidXchange during the third quarter worth approximately $38,000. Wealth Enhancement Advisory Services LLC grew its stake in AvidXchange by 29.6% in the third 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 during the period. US Bancorp DE grew its stake in AvidXchange by 111,114.9% in the third quarter. US Bancorp DE now owns 52,271 shares of the company’s stock valued at $424,000 after acquiring an additional 52,224 shares during the period. ARK Investment Management LLC grew its stake in AvidXchange by 17.4% in the third quarter. ARK Investment Management LLC now owns 1,161,998 shares of the company’s stock valued at $9,424,000 after acquiring an additional 171,908 shares during the period. Finally, State of New Jersey Common Pension Fund D grew its stake in AvidXchange by 39.3% in the third quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company’s stock valued at $2,011,000 after acquiring an additional 69,971 shares during the period. Institutional investors and hedge funds own 80.58% of the company’s stock.

Several equities analysts have commented on the company. Piper Sandler dropped their target price on AvidXchange from $10.00 to $8.00 and set a “neutral” rating for the company in a research report on Friday, February 28th. Wells Fargo & Company dropped their target price on AvidXchange from $10.00 to $8.00 and set an “equal weight” rating for the company in a research report on Thursday, February 27th. Keefe, Bruyette & Woods dropped their target price on AvidXchange from $11.00 to $8.00 and set a “market perform” rating for the company in a research report on Thursday, February 27th. Barclays downgraded AvidXchange from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $13.00 to $8.00 in a research report on Tuesday. Finally, The Goldman Sachs Group dropped their target price on AvidXchange from $9.50 to $7.00 and set a “sell” rating for the company in a research report on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $10.00.

View Our Latest Analysis on 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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