Daniel Drees Sells 25,972 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) President Daniel Drees sold 25,972 shares of AvidXchange stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $9.74, for a total value of $252,967.28. Following the completion of the sale, the president now owns 1,167,186 shares of the company’s stock, valued at $11,368,391.64. The trade was a 2.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Daniel Drees also recently made the following trade(s):

• On Friday, February 28th, Daniel Drees sold 34,782 shares of AvidXchange stock. The shares were sold at an average price of $7.59, for a total value of $263,995.38.

AvidXchange Stock Performance

NASDAQ AVDX opened at $9.73 on Wednesday. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange Holdings, Inc. has a twelve month low of $6.61 and a twelve month high of $12.93. The business has a 50-day moving average price of $8.38 and a 200-day moving average price of $9.47. The firm has a market cap of $2.01 billion, a price-to-earnings ratio of 243.25 and a beta of 1.14.

AvidXchange (NASDAQ:AVDX) last issued 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). The company had revenue of $115.44 million for the quarter, compared to the consensus estimate of $114.98 million. AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. As a group, equities research analysts predict that AvidXchange Holdings, Inc. will post 0.02 EPS for the current fiscal year.

Hedge Funds Weigh In On AvidXchange

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Xponance Inc. boosted its position in shares of AvidXchange by 9.2% during the 4th quarter. Xponance Inc. now owns 12,459 shares of the company’s stock valued at $129,000 after acquiring an additional 1,045 shares during the last quarter. Captrust Financial Advisors increased its position in AvidXchange by 6.2% in the fourth quarter. Captrust Financial Advisors now owns 18,434 shares of the company’s stock worth $191,000 after purchasing an additional 1,084 shares during the last quarter. Summit Investment Advisors Inc. raised 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 valued at $188,000 after purchasing an additional 1,155 shares in the last quarter. Blue Trust Inc. lifted its position in AvidXchange by 90.1% during the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after purchasing an additional 1,278 shares during the last quarter. Finally, Arizona State Retirement System lifted its holdings in shares of AvidXchange by 3.9% in the 1st quarter. Arizona State Retirement System now owns 50,126 shares of the company’s stock valued at $425,000 after acquiring an additional 1,869 shares during the last quarter. 80.58% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on AVDX shares. The Goldman Sachs Group reduced their price objective on AvidXchange from $9.50 to $7.00 and set a “sell” rating for the company in a research report on Thursday, February 27th. Robert W. Baird reaffirmed a “neutral” rating and set a $10.00 price target on shares of AvidXchange in a research report on Thursday, May 8th. Barclays cut shares of AvidXchange from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $13.00 to $8.00 in a research note on Tuesday, March 4th. BMO Capital Markets cut their target price on shares of AvidXchange from $11.00 to $7.50 and set a “market perform” rating for the company in a research report on Thursday, February 27th. Finally, KeyCorp downgraded shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a research report on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $10.30.

About AvidXchange

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.