Insider Selling: AvidXchange Holdings, Inc. (NASDAQ:AVDX) Insider Sells 20,914 Shares of Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) insider Joel Wilhite sold 20,914 shares of the stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $9.74, for a total value of $203,702.36. Following the transaction, the insider now directly owns 808,841 shares in the company, valued at approximately $7,878,111.34. This represents a 2.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Friday, February 28th, Joel Wilhite sold 32,203 shares of AvidXchange stock. The shares were sold at an average price of $7.59, for a total value of $244,420.77.

AvidXchange Trading Up 0.1%

Shares of AVDX opened at $9.73 on Wednesday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The stock has a 50 day simple moving average of $8.38 and a 200-day simple moving average of $9.47. AvidXchange Holdings, Inc. has a 1 year low of $6.61 and a 1 year high of $12.93. The stock has a market cap of $2.01 billion, a PE ratio of 243.25 and a beta of 1.14.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share (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 company had revenue of $115.44 million for the quarter, compared to analyst estimates of $114.98 million. On average, sell-side analysts predict that AvidXchange Holdings, Inc. will post 0.02 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. BTIG Research downgraded AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 7th. UBS Group lifted their price objective on shares of AvidXchange from $8.00 to $10.00 and gave the company a “neutral” rating in a research note on Thursday, May 8th. Keefe, Bruyette & Woods boosted their price target on AvidXchange from $8.00 to $9.00 and gave the stock a “market perform” rating in a research note on Monday, March 31st. Morgan Stanley upped their price target on shares of AvidXchange from $8.00 to $10.00 and gave the company an “equal weight” rating in a report on Thursday, May 8th. Finally, KeyCorp lowered 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 given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $10.30.

Hedge Funds Weigh In On AvidXchange

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AVDX. US Bancorp DE increased its holdings in shares of AvidXchange by 11.6% in the fourth quarter. US Bancorp DE now owns 58,350 shares of the company’s stock worth $603,000 after acquiring an additional 6,079 shares in the last quarter. Azora Capital LP acquired a new position in shares of AvidXchange in the 4th quarter valued at approximately $45,067,000. Barclays PLC grew its position in shares of AvidXchange by 239.8% in the 3rd quarter. Barclays PLC now owns 285,768 shares of the company’s stock valued at $2,318,000 after purchasing an additional 201,679 shares during the period. Wells Fargo & Company MN increased its stake in AvidXchange by 17.4% during the 4th quarter. Wells Fargo & Company MN now owns 102,923 shares of the company’s stock worth $1,064,000 after purchasing an additional 15,243 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in AvidXchange by 5.4% during the 4th quarter. The Manufacturers Life Insurance Company now owns 96,313 shares of the company’s stock worth $996,000 after buying an additional 4,953 shares during the period. Institutional investors own 80.58% of the company’s stock.

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.