Ryan Stahl Sells 8,999 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) insider Ryan Stahl sold 8,999 shares of AvidXchange stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $9.74, for a total transaction of $87,650.26. Following the transaction, the insider now owns 667,226 shares in the company, valued at $6,498,781.24. This represents a 1.33% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

AvidXchange Stock Up 0.1%

Shares of AVDX stock opened at $9.73 on Wednesday. The stock has a market cap of $2.01 billion, a P/E ratio of 243.25 and a beta of 1.14. AvidXchange Holdings, Inc. has a 52 week low of $6.61 and a 52 week high of $12.93. 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’s fifty day simple moving average is $8.38 and its two-hundred day simple moving average is $9.47.

AvidXchange (NASDAQ:AVDX) last announced its quarterly 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). The company had revenue of $115.44 million during the quarter, compared to analysts’ expectations of $114.98 million. AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. Analysts predict that AvidXchange Holdings, Inc. will post 0.02 EPS for the current fiscal year.

Institutional Trading of AvidXchange

Hedge funds have recently bought and sold shares of the stock. SVB Wealth LLC bought a new stake in shares of AvidXchange in the 1st quarter worth about $26,000. Blue Trust Inc. increased its holdings in shares of AvidXchange by 90.1% in the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock worth $28,000 after buying an additional 1,278 shares during the last quarter. Versant Capital Management Inc increased its holdings in shares of AvidXchange by 801.2% in the 1st quarter. Versant Capital Management Inc now owns 3,866 shares of the company’s stock worth $33,000 after buying an additional 3,437 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of AvidXchange by 816.6% in the 1st quarter. GAMMA Investing LLC now owns 4,079 shares of the company’s stock worth $35,000 after buying an additional 3,634 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of AvidXchange in the 1st quarter worth about $37,000. Hedge funds and other institutional investors own 80.58% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on AVDX. Susquehanna cut shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 8th. BTIG Research cut shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 7th. Wells Fargo & Company lifted their target price on shares of AvidXchange from $8.00 to $10.00 and gave the company an “equal weight” rating in a research note on Thursday, May 8th. Morgan Stanley lifted their target price on shares of AvidXchange from $8.00 to $10.00 and gave the company an “equal weight” rating in a research note on Thursday, May 8th. Finally, JPMorgan Chase & Co. lowered their target price on shares of AvidXchange from $10.00 to $9.00 and set a “neutral” rating on the stock in a research note on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and one has given a buy rating to the stock. According to MarketBeat, AvidXchange has an average rating of “Hold” and a consensus price target of $10.30.

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.