Michael Praeger Sells 40,005 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) CEO Michael Praeger sold 40,005 shares of the firm’s stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $9.74, for a total value of $389,648.70. Following the completion of the sale, the chief executive officer now directly owns 11,037,830 shares of the company’s stock, valued at approximately $107,508,464.20. This trade represents a 0.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Michael Praeger also recently made the following trade(s):

• On Friday, February 28th, Michael Praeger sold 58,881 shares of AvidXchange stock. The stock was sold at an average price of $7.59, for a total value of $446,906.79.

AvidXchange Stock Up 0.1%

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

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings data 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 firm had revenue of $115.44 million during the quarter, compared to analyst estimates of $114.98 million. As a group, research analysts predict that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

Institutional Investors Weigh In On AvidXchange

A number of hedge funds have recently bought and sold shares of the company. Xponance Inc. increased its stake in shares of AvidXchange by 9.2% in the fourth quarter. Xponance Inc. now owns 12,459 shares of the company’s stock worth $129,000 after purchasing an additional 1,045 shares during the period. Captrust Financial Advisors lifted its holdings in shares of AvidXchange by 6.2% during the fourth quarter. Captrust Financial Advisors now owns 18,434 shares of the company’s stock worth $191,000 after buying an additional 1,084 shares during the last quarter. Summit Investment Advisors Inc. lifted its holdings in shares of AvidXchange by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 18,182 shares of the company’s stock worth $188,000 after buying an additional 1,155 shares during the last quarter. Blue Trust Inc. boosted its position in shares of AvidXchange by 90.1% in the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after acquiring an additional 1,278 shares during the period. Finally, Arizona State Retirement System grew its stake in shares of AvidXchange by 3.9% in the first quarter. Arizona State Retirement System now owns 50,126 shares of the company’s stock worth $425,000 after acquiring an additional 1,869 shares during the last quarter. 80.58% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

AVDX has been the topic of a number of research reports. BTIG Research downgraded AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 7th. KeyCorp downgraded shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a research report on Thursday, February 27th. The Goldman Sachs Group lowered their price target on shares of AvidXchange from $9.50 to $7.00 and set a “sell” rating on the stock in a report on Thursday, February 27th. Baird R W downgraded shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 8th. Finally, Wolfe Research cut AvidXchange from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price 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.