Insider Selling: AvidXchange Holdings, Inc. (NASDAQ:AVDX) Insider Sells 7,621 Shares of Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) insider Ryan Stahl sold 7,621 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $8.13, for a total transaction of $61,958.73. Following the transaction, the insider now owns 377,030 shares of the company’s stock, valued at $3,065,253.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Ryan Stahl also recently made the following trade(s):

• On Friday, September 13th, Ryan Stahl sold 2,649 shares of AvidXchange stock. The stock was sold at an average price of $7.77, for a total transaction of $20,582.73.

AvidXchange Trading Up 0.7 %

AVDX opened at $8.14 on Friday. AvidXchange Holdings, Inc. has a twelve month low of $6.88 and a twelve month high of $13.56. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.19. The company has a fifty day moving average of $8.69 and a 200-day moving average of $10.70. The stock has a market cap of $1.68 billion, a PE ratio of -54.87 and a beta of 1.01.

AvidXchange (NASDAQ:AVDX) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.01. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. The company had revenue of $105.30 million during the quarter, compared to analysts’ expectations of $107.13 million. During the same period in the prior year, the company posted ($0.05) earnings per share. AvidXchange’s revenue for the quarter was up 15.6% compared to the same quarter last year. On average, sell-side analysts predict that AvidXchange Holdings, Inc. will post 0.03 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Susquehanna lowered their price target on shares of AvidXchange from $16.00 to $14.00 and set a “positive” rating for the company in a report on Thursday, August 1st. Barclays lowered their price target on shares of AvidXchange from $14.00 to $10.00 and set an “overweight” rating for the company in a report on Monday, August 5th. Wells Fargo & Company lowered their price target on shares of AvidXchange from $13.00 to $10.00 and set an “equal weight” rating for the company in a report on Thursday, August 1st. UBS Group lowered shares of AvidXchange from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $15.00 to $10.00 in a report on Thursday, August 1st. Finally, KeyCorp decreased their price target on shares of AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, AvidXchange currently has a consensus rating of “Hold” and a consensus target price of $11.00.

Institutional Investors Weigh In On AvidXchange

Several large investors have recently modified their holdings of AVDX. Advisors Asset Management Inc. increased its position in shares of AvidXchange by 96.3% during the first quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock worth $57,000 after buying an additional 2,114 shares during the period. nVerses Capital LLC acquired a new stake in AvidXchange in the second quarter worth $66,000. Xponance Inc. acquired a new stake in AvidXchange in the second quarter worth $133,000. Cardinal Capital Management acquired a new stake in AvidXchange in the first quarter worth $190,000. Finally, Natixis acquired a new stake in AvidXchange in the first quarter worth $203,000. 80.58% of the stock is currently owned by institutional investors and hedge funds.

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.