AvidXchange Holdings, Inc. (NASDAQ:AVDX) President Daniel Drees Sells 34,782 Shares

AvidXchange Holdings, Inc. (NASDAQ:AVDX) President Daniel Drees sold 34,782 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $263,995.38. Following the transaction, the president now directly owns 1,176,833 shares of the company’s stock, valued at approximately $8,932,162.47. This trade represents a 2.87 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

AvidXchange Stock Performance

AVDX stock opened at $7.31 on Thursday. The company has a market cap of $1.50 billion, a P/E ratio of 182.75 and a beta of 1.22. AvidXchange Holdings, Inc. has a 1 year low of $6.89 and a 1 year high of $13.49. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The stock’s fifty day moving average price is $9.85 and its 200-day moving average price is $9.40.

AvidXchange (NASDAQ:AVDX) last released its earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.03). The company had revenue of $115.44 million for the quarter, compared to analysts’ expectations of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. On average, equities analysts forecast that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current year.

Hedge Funds Weigh In On AvidXchange

Several institutional investors and hedge funds have recently bought and sold shares of AVDX. FMR LLC lifted its position in AvidXchange by 272.5% during the third quarter. FMR LLC now owns 13,733,769 shares of the company’s stock valued at $111,381,000 after purchasing an additional 10,046,893 shares in the last quarter. Azora Capital LP purchased a new position in shares of AvidXchange in the fourth quarter valued at about $45,067,000. Jacobs Levy Equity Management Inc. purchased a new position in shares of AvidXchange in the third quarter valued at about $25,339,000. Arrowstreet Capital Limited Partnership purchased a new position in shares of AvidXchange in the fourth quarter valued at about $10,292,000. Finally, Point72 Asset Management L.P. purchased a new position in shares of AvidXchange in the third quarter valued at about $7,920,000. 80.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on AVDX shares. UBS Group lifted their target price on AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a report on Thursday, November 7th. BTIG Research started coverage on AvidXchange in a report on Wednesday, December 11th. They issued a “buy” rating and a $14.00 target price for the company. KeyCorp lowered AvidXchange from an “overweight” rating to a “sector weight” rating in a report on Thursday, February 27th. BMO Capital Markets reduced their target price on AvidXchange from $11.00 to $7.50 and set a “market perform” rating for the company in a report on Thursday, February 27th. Finally, Keefe, Bruyette & Woods reduced their target price on AvidXchange from $11.00 to $8.00 and set a “market perform” rating for the company in a report on Thursday, February 27th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $10.00.

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.