Insider Selling: AvidXchange Holdings, Inc. (NASDAQ:AVDX) Insider Sells 18,028 Shares of Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) insider Joel Wilhite sold 18,028 shares of AvidXchange stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total transaction of $143,863.44. Following the sale, the insider now owns 419,636 shares of the company’s stock, valued at $3,348,695.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Friday, August 23rd, Joel Wilhite sold 47,308 shares of AvidXchange stock. The shares were sold at an average price of $8.10, for a total transaction of $383,194.80.

AvidXchange Stock Performance

AvidXchange stock traded up $0.18 during mid-day trading on Thursday, reaching $8.15. The company’s stock had a trading volume of 2,130,218 shares, compared to its average volume of 2,097,860. The firm has a market cap of $1.68 billion, a price-to-earnings ratio of -54.33 and a beta of 1.03. The business has a 50 day moving average price of $10.35 and a 200-day moving average price of $11.33. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.20. AvidXchange Holdings, Inc. has a twelve month low of $6.88 and a twelve month high of $13.56.

AvidXchange (NASDAQ:AVDX) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $107.13 million. During the same quarter in the previous year, the company posted ($0.05) earnings per share. The company’s revenue for the quarter was up 15.6% compared to the same quarter last year. Sell-side analysts predict that AvidXchange Holdings, Inc. will post 0.01 EPS for the current fiscal year.

Hedge Funds Weigh In On AvidXchange

Several hedge funds and other institutional investors have recently modified their holdings of the company. SG Americas Securities LLC raised its stake in shares of AvidXchange by 2.9% during the second quarter. SG Americas Securities LLC now owns 29,813 shares of the company’s stock valued at $360,000 after purchasing an additional 835 shares in the last quarter. California State Teachers Retirement System raised its stake in shares of AvidXchange by 1.0% during the first quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock valued at $2,121,000 after purchasing an additional 1,656 shares in the last quarter. Advisors Asset Management Inc. raised its stake 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 valued at $57,000 after purchasing an additional 2,114 shares in the last quarter. ProShare Advisors LLC raised its stake in shares of AvidXchange by 9.7% during the first quarter. ProShare Advisors LLC now owns 27,135 shares of the company’s stock valued at $357,000 after purchasing an additional 2,396 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of AvidXchange by 14.6% during the first quarter. Principal Financial Group Inc. now owns 20,058 shares of the company’s stock valued at $264,000 after purchasing an additional 2,556 shares in the last quarter. Institutional investors and hedge funds own 80.58% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. The Goldman Sachs Group decreased their price target on shares of AvidXchange from $11.50 to $9.00 and set a “sell” rating for the company in a research note on Thursday, August 1st. Barclays reduced their price objective on shares of AvidXchange from $14.00 to $10.00 and set an “overweight” rating for the company in a research report on Monday, August 5th. JPMorgan Chase & Co. downgraded shares of AvidXchange from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $11.00 to $9.00 in a research report on Tuesday, August 20th. BMO Capital Markets reduced their price objective on shares of AvidXchange from $13.00 to $10.00 and set a “market perform” rating for the company in a research report on Thursday, August 1st. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of AvidXchange from $13.50 to $11.00 and set a “market perform” rating for the company in a research report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $11.25.

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.