AvidXchange (NASDAQ:AVDX) Shares Gap Down – Here’s Why

AvidXchange Holdings, Inc. (NASDAQ:AVDX) shares gapped down before the market opened on Friday . The stock had previously closed at $10.69, but opened at $10.37. AvidXchange shares last traded at $10.25, with a volume of 292,126 shares traded.

Analyst Ratings Changes

AVDX has been the subject of several research reports. KeyCorp increased their target price on AvidXchange from $12.00 to $13.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Compass Point raised AvidXchange from a “neutral” rating to a “buy” rating and raised their price target for the company from $8.00 to $15.00 in a report on Thursday, November 7th. BTIG Research started coverage on AvidXchange in a research report on Wednesday, December 11th. They issued a “buy” rating and a $14.00 price objective on the stock. Barclays lifted their price objective on AvidXchange from $11.00 to $13.00 and gave the company an “overweight” rating in a research note on Monday, November 18th. Finally, BMO Capital Markets boosted their price target on AvidXchange from $10.00 to $11.00 and gave the company a “market perform” rating in a report on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $11.61.

AvidXchange Trading Down 6.0 %

The stock has a market cap of $2.07 billion, a price-to-earnings ratio of 530.00 and a beta of 1.22. 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 business’s 50 day moving average is $10.62 and its 200 day moving average is $9.48.

Insiders Place Their Bets

In other AvidXchange news, CEO Michael Praeger sold 42,377 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $11.40, for a total value of $483,097.80. Following the transaction, the chief executive officer now owns 10,381,033 shares in the company, valued at approximately $118,343,776.20. This represents a 0.41 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James E. Hausman sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $11.25, for a total transaction of $281,250.00. Following the completion of the sale, the director now directly owns 2,112,232 shares of the company’s stock, valued at $23,762,610. This represents a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 80,693 shares of company stock worth $916,683. 10.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On AvidXchange

Hedge funds have recently made changes to their positions in the company. US Bancorp DE raised its holdings in shares of AvidXchange by 111,114.9% in the third quarter. US Bancorp DE now owns 52,271 shares of the company’s stock valued at $424,000 after purchasing an additional 52,224 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in AvidXchange during the third quarter worth about $25,339,000. Entropy Technologies LP bought a new stake in AvidXchange during the third quarter worth about $447,000. State of New Jersey Common Pension Fund D raised its stake in AvidXchange by 39.3% during the third quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company’s stock worth $2,011,000 after acquiring an additional 69,971 shares in the last quarter. Finally, Barclays PLC increased its stake in shares of AvidXchange by 239.8% in the third quarter. Barclays PLC now owns 285,768 shares of the company’s stock valued at $2,318,000 after buying an additional 201,679 shares during the period. Institutional investors and hedge funds own 80.58% of the company’s stock.

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.