Insider Selling: AvidXchange Holdings, Inc. (NASDAQ:AVDX) CEO Sells $54,747.17 in Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) CEO Michael Praeger sold 6,701 shares of the business’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $8.17, for a total transaction of $54,747.17. Following the transaction, the chief executive officer now directly owns 10,410,983 shares of the company’s stock, valued at $85,057,731.11. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

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

• On Tuesday, August 27th, Michael Praeger sold 37,225 shares of AvidXchange stock. The shares were sold at an average price of $7.98, for a total transaction of $297,055.50.
• On Tuesday, June 11th, Michael Praeger sold 29,192 shares of AvidXchange stock. The shares were sold at an average price of $10.85, for a total transaction of $316,733.20.

AvidXchange Stock Down 0.4 %

AVDX stock opened at $8.00 on Friday. AvidXchange Holdings, Inc. has a 12 month low of $6.88 and a 12 month high of $13.56. The firm has a market cap of $1.65 billion, a PE ratio of -53.33 and a beta of 1.03. The firm has a 50 day simple moving average of $10.01 and a 200 day simple moving average of $11.18. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.36 and a quick ratio of 1.36.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $105.30 million for the quarter, compared to analyst estimates of $107.13 million. During the same quarter in the previous year, the business earned ($0.05) earnings per share. The firm’s revenue was up 15.6% compared to the same quarter last year. Equities research analysts forecast that AvidXchange Holdings, Inc. will post 0.01 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on AVDX shares. BMO Capital Markets reduced their price target on shares of AvidXchange from $13.00 to $10.00 and set a “market perform” rating for the company in a research note on Thursday, August 1st. Robert W. Baird reduced their price target on shares of AvidXchange from $16.00 to $14.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. The Goldman Sachs Group reduced 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. Wells Fargo & Company reduced their price target on shares of AvidXchange from $13.00 to $10.00 and set an “equal weight” rating for the company in a research note on Thursday, August 1st. Finally, Susquehanna reduced their price target on shares of AvidXchange from $16.00 to $14.00 and set a “positive” rating for the company in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, AvidXchange currently has a consensus rating of “Hold” and a consensus price target of $11.00.

Institutional Investors Weigh In On AvidXchange

A number of large investors have recently made changes to their positions in AVDX. Jennison Associates LLC acquired a new stake in shares of AvidXchange during the first quarter valued at approximately $23,800,000. American Century Companies Inc. raised its holdings in shares of AvidXchange by 54.2% during the second quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock valued at $54,460,000 after acquiring an additional 1,586,510 shares during the period. Kodai Capital Management LP raised its holdings in shares of AvidXchange by 872.9% during the first quarter. Kodai Capital Management LP now owns 1,581,667 shares of the company’s stock valued at $20,799,000 after acquiring an additional 1,419,099 shares during the period. Intrinsic Edge Capital Management LLC raised its holdings in shares of AvidXchange by 79.9% during the fourth quarter. Intrinsic Edge Capital Management LLC now owns 2,785,445 shares of the company’s stock valued at $34,512,000 after acquiring an additional 1,237,508 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in AvidXchange by 17.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,864,725 shares of the company’s stock valued at $47,885,000 after buying an additional 587,692 shares during the period. Institutional investors and hedge funds own 80.58% of the company’s stock.

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.