AvidXchange Holdings, Inc. (NASDAQ:AVDX) CEO Sells $483,097.80 in Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) CEO Michael Praeger sold 42,377 shares of AvidXchange stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $11.40, for a total transaction of $483,097.80. Following the completion of the transaction, the chief executive officer now directly owns 10,381,033 shares in the company, valued at approximately $118,343,776.20. The trade was a 0.41 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

AvidXchange Price Performance

Shares of AVDX stock traded up $0.15 on Wednesday, reaching $11.46. 2,183,487 shares of the company were exchanged, compared to its average volume of 2,055,626. AvidXchange Holdings, Inc. has a 1 year low of $7.38 and a 1 year high of $13.56. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. The business has a 50-day moving average price of $9.24 and a 200 day moving average price of $9.72. The company has a market cap of $2.36 billion, a price-to-earnings ratio of 568.50 and a beta of 1.20.

Analyst Upgrades and Downgrades

Several research firms have issued reports on AVDX. Piper Sandler lifted their price target on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. The Goldman Sachs Group boosted their target price on AvidXchange from $9.00 to $10.00 and gave the stock a “sell” rating in a research note on Monday. UBS Group increased their price target on AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Bank of America dropped their price target on AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a research note on Tuesday, October 15th. Finally, BMO Capital Markets increased their price objective on shares of AvidXchange from $10.00 to $11.00 and gave the company a “market perform” rating in a research report on Friday, November 8th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $11.46.

Institutional Investors Weigh In On AvidXchange

Large investors have recently bought and sold shares of the company. Point72 DIFC Ltd acquired a new stake in shares of AvidXchange in the third quarter worth approximately $37,000. Allspring Global Investments Holdings LLC purchased a new stake in AvidXchange during the 3rd quarter valued at about $38,000. CWM LLC grew its stake in AvidXchange by 7,259.8% during the 3rd quarter. CWM LLC now owns 6,771 shares of the company’s stock valued at $55,000 after acquiring an additional 6,679 shares in the last quarter. nVerses Capital LLC acquired a new stake in AvidXchange in the 2nd quarter valued at about $66,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in AvidXchange in the 3rd quarter worth approximately $86,000. 80.58% of the stock is currently owned by hedge funds and other institutional investors.

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.