Michael Praeger Sells 58,881 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) CEO Michael Praeger sold 58,881 shares of AvidXchange stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $446,906.79. Following the transaction, the chief executive officer now directly owns 11,164,737 shares in the company, valued at approximately $84,740,353.83. The trade was a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

AvidXchange Stock Performance

Shares of NASDAQ:AVDX traded down $0.26 on Tuesday, hitting $7.16. 2,186,120 shares of the company were exchanged, compared to its average volume of 1,677,276. AvidXchange Holdings, Inc. has a 1-year low of $6.89 and a 1-year high of $13.49. The stock’s 50 day moving average price is $9.91 and its 200 day moving average price is $9.41. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $1.47 billion, a P/E ratio of 179.00 and a beta of 1.22.

AvidXchange (NASDAQ:AVDX) last posted its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.03). AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. The company had revenue of $115.44 million for the quarter, compared to analyst estimates of $114.98 million. Sell-side analysts predict that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

Wall Street Analysts Forecast Growth

AVDX has been the topic of several research reports. Piper Sandler cut their price objective on shares of AvidXchange from $10.00 to $8.00 and set a “neutral” rating on the stock in a report on Friday. Wells Fargo & Company cut their price target on shares of AvidXchange from $10.00 to $8.00 and set an “equal weight” rating on the stock in a report on Thursday, February 27th. BMO Capital Markets cut their price target on shares of AvidXchange from $11.00 to $7.50 and set a “market perform” rating on the stock in a report on Thursday, February 27th. The Goldman Sachs Group cut their price target on shares of AvidXchange from $9.50 to $7.00 and set a “sell” rating on the stock in a report on Thursday, February 27th. Finally, KeyCorp lowered shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a report on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, AvidXchange has a consensus rating of “Hold” and an average price target of $10.00.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. US Bancorp DE lifted its position in AvidXchange by 111,114.9% during 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 period. Jacobs Levy Equity Management Inc. acquired a new position in AvidXchange during the third quarter valued at $25,339,000. Entropy Technologies LP acquired a new position in AvidXchange during the third quarter valued at $447,000. State of New Jersey Common Pension Fund D lifted its position 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 valued at $2,011,000 after purchasing an additional 69,971 shares during the period. Finally, Barclays PLC lifted its position in AvidXchange by 239.8% during the third quarter. Barclays PLC now owns 285,768 shares of the company’s stock valued at $2,318,000 after purchasing an additional 201,679 shares during the period. 80.58% of the stock is currently owned by institutional investors and hedge funds.

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.