AvidXchange (NASDAQ:AVDX) Sets New 1-Year Low at $6.88

AvidXchange Holdings, Inc. (NASDAQ:AVDX)’s share price reached a new 52-week low during trading on Friday . The stock traded as low as $6.88 and last traded at $7.55, with a volume of 1597052 shares traded. The stock had previously closed at $8.75.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Wells Fargo & Company began coverage on AvidXchange in a research report on Tuesday, October 31st. They issued an “equal weight” rating and a $9.00 price target for the company. Morgan Stanley reiterated an “equal weight” rating and set a $11.00 price target on shares of AvidXchange in a report on Friday, August 4th. Piper Sandler reduced their price objective on shares of AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a research note on Monday, October 23rd. UBS Group initiated coverage on shares of AvidXchange in a research note on Friday, October 20th. They issued a “buy” rating and a $11.50 target price on the stock. Finally, Susquehanna began coverage on shares of AvidXchange in a research report on Tuesday, July 18th. They set a “positive” rating and a $15.50 target price for the company. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $12.63.

AvidXchange Stock Down 13.1 %

The firm’s 50-day simple moving average is $9.33 and its 200-day simple moving average is $9.77. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.32 and a current ratio of 1.32. The company has a market capitalization of $1.54 billion, a price-to-earnings ratio of -17.67 and a beta of 0.65.

AvidXchange (NASDAQ:AVDX) last released its earnings results on Wednesday, August 2nd. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.04. AvidXchange had a negative net margin of 24.57% and a negative return on equity of 8.81%. The business had revenue of $91.15 million during the quarter, compared to analysts’ expectations of $88.98 million. Sell-side analysts forecast that AvidXchange Holdings, Inc. will post -0.34 earnings per share for the current year.

Insider Buying and Selling at AvidXchange

In other news, CEO Michael Praeger sold 59,562 shares of AvidXchange stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $10.04, for a total transaction of $598,002.48. Following the sale, the chief executive officer now owns 9,917,588 shares of the company’s stock, valued at approximately $99,572,583.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Michael Praeger sold 59,562 shares of the stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $10.04, for a total value of $598,002.48. Following the completion of the transaction, the chief executive officer now owns 9,917,588 shares in the company, valued at approximately $99,572,583.52. The sale was disclosed in a filing with the SEC, which is available at this link. Also, President Daniel Drees sold 11,270 shares of the firm’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $10.09, for a total transaction of $113,714.30. Following the transaction, the president now directly owns 504,889 shares of the company’s stock, valued at $5,094,330.01. The disclosure for this sale can be found here. Insiders sold a total of 109,501 shares of company stock valued at $1,101,887 in the last quarter. Corporate insiders own 10.30% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

A number of institutional investors have recently added to or reduced their stakes in the stock. IFP Advisors Inc lifted its position in shares of AvidXchange by 8.7% during the 2nd quarter. IFP Advisors Inc now owns 12,557 shares of the company’s stock worth $313,000 after buying an additional 1,003 shares during the period. American International Group Inc. lifted its holdings in shares of AvidXchange by 1.7% during the second quarter. American International Group Inc. now owns 71,940 shares of the company’s stock valued at $747,000 after acquiring an additional 1,183 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of AvidXchange by 2.1% during the second quarter. The Manufacturers Life Insurance Company now owns 61,637 shares of the company’s stock valued at $640,000 after acquiring an additional 1,242 shares during the period. Ameritas Investment Partners Inc. boosted its stake in shares of AvidXchange by 12.3% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 12,342 shares of the company’s stock valued at $128,000 after purchasing an additional 1,347 shares in the last quarter. Finally, Victory Capital Management Inc. grew its holdings in shares of AvidXchange by 9.8% in the 2nd quarter. Victory Capital Management Inc. now owns 15,646 shares of the company’s stock worth $162,000 after purchasing an additional 1,397 shares during the last quarter. 70.42% of the stock is owned by institutional investors and hedge funds.

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 Cashflow manager that provides cash management solutions.