AvidXchange Holdings, Inc. (NASDAQ:AVDX) CEO Sells $245,545.40 in Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) CEO Michael Praeger sold 25,210 shares of the stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $9.74, for a total value of $245,545.40. Following the completion of the sale, the chief executive officer now owns 9,947,471 shares of the company’s stock, valued at $96,888,367.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

AvidXchange Stock Performance

Shares of NASDAQ AVDX opened at $9.68 on Monday. The stock has a 50 day moving average price of $9.13 and a 200 day moving average price of $9.91. AvidXchange Holdings, Inc. has a 52 week low of $6.88 and a 52 week high of $12.75. 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 stock has a market capitalization of $1.96 billion, a PE ratio of -28.47 and a beta of 0.65.

Institutional Trading of AvidXchange

Hedge funds have recently made changes to their positions in the business. Strs Ohio lifted its position in shares of AvidXchange by 7.1% in the second quarter. Strs Ohio now owns 76,900 shares of the company’s stock valued at $798,000 after buying an additional 5,100 shares during the last quarter. American International Group Inc. lifted its position in shares of AvidXchange by 1.7% in the second quarter. American International Group Inc. now owns 71,940 shares of the company’s stock valued at $747,000 after buying an additional 1,183 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of AvidXchange in the first quarter valued at approximately $175,000. Bank of New York Mellon Corp lifted its position in shares of AvidXchange by 0.4% in the second quarter. Bank of New York Mellon Corp now owns 3,487,077 shares of the company’s stock valued at $36,196,000 after buying an additional 12,597 shares during the last quarter. Finally, Los Angeles Capital Management LLC lifted its position in shares of AvidXchange by 9.3% in the second quarter. Los Angeles Capital Management LLC now owns 53,491 shares of the company’s stock valued at $555,000 after buying an additional 4,548 shares during the last quarter. 70.42% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Susquehanna lowered their price target on AvidXchange from $15.00 to $11.00 and set a “positive” rating for the company in a report on Tuesday, November 7th. Piper Sandler restated an “overweight” rating and issued a $12.00 price target on shares of AvidXchange in a report on Thursday, November 9th. Morgan Stanley restated an “equal weight” rating and issued a $11.00 price target on shares of AvidXchange in a report on Friday, August 4th. Wells Fargo & Company upped their price objective on AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 9th. Finally, UBS Group began coverage on AvidXchange in a research report on Friday, October 20th. They set a “buy” rating and a $11.50 price objective for the company. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $12.33.

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 Cashflow manager that provides cash management solutions.