AvidXchange Holdings, Inc. (NASDAQ:AVDX) President Sells $107,344.54 in Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) President Daniel Drees sold 11,021 shares of AvidXchange stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $9.74, for a total transaction of $107,344.54. Following the completion of the sale, the president now directly owns 517,081 shares of the company’s stock, valued at approximately $5,036,368.94. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

AvidXchange Trading Down 1.1 %

NASDAQ AVDX opened at $9.68 on Monday. AvidXchange Holdings, Inc. has a one year low of $6.88 and a one year high of $12.75. The business’s fifty day moving average is $9.13 and its 200-day moving average is $9.91. The stock has a market capitalization of $1.96 billion, a price-to-earnings ratio of -28.47 and a beta of 0.65. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.32 and a quick ratio of 1.32.

Institutional Investors Weigh In On AvidXchange

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in AvidXchange by 19.5% in the 3rd quarter. Vanguard Group Inc. now owns 13,231,439 shares of the company’s stock valued at $111,409,000 after acquiring an additional 2,160,242 shares during the period. Senvest Management LLC raised its stake in AvidXchange by 26.3% in the 3rd quarter. Senvest Management LLC now owns 12,298,226 shares of the company’s stock valued at $116,587,000 after acquiring an additional 2,563,886 shares during the period. BlackRock Inc. raised its stake in AvidXchange by 13.7% in the 3rd quarter. BlackRock Inc. now owns 11,613,485 shares of the company’s stock valued at $97,786,000 after acquiring an additional 1,402,183 shares during the period. Millennium Management LLC raised its stake in AvidXchange by 63.4% in the 4th quarter. Millennium Management LLC now owns 7,858,752 shares of the company’s stock valued at $78,116,000 after acquiring an additional 3,048,717 shares during the period. Finally, Lord Abbett & CO. LLC raised its stake in AvidXchange by 29.2% in the 3rd quarter. Lord Abbett & CO. LLC now owns 5,402,784 shares of the company’s stock valued at $51,219,000 after acquiring an additional 1,222,044 shares during the period. 70.42% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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