AvidXchange Holdings, Inc. (NASDAQ:AVDX) Insider Joel Wilhite Sells 47,308 Shares of Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) insider Joel Wilhite sold 47,308 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $8.10, for a total value of $383,194.80. Following the transaction, the insider now owns 413,687 shares of the company’s stock, valued at approximately $3,350,864.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

AvidXchange Stock Performance

Shares of NASDAQ AVDX opened at $8.00 on Wednesday. AvidXchange Holdings, Inc. has a 1-year low of $6.88 and a 1-year high of $13.56. The business has a fifty day moving average price of $10.47 and a 200 day moving average price of $11.37. The stock has a market capitalization of $1.65 billion, a P/E ratio of -53.33 and a beta of 1.03. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.34 and a quick ratio of 1.34.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.05 EPS for the quarter, beating the consensus estimate of $0.04 by $0.01. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. The business had revenue of $105.30 million during the quarter, compared to analyst estimates of $107.13 million. During the same period in the prior year, the firm posted ($0.05) earnings per share. The company’s quarterly revenue was up 15.6% on a year-over-year basis. Equities research analysts expect that AvidXchange Holdings, Inc. will post 0.01 EPS for the current fiscal year.

Hedge Funds Weigh In On AvidXchange

Several hedge funds and other institutional investors have recently modified their holdings of the stock. American Century Companies Inc. grew its holdings in shares of AvidXchange by 54.2% during the second quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock valued at $54,460,000 after buying an additional 1,586,510 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in AvidXchange by 5.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,317,134 shares of the company’s stock worth $52,062,000 after purchasing an additional 230,777 shares in the last quarter. Intrinsic Edge Capital Management LLC grew its stake in shares of AvidXchange by 79.9% during the 4th quarter. Intrinsic Edge Capital Management LLC now owns 2,785,445 shares of the company’s stock worth $34,512,000 after purchasing an additional 1,237,508 shares during the period. Millennium Management LLC increased its holdings in shares of AvidXchange by 9.8% during the 2nd quarter. Millennium Management LLC now owns 2,770,662 shares of the company’s stock valued at $33,414,000 after purchasing an additional 246,462 shares in the last quarter. Finally, Par Capital Management Inc. lifted its stake in shares of AvidXchange by 10.0% in the 4th quarter. Par Capital Management Inc. now owns 2,750,000 shares of the company’s stock valued at $34,072,000 after purchasing an additional 250,000 shares during the period. 80.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Robert W. Baird dropped their price objective on AvidXchange from $16.00 to $14.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. Barclays lowered their target price on shares of AvidXchange from $14.00 to $10.00 and set an “overweight” rating for the company in a research note on Monday, August 5th. JPMorgan Chase & Co. downgraded shares of AvidXchange from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $11.00 to $9.00 in a research note on Tuesday, August 20th. UBS Group cut shares of AvidXchange from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $15.00 to $10.00 in a research report on Thursday, August 1st. Finally, KeyCorp reduced their target price on shares of AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $11.25.

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.