Insider Selling: AvidXchange Holdings, Inc. (NASDAQ:AVDX) Insider Sells 20,914 Shares of Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) insider Joel Wilhite sold 20,914 shares of the company’s stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $9.74, for a total transaction of $203,702.36. Following the sale, the insider now directly owns 808,841 shares in the company, valued at approximately $7,878,111.34. This trade represents a 2.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Joel Wilhite also recently made the following trade(s):

• On Friday, February 28th, Joel Wilhite sold 32,203 shares of AvidXchange stock. The shares were sold at an average price of $7.59, for a total transaction of $244,420.77.

AvidXchange Stock Down 0.1%

Shares of AVDX stock traded down $0.01 during mid-day trading on Monday, reaching $9.72. 3,739,445 shares of the company’s stock traded hands, compared to its average volume of 2,488,593. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The company’s 50-day moving average price is $8.28 and its 200-day moving average price is $9.46. The company has a market cap of $2.01 billion, a P/E ratio of 243.00 and a beta of 1.14. AvidXchange Holdings, Inc. has a 12 month low of $6.61 and a 12 month high of $12.93.

AvidXchange (NASDAQ:AVDX) last announced its earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). The business had revenue of $115.44 million for the quarter, compared to the consensus estimate of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. On average, equities analysts expect that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on AVDX shares. BMO Capital Markets cut their price target on AvidXchange from $11.00 to $7.50 and set a “market perform” rating for the company in a report on Thursday, February 27th. Susquehanna lowered shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 8th. Wells Fargo & Company raised their target price on shares of AvidXchange from $8.00 to $10.00 and gave the company an “equal weight” rating in a research note on Thursday, May 8th. Keefe, Bruyette & Woods lifted their price target on AvidXchange from $8.00 to $9.00 and gave the stock a “market perform” rating in a research note on Monday, March 31st. Finally, Wolfe Research lowered shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 27th. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, AvidXchange has a consensus rating of “Hold” and a consensus target price of $10.30.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of AVDX. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of AvidXchange by 0.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 469,037 shares of the company’s stock valued at $3,977,000 after buying an additional 3,347 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in AvidXchange by 5.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 103,909 shares of the company’s stock worth $881,000 after acquiring an additional 5,046 shares during the last quarter. Circumference Group LLC lifted its position in AvidXchange by 34.5% in the 1st quarter. Circumference Group LLC now owns 370,000 shares of the company’s stock valued at $3,138,000 after acquiring an additional 95,000 shares in the last quarter. Ardsley Advisory Partners LP purchased a new stake in AvidXchange during the 1st quarter valued at $127,000. Finally, Maverick Capital Ltd. purchased a new stake in AvidXchange during the 1st quarter valued at $835,000. 80.58% of the stock is owned by hedge funds and other institutional investors.

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 the AvidXchange Supplier Hub, which provides supplier insights to cash flow, tools for in-network invoices and payments, and early payment feature.