AvidXchange (NASDAQ:AVDX) Trading Down 6.8%

AvidXchange Holdings, Inc. (NASDAQ:AVDX) fell 6.8% during trading on Wednesday . The stock traded as low as $10.97 and last traded at $11.18. 1,358,931 shares were traded during mid-day trading, a decline of 24% from the average session volume of 1,778,338 shares. The stock had previously closed at $11.99.

Analyst Ratings Changes

AVDX has been the topic of a number of research reports. The Goldman Sachs Group reiterated a “sell” rating and set a $11.50 target price (down from $13.00) on shares of AvidXchange in a report on Monday, April 15th. Piper Sandler decreased their price target on shares of AvidXchange from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Friday, April 12th. JPMorgan Chase & Co. lifted their price objective on shares of AvidXchange from $14.00 to $15.00 and gave the company an “overweight” rating in a research note on Thursday, February 29th. BMO Capital Markets raised their price target on AvidXchange from $11.00 to $13.00 and gave the stock a “market perform” rating in a report on Thursday, February 29th. Finally, Susquehanna increased their price objective on AvidXchange from $15.00 to $16.00 and gave the stock a “positive” rating in a research report on Thursday, February 29th. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $13.14.

AvidXchange Stock Performance

The stock has a market cap of $2.36 billion, a price-to-earnings ratio of -49.22 and a beta of 1.07. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.25 and a quick ratio of 1.25. The stock’s 50-day moving average is $12.36 and its 200-day moving average is $11.40.

Insider Transactions at AvidXchange

In related news, Director Matthew C. Harris sold 2,500,000 shares of the company’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $13.03, for a total value of $32,575,000.00. Following the completion of the transaction, the director now directly owns 9,139,898 shares in the company, valued at $119,092,870.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Matthew C. Harris sold 2,500,000 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $13.03, for a total transaction of $32,575,000.00. Following the completion of the transaction, the director now owns 9,139,898 shares of the company’s stock, valued at $119,092,870.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Angelic Gibson sold 40,000 shares of AvidXchange stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $13.00, for a total transaction of $520,000.00. Following the completion of the transaction, the insider now owns 430,606 shares in the company, valued at approximately $5,597,878. The disclosure for this sale can be found here. Insiders have sold 3,010,167 shares of company stock worth $39,077,190 over the last quarter. 10.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Corton Capital Inc. lifted its holdings in shares of AvidXchange by 5.7% during the 3rd quarter. Corton Capital Inc. now owns 30,768 shares of the company’s stock valued at $292,000 after acquiring an additional 1,653 shares in the last quarter. ProShare Advisors LLC grew its stake in shares of AvidXchange by 9.7% in the first quarter. ProShare Advisors LLC now owns 27,135 shares of the company’s stock valued at $357,000 after buying an additional 2,396 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of AvidXchange by 14.6% during the 1st quarter. Principal Financial Group Inc. now owns 20,058 shares of the company’s stock valued at $264,000 after buying an additional 2,556 shares during the period. Rhumbline Advisers lifted its position in AvidXchange by 1.8% during the 3rd quarter. Rhumbline Advisers now owns 206,230 shares of the company’s stock worth $1,955,000 after acquiring an additional 3,667 shares in the last quarter. Finally, Brown Advisory Inc. grew its position in AvidXchange by 1.1% in the third quarter. Brown Advisory Inc. now owns 329,271 shares of the company’s stock valued at $3,121,000 after acquiring an additional 3,697 shares in the last quarter. 80.58% of the stock is owned by institutional investors and hedge funds.

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.