Insider Selling: AvidXchange Holdings, Inc. (NASDAQ:AVDX) CEO Sells 29,192 Shares of Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) CEO Michael Praeger sold 29,192 shares of the stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $10.85, for a total transaction of $316,733.20. Following the sale, the chief executive officer now directly owns 10,440,510 shares in the company, valued at approximately $113,279,533.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Michael Praeger also recently made the following trade(s):

• On Monday, May 20th, Michael Praeger sold 43,738 shares of AvidXchange stock. The stock was sold at an average price of $11.11, for a total transaction of $485,929.18.
• On Wednesday, May 15th, Michael Praeger sold 25,418 shares of AvidXchange stock. The stock was sold at an average price of $11.24, for a total transaction of $285,698.32.

AvidXchange Stock Performance

Shares of AvidXchange stock opened at $10.83 on Friday. The firm has a market capitalization of $2.24 billion, a P/E ratio of -72.20 and a beta of 1.00. AvidXchange Holdings, Inc. has a 52 week low of $6.88 and a 52 week high of $13.56. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.20. The firm’s 50 day moving average is $11.32 and its two-hundred day moving average is $11.73.

AvidXchange (NASDAQ:AVDX) last announced its quarterly earnings results on Wednesday, May 8th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.04. The company had revenue of $105.60 million for the quarter, compared to analyst estimates of $101.33 million. AvidXchange had a negative net margin of 8.10% and a negative return on equity of 1.75%. Research analysts forecast that AvidXchange Holdings, Inc. will post 0.01 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on AVDX shares. Piper Sandler reduced their price target on shares of AvidXchange from $14.00 to $12.00 and set a “neutral” rating on the stock in a research report on Friday, April 12th. Keefe, Bruyette & Woods initiated coverage on shares of AvidXchange in a research note on Tuesday, April 9th. They set a “market perform” rating and a $13.50 target price on the stock. Barclays cut their target price on shares of AvidXchange from $16.00 to $14.00 and set an “overweight” rating on the stock in a research note on Monday, May 13th. The Goldman Sachs Group restated a “sell” rating and set a $11.50 target price (down from $13.00) on shares of AvidXchange in a research note on Monday, April 15th. Finally, JPMorgan Chase & Co. upped their target price on shares of AvidXchange from $14.00 to $15.00 and gave the stock an “overweight” rating in a research note on Thursday, February 29th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $12.86.

Hedge Funds Weigh In On AvidXchange

Hedge funds have recently added to or reduced their stakes in the stock. Senvest Management LLC grew its position in shares of AvidXchange by 26.3% during the third quarter. Senvest Management LLC now owns 12,298,226 shares of the company’s stock worth $116,587,000 after acquiring an additional 2,563,886 shares during the last quarter. Jennison Associates LLC purchased a new position in shares of AvidXchange during the first quarter worth approximately $23,800,000. North Reef Capital Management LP grew its position in shares of AvidXchange by 64.5% during the third quarter. North Reef Capital Management LP now owns 4,510,000 shares of the company’s stock worth $42,755,000 after acquiring an additional 1,768,120 shares during the last quarter. Kodai Capital Management LP grew its position in shares of AvidXchange by 872.9% during the first quarter. Kodai Capital Management LP now owns 1,581,667 shares of the company’s stock worth $20,799,000 after acquiring an additional 1,419,099 shares during the last quarter. Finally, American Century Companies Inc. purchased a new position in shares of AvidXchange during the third quarter worth approximately $11,884,000. 80.58% of the stock is currently 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.