AvidXchange (NASDAQ:AVDX) Shares Down 6.8%

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

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Keefe, Bruyette & Woods initiated coverage on shares of AvidXchange in a report on Tuesday, April 9th. They issued a “market perform” rating and a $13.50 price objective on the stock. BMO Capital Markets upped their price objective on AvidXchange from $11.00 to $13.00 and gave the stock a “market perform” rating in a research note on Thursday, February 29th. JPMorgan Chase & Co. boosted their price target on AvidXchange from $14.00 to $15.00 and gave the company an “overweight” rating in a report on Thursday, February 29th. Piper Sandler decreased their price objective on AvidXchange from $14.00 to $12.00 and set a “neutral” rating on the stock in a research note on Friday, April 12th. Finally, Susquehanna lifted their price target on shares of AvidXchange from $15.00 to $16.00 and gave the company a “positive” rating in a report on Thursday, February 29th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, AvidXchange has a consensus rating of “Hold” and a consensus target price of $13.14.

AvidXchange Price Performance

The stock’s 50 day simple moving average is $12.31 and its 200 day simple moving average is $11.40. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.25 and a current ratio of 1.25. The firm has a market capitalization of $2.37 billion, a P/E ratio of -49.87 and a beta of 1.07.

Insider Transactions at AvidXchange

In related news, President Daniel Drees sold 17,604 shares of the company’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $13.02, for a total value of $229,204.08. Following the completion of the sale, the president now directly owns 750,744 shares of the company’s stock, valued at $9,774,686.88. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, President Daniel Drees sold 17,604 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $13.02, for a total value of $229,204.08. Following the sale, the president now directly owns 750,744 shares in the company, valued at approximately $9,774,686.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Todd Alan Cunningham sold 11,340 shares of AvidXchange stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $13.00, for a total transaction of $147,420.00. Following the completion of the transaction, the insider now directly owns 173,019 shares in the company, valued at $2,249,247. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,010,167 shares of company stock valued at $39,077,190. 10.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On AvidXchange

Hedge funds and other institutional investors have recently modified their holdings of the stock. Senvest Management LLC grew its holdings 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 valued at $116,587,000 after buying an additional 2,563,886 shares during the last quarter. Jennison Associates LLC acquired a new position in shares of AvidXchange in the first quarter valued at about $23,800,000. North Reef Capital Management LP boosted its position in AvidXchange by 64.5% in the third quarter. North Reef Capital Management LP now owns 4,510,000 shares of the company’s stock valued at $42,755,000 after buying an additional 1,768,120 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in AvidXchange in the 3rd quarter worth approximately $14,270,000. Finally, Massachusetts Financial Services Co. MA acquired a new stake in AvidXchange during the 3rd quarter valued at approximately $13,563,000. 80.58% of the stock is owned by hedge funds and other institutional investors.

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.