Ryan Stahl Sells 7,621 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) insider Ryan Stahl sold 7,621 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $8.13, for a total transaction of $61,958.73. Following the transaction, the insider now directly owns 377,030 shares of the company’s stock, valued at approximately $3,065,253.90. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Ryan Stahl also recently made the following trade(s):

• On Friday, September 13th, Ryan Stahl sold 2,649 shares of AvidXchange stock. The shares were sold at an average price of $7.77, for a total value of $20,582.73.

AvidXchange Trading Down 0.1 %

Shares of NASDAQ:AVDX opened at $8.08 on Friday. AvidXchange Holdings, Inc. has a 52 week low of $6.88 and a 52 week high of $13.56. The company’s 50 day moving average is $8.77 and its two-hundred day moving average is $10.72. The company has a market cap of $1.67 billion, a PE ratio of -53.93 and a beta of 1.01. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.19.

AvidXchange (NASDAQ:AVDX) last posted its 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. The firm had revenue of $105.30 million for the quarter, compared to analyst estimates of $107.13 million. AvidXchange had a negative return on equity of 0.23% and a negative net margin of 3.18%. AvidXchange’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.05) earnings per share. Equities analysts predict that AvidXchange Holdings, Inc. will post 0.03 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on AVDX. Keefe, Bruyette & Woods dropped their price objective on AvidXchange from $13.50 to $11.00 and set a “market perform” rating for the company in a research note on Thursday, August 1st. The Goldman Sachs Group dropped their target price on AvidXchange from $11.50 to $9.00 and set a “sell” rating for the company in a research report on Thursday, August 1st. Wells Fargo & Company cut their price target on shares of AvidXchange from $13.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 1st. Compass Point began coverage on shares of AvidXchange in a research note on Wednesday, September 4th. They issued a “neutral” rating and a $8.00 price objective for the company. Finally, Robert W. Baird cut their target price on shares of AvidXchange from $16.00 to $14.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, AvidXchange currently has an average rating of “Hold” and an average price target of $11.00.

Institutional Investors Weigh In On AvidXchange

Several hedge funds and other institutional investors have recently made changes to their positions in AVDX. SG Americas Securities LLC increased its stake in AvidXchange by 2.9% in the second quarter. SG Americas Securities LLC now owns 29,813 shares of the company’s stock valued at $360,000 after purchasing an additional 835 shares during the last quarter. California State Teachers Retirement System grew its position in shares of AvidXchange by 1.0% in the 1st quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock valued at $2,121,000 after buying an additional 1,656 shares during the last quarter. Advisors Asset Management Inc. raised its stake in AvidXchange by 96.3% during the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock worth $57,000 after acquiring an additional 2,114 shares in the last quarter. ProShare Advisors LLC lifted its position in 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 acquiring an additional 2,396 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its stake in AvidXchange by 14.6% in the first quarter. Principal Financial Group Inc. now owns 20,058 shares of the company’s stock valued at $264,000 after acquiring an additional 2,556 shares in the last quarter. Institutional investors and hedge funds own 80.58% of the company’s stock.

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.