AvidXchange (NASDAQ:AVDX) Stock Price Up 14.5% – Here’s What Happened

AvidXchange Holdings, Inc. (NASDAQ:AVDX) rose 14.5% on Wednesday . The stock traded as high as $9.78 and last traded at $9.73. Approximately 1,173,012 shares traded hands during mid-day trading, a decline of 43% from the average daily volume of 2,054,048 shares. The stock had previously closed at $8.50.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on AVDX shares. The Goldman Sachs Group decreased their target price on AvidXchange from $9.00 to $7.00 and set a “sell” rating for the company in a report on Monday, October 14th. Bank of America cut their price target on AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a research note on Tuesday, October 15th. Barclays lowered their price target on AvidXchange from $14.00 to $10.00 and set an “overweight” rating for the company in a research report on Monday, August 5th. Compass Point started coverage on shares of AvidXchange in a research report on Wednesday, September 4th. They set a “neutral” rating and a $8.00 price target for the company. Finally, Susquehanna dropped their target price on shares of AvidXchange from $16.00 to $14.00 and set a “positive” rating on the stock in a report on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $10.57.

AvidXchange Price Performance

The firm’s fifty day simple moving average is $8.10 and its two-hundred day simple moving average is $9.84. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.19. The firm has a market cap of $2.01 billion, a PE ratio of -161.33 and a beta of 1.00.

Insider Activity at AvidXchange

In other AvidXchange news, insider Ryan Stahl sold 7,427 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total value of $63,723.66. Following the completion of the sale, the insider now owns 369,603 shares in the company, valued at approximately $3,171,193.74. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other AvidXchange news, insider Ryan Stahl sold 7,427 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total value of $63,723.66. Following the completion of the transaction, the insider now directly owns 369,603 shares in the company, valued at $3,171,193.74. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Joel Wilhite sold 47,308 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $8.10, for a total transaction of $383,194.80. Following the sale, the insider now directly owns 413,687 shares of the company’s stock, valued at approximately $3,350,864.70. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 166,386 shares of company stock worth $1,343,044. 10.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AvidXchange

A number of hedge funds have recently made changes to their positions in the company. Jennison Associates LLC purchased a new position in shares of AvidXchange in the 1st quarter worth $23,800,000. GSA Capital Partners LLP increased its holdings in AvidXchange by 31.0% during the 1st quarter. GSA Capital Partners LLP now owns 78,672 shares of the company’s stock worth $1,035,000 after purchasing an additional 18,612 shares during the period. SG Americas Securities LLC lifted its holdings in shares of AvidXchange by 84.9% in the 1st quarter. SG Americas Securities LLC now owns 28,978 shares of the company’s stock worth $381,000 after buying an additional 13,302 shares during the period. Lisanti Capital Growth LLC increased its stake in shares of AvidXchange by 58.3% during the first quarter. Lisanti Capital Growth LLC now owns 167,715 shares of the company’s stock valued at $2,205,000 after buying an additional 61,795 shares during the period. Finally, TimesSquare Capital Management LLC lifted its holdings in AvidXchange by 6.8% during the first quarter. TimesSquare Capital Management LLC now owns 1,970,837 shares of the company’s stock worth $25,917,000 after buying an additional 124,988 shares during the period. 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.