AvidXchange Holdings, Inc. (NASDAQ:AVDX) Director James E. Hausman Sells 25,000 Shares

AvidXchange Holdings, Inc. (NASDAQ:AVDX) Director James E. Hausman sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $11.25, for a total value of $281,250.00. Following the completion of the sale, the director now directly owns 2,112,232 shares in the company, valued at approximately $23,762,610. This represents a 1.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

AvidXchange Stock Up 1.4 %

Shares of AvidXchange stock opened at $11.27 on Thursday. AvidXchange Holdings, Inc. has a 52-week low of $7.38 and a 52-week high of $13.56. The firm’s 50 day moving average price is $9.63 and its 200-day moving average price is $9.75. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The company has a market cap of $2.32 billion, a P/E ratio of 578.00 and a beta of 1.19.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Keefe, Bruyette & Woods upped their price target on shares of AvidXchange from $10.00 to $12.00 and gave the stock a “market perform” rating in a research note on Monday. BTIG Research initiated coverage on AvidXchange in a report on Wednesday. They issued a “buy” rating and a $14.00 price objective for the company. Compass Point raised shares of AvidXchange from a “neutral” rating to a “buy” rating and upped their target price for the company from $8.00 to $15.00 in a report on Thursday, November 7th. KeyCorp raised their price objective on AvidXchange from $12.00 to $13.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Finally, Wells Fargo & Company lifted their target price on shares of AvidXchange from $9.00 to $10.00 and gave the company an “equal weight” rating in a research note on Thursday, November 7th. Two analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $11.68.

Hedge Funds Weigh In On AvidXchange

Large investors have recently made changes to their positions in the business. Point72 DIFC Ltd purchased a new position in shares of AvidXchange in the 3rd quarter valued at approximately $37,000. Allspring Global Investments Holdings LLC acquired a new position in AvidXchange during the third quarter valued at $38,000. CWM LLC grew its holdings in AvidXchange by 7,259.8% during the third quarter. CWM LLC now owns 6,771 shares of the company’s stock worth $55,000 after acquiring an additional 6,679 shares during the period. nVerses Capital LLC purchased a new position in shares of AvidXchange during the 2nd quarter valued at approximately $66,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in AvidXchange in the third quarter valued at $86,000. 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.