Investors Purchase Large Volume of Call Options on AvidXchange (NASDAQ:AVDX)

AvidXchange Holdings, Inc. (NASDAQ:AVDX) was the target of unusually large options trading activity on Friday. Traders purchased 5,680 call options on the stock. This is an increase of 6,505% compared to the average daily volume of 86 call options.

Insider Buying and Selling

In related news, CEO Michael Praeger sold 58,881 shares of the business’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $446,906.79. Following the completion of the transaction, the chief executive officer now owns 11,164,737 shares of the company’s stock, valued at approximately $84,740,353.83. The trade was a 0.52 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Daniel Drees sold 34,782 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $263,995.38. Following the completion of the sale, the president now directly owns 1,176,833 shares in the company, valued at $8,932,162.47. This trade represents a 2.87 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 125,866 shares of company stock valued at $955,323. Company insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of AVDX. US Bancorp DE increased its position in AvidXchange by 11.6% during the fourth quarter. US Bancorp DE now owns 58,350 shares of the company’s stock worth $603,000 after buying an additional 6,079 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in AvidXchange during the 3rd quarter valued at $25,339,000. Entropy Technologies LP bought a new position in AvidXchange during the third quarter worth $447,000. State of New Jersey Common Pension Fund D raised its position in shares of AvidXchange by 39.3% in the third quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company’s stock valued at $2,011,000 after purchasing an additional 69,971 shares during the period. Finally, Barclays PLC lifted its stake in shares of AvidXchange by 239.8% during the 3rd quarter. Barclays PLC now owns 285,768 shares of the company’s stock worth $2,318,000 after buying an additional 201,679 shares during the last quarter. 80.58% of the stock is currently owned by institutional investors and hedge funds.

AvidXchange Stock Up 1.8 %

AVDX traded up $0.15 on Friday, hitting $7.99. 1,182,379 shares of the company were exchanged, compared to its average volume of 1,853,810. The stock’s fifty day moving average is $9.46 and its 200-day moving average is $9.35. AvidXchange has a 12 month low of $6.61 and a 12 month high of $13.49. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. The company has a market cap of $1.63 billion, a PE ratio of 199.63 and a beta of 1.28.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.03). The company had revenue of $115.44 million during the quarter, compared to analyst estimates of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. Equities research analysts predict that AvidXchange will post 0.02 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have weighed in on AVDX. Wolfe Research cut AvidXchange from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 27th. JPMorgan Chase & Co. reduced their price target on AvidXchange from $10.00 to $9.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. BMO Capital Markets cut their target price on AvidXchange from $11.00 to $7.50 and set a “market perform” rating on the stock in a research note on Thursday, February 27th. KeyCorp lowered shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a research note on Thursday, February 27th. Finally, The Goldman Sachs Group lowered their target price on shares of AvidXchange from $9.50 to $7.00 and set a “sell” rating for the company in a research note on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, AvidXchange has a consensus rating of “Hold” and an average target price of $10.00.

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.