AvidXchange (NASDAQ:AVDX) Stock Price Down 6.8%

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

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Susquehanna lifted their price objective on shares of AvidXchange from $15.00 to $16.00 and gave the stock a “positive” rating in a report on Thursday, February 29th. JPMorgan Chase & Co. increased their price target on shares of AvidXchange from $14.00 to $15.00 and gave the company an “overweight” rating in a research report on Thursday, February 29th. BMO Capital Markets lifted their price target on shares of AvidXchange from $11.00 to $13.00 and gave the company a “market perform” rating in a research report on Thursday, February 29th. The Goldman Sachs Group reiterated a “sell” rating and issued a $11.50 target price (down previously from $13.00) on shares of AvidXchange in a research note on Monday, April 15th. Finally, Piper Sandler decreased their target price on AvidXchange from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Friday, April 12th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $13.14.

AvidXchange Price Performance

The stock has a market capitalization of $2.36 billion, a PE ratio of -49.22 and a beta of 1.07. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.20. The firm has a 50 day moving average price of $12.36 and a 200 day moving average price of $11.40.

Insiders Place Their Bets

In related news, insider Angelic Gibson sold 40,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $13.00, for a total transaction of $520,000.00. Following the completion of the transaction, the insider now directly owns 430,606 shares in the company, valued at approximately $5,597,878. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other AvidXchange news, insider Joel Wilhite sold 27,384 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $13.15, for a total transaction of $360,099.60. Following the sale, the insider now directly owns 327,100 shares in the company, valued at $4,301,365. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Angelic Gibson sold 40,000 shares of AvidXchange stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $13.00, for a total value of $520,000.00. Following the completion of the sale, the insider now owns 430,606 shares of the company’s stock, valued at $5,597,878. The disclosure for this sale can be found here. Insiders sold a total of 3,010,167 shares of company stock worth $39,077,190 over the last quarter. 10.30% of the stock is currently owned by corporate insiders.

Institutional Trading of AvidXchange

A number of hedge funds have recently bought and sold shares of the stock. ProShare Advisors LLC lifted its stake in shares of AvidXchange by 9.7% during the 1st quarter. ProShare Advisors LLC now owns 27,135 shares of the company’s stock worth $357,000 after purchasing an additional 2,396 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in shares of AvidXchange during the first quarter valued at about $1,848,000. Swiss National Bank boosted its holdings in shares of AvidXchange by 7.4% in the 1st quarter. Swiss National Bank now owns 320,900 shares of the company’s stock valued at $4,220,000 after buying an additional 22,100 shares in the last quarter. TimesSquare Capital Management LLC raised its stake in shares of AvidXchange by 6.8% during the 1st quarter. TimesSquare Capital Management LLC now owns 1,970,837 shares of the company’s stock worth $25,917,000 after acquiring an additional 124,988 shares in the last quarter. Finally, Lisanti Capital Growth LLC lifted its position in 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 acquiring an additional 61,795 shares during the last quarter. Hedge funds and other institutional investors own 80.58% of the company’s stock.

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.