AvidXchange (NASDAQ:AVDX) Sees Strong Trading Volume on Analyst Upgrade

AvidXchange Holdings, Inc. (NASDAQ:AVDX) saw unusually-strong trading volume on Thursday after UBS Group raised their price target on the stock from $8.00 to $10.00. UBS Group currently has a neutral rating on the stock. Approximately 4,549,194 shares changed hands during trading, an increase of 96% from the previous session’s volume of 2,320,869 shares.The stock last traded at $9.73 and had previously closed at $9.74.

Other research analysts have also issued reports about the company. Piper Sandler increased their price objective on AvidXchange from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Thursday. Barclays downgraded shares of AvidXchange from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $13.00 to $8.00 in a research report on Tuesday, March 4th. The Goldman Sachs Group cut their price target on AvidXchange from $9.50 to $7.00 and set a “sell” rating on the stock in a research report on Thursday, February 27th. JPMorgan Chase & Co. decreased their price objective on AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company in a report on Thursday, February 27th. Finally, Robert W. Baird reiterated a “neutral” rating and set a $10.00 price target on shares of AvidXchange in a research report on Thursday. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $10.30.

Insiders Place Their Bets

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

Institutional Trading of AvidXchange

A number of large investors have recently made changes to their positions in AVDX. Blue Trust Inc. raised its position in shares of AvidXchange by 90.1% during the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock worth $28,000 after purchasing an additional 1,278 shares during the period. Versant Capital Management Inc increased its stake in AvidXchange by 801.2% during the 1st quarter. Versant Capital Management Inc now owns 3,866 shares of the company’s stock worth $33,000 after purchasing an additional 3,437 shares in the last quarter. R Squared Ltd acquired a new stake in AvidXchange during the 4th quarter worth approximately $41,000. GAMMA Investing LLC lifted its stake in AvidXchange by 816.6% in the first quarter. GAMMA Investing LLC now owns 4,079 shares of the company’s stock valued at $35,000 after buying an additional 3,634 shares in the last quarter. Finally, Quarry LP boosted its holdings in shares of AvidXchange by 126.6% in the fourth quarter. Quarry LP now owns 5,518 shares of the company’s stock valued at $57,000 after buying an additional 3,083 shares during the period. Institutional investors own 80.58% of the company’s stock.

AvidXchange Trading Up 0.1 %

The firm has a market capitalization of $2.01 billion, a price-to-earnings ratio of 243.25 and a beta of 1.14. The business’s fifty day moving average is $8.02 and its 200 day moving average is $9.39. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11.

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

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.