AvidXchange (NASDAQ:AVDX) Sees Strong Trading Volume – Time to Buy?

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) saw strong trading volume on Friday . 3,587,848 shares changed hands during mid-day trading, an increase of 37% from the previous session’s volume of 2,611,255 shares.The stock last traded at $9.77 and had previously closed at $9.78.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Robert W. Baird restated a “neutral” rating and issued a $10.00 target price on shares of AvidXchange in a report on Thursday, May 8th. BTIG Research cut shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 7th. Barclays cut shares of AvidXchange from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $13.00 to $8.00 in a report on Tuesday, March 4th. KeyCorp lowered AvidXchange from an “overweight” rating to a “sector weight” rating in a research note on Thursday, February 27th. Finally, Morgan Stanley raised their price target on AvidXchange from $8.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 8th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $10.30.

AvidXchange Trading Down 0.3%

The company has a market cap of $2.01 billion, a P/E ratio of 243.75 and a beta of 1.22. The stock’s 50 day moving average is $8.92 and its 200-day moving average is $9.38. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11.

Insider Buying and Selling at AvidXchange

In other news, CEO Michael Praeger sold 40,005 shares of the company’s stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $9.74, for a total transaction of $389,648.70. Following the completion of the sale, the chief executive officer now owns 11,037,830 shares of the company’s stock, valued at $107,508,464.20. This represents a 0.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Ryan Stahl sold 8,999 shares of the company’s stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $9.74, for a total transaction of $87,650.26. Following the sale, the insider now directly owns 667,226 shares of the company’s stock, valued at $6,498,781.24. The trade was a 1.33% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 95,890 shares of company stock worth $933,969. Company insiders own 11.10% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

Hedge funds and other institutional investors have recently made changes to their positions in the business. Blue Trust Inc. increased its position in shares of AvidXchange by 90.1% during the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after purchasing an additional 1,278 shares during the last quarter. SVB Wealth LLC purchased a new stake in shares of AvidXchange during the 1st quarter valued at about $26,000. Versant Capital Management Inc increased its holdings in AvidXchange by 801.2% in the 1st quarter. Versant Capital Management Inc now owns 3,866 shares of the company’s stock worth $33,000 after acquiring an additional 3,437 shares in the last quarter. GAMMA Investing LLC raised its stake in AvidXchange by 816.6% during the 1st quarter. GAMMA Investing LLC now owns 4,079 shares of the company’s stock worth $35,000 after acquiring an additional 3,634 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new stake in AvidXchange during the 1st quarter worth approximately $37,000. Hedge funds and other institutional investors own 80.58% of the company’s stock.

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.