AvidXchange (NASDAQ:AVDX) Sees Unusually-High Trading Volume - Should You Buy?

AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report) shares saw unusually-high trading volume on Wednesday . Approximately 6,146,674 shares changed hands during mid-day trading, an increase of 142% from the previous session's volume of 2,537,371 shares.The stock last traded at $9.78 and had previously closed at $9.77.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on AVDX. Keefe, Bruyette & Woods lifted their price target on shares of AvidXchange from $8.00 to $9.00 and gave the stock a "market perform" rating in a research note on Monday, March 31st. Morgan Stanley upped their target price on shares of AvidXchange from $8.00 to $10.00 and gave the company an "equal weight" rating in a research note on Thursday, May 8th. Baird R W lowered shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 8th. Barclays downgraded AvidXchange from an "overweight" rating to an "equal weight" rating and decreased their price objective for the company from $13.00 to $8.00 in a report on Tuesday, March 4th. Finally, UBS Group upped their price objective on AvidXchange from $8.00 to $10.00 and gave the company a "neutral" rating in a research note on Thursday, May 8th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat.com, AvidXchange currently has an average rating of "Hold" and a consensus target price of $10.30.

AvidXchange Price Performance

The stock has a fifty day moving average of $8.72 and a 200-day moving average of $9.45. The firm has a market capitalization of $2.02 billion, a P/E ratio of 245.00 and a beta of 1.22. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11.

Insider Transactions at AvidXchange

In related news, CEO Michael Praeger sold 40,005 shares of the business's stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 11,037,830 shares in the company, valued at approximately $107,508,464.20. The trade was a 0.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ryan Stahl sold 8,999 shares of the firm's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $9.74, for a total value of $87,650.26. Following the sale, the insider now directly owns 667,226 shares in the company, 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. Over the last three months, insiders have sold 95,890 shares of company stock worth $933,969. Corporate insiders own 11.10% of the company's stock.

Institutional Trading of AvidXchange

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in AvidXchange by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 18,236,837 shares of the company's stock valued at $154,648,000 after buying an additional 126,786 shares during the last quarter. FMR LLC boosted its holdings in shares of AvidXchange by 8.4% during the 4th quarter. FMR LLC now owns 14,889,282 shares of the company's stock worth $153,955,000 after buying an additional 1,155,513 shares during the period. North Reef Capital Management LP lifted its holdings in AvidXchange by 2.5% during the 4th quarter. North Reef Capital Management LP now owns 7,994,000 shares of the company's stock worth $82,658,000 after purchasing an additional 194,000 shares during the last quarter. Azora Capital LP bought a new stake in shares of AvidXchange in the fourth quarter valued at about $45,067,000. Finally, Jacobs Levy Equity Management Inc. raised its position in shares of AvidXchange by 8.7% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 3,397,658 shares of the company's stock valued at $35,132,000 after buying an additional 273,194 shares in the last quarter. 80.58% of the stock is owned by institutional investors.

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.