AvidXchange (NASDAQ:AVDX) Sees Strong Trading Volume - What's Next?

AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report) shares saw strong trading volume on Wednesday . 6,146,674 shares changed hands during 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.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on AVDX. BMO Capital Markets lowered their price target on shares of AvidXchange from $11.00 to $7.50 and set a "market perform" rating on the stock in a research note on Thursday, February 27th. UBS Group increased their target price on shares of AvidXchange from $8.00 to $10.00 and gave the company a "neutral" rating in a report on Thursday, May 8th. Wells Fargo & Company boosted 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. JPMorgan Chase & Co. lowered their price target on AvidXchange from $10.00 to $9.00 and set a "neutral" rating on the stock in a report on Thursday, February 27th. Finally, Morgan Stanley raised their price objective on AvidXchange from $8.00 to $10.00 and gave the company an "equal weight" rating in a research note on Thursday, May 8th. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and one has given a buy rating to the company's stock. According to MarketBeat, AvidXchange presently has an average rating of "Hold" and an average price target of $10.30.

AvidXchange Price Performance

The company has a 50-day moving average price of $8.67 and a 200-day moving average price of $9.46. The firm has a market capitalization of $2.02 billion, a PE ratio of 244.50 and a beta of 1.22. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32.

Insider Transactions at AvidXchange

In other news, President Daniel Drees sold 25,972 shares of the company's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $9.74, for a total transaction of $252,967.28. Following the completion of the sale, the president now directly owns 1,167,186 shares in the company, valued at $11,368,391.64. This represents a 2.18% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Michael Praeger sold 40,005 shares of the firm'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 $107,508,464.20. The trade was a 0.36% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 95,890 shares of company stock worth $933,969 over the last ninety days. 11.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On AvidXchange

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