AvidXchange (NASDAQ:AVDX) Shares Gap Down on Analyst Downgrade

AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report) gapped down before the market opened on Monday after Piper Sandler lowered their price target on the stock from $14.00 to $12.00. The stock had previously closed at $11.64, but opened at $11.14. Piper Sandler currently has a neutral rating on the stock. AvidXchange shares last traded at $11.36, with a volume of 424,606 shares traded.

Several other equities research analysts also recently issued reports on the stock. Keefe, Bruyette & Woods started coverage on shares of AvidXchange in a research note on Tuesday, April 9th. They issued a "market perform" rating and a $13.50 target price for the company. Susquehanna lifted their target price on AvidXchange from $15.00 to $16.00 and gave the stock a "positive" rating in a research note on Thursday, February 29th. The Goldman Sachs Group increased their price target on AvidXchange from $11.00 to $13.00 and gave the company a "neutral" rating in a research note on Thursday, February 29th. BMO Capital Markets raised their price target on AvidXchange from $11.00 to $13.00 and gave the company a "market perform" rating in a report on Thursday, February 29th. Finally, TheStreet upgraded shares of AvidXchange from a "d+" rating to a "c-" rating in a report on Friday, December 15th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, AvidXchange currently has an average rating of "Hold" and an average price target of $13.07.

Insider Buying and Selling

In other AvidXchange news, President Daniel Drees sold 17,604 shares of the stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $13.02, for a total transaction of $229,204.08. Following the transaction, the president now owns 750,744 shares in the company, valued at approximately $9,774,686.88. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, insider Joel Wilhite sold 27,384 shares of the firm's stock in a transaction on Friday, March 1st. The stock was sold at an average price of $13.15, for a total value of $360,099.60. Following the transaction, the insider now owns 327,100 shares in the company, valued at $4,301,365. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Daniel Drees sold 17,604 shares of the business's stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $13.02, for a total value of $229,204.08. Following the completion of the transaction, the president now directly owns 750,744 shares of the company's stock, valued at approximately $9,774,686.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,010,167 shares of company stock valued at $39,077,190. 10.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On AvidXchange

Several hedge funds have recently bought and sold shares of the company. Millennium Management LLC increased its stake in shares of AvidXchange by 63.4% in the 4th quarter. Millennium Management LLC now owns 7,858,752 shares of the company's stock valued at $78,116,000 after purchasing an additional 3,048,717 shares during the last quarter. Senvest Management LLC raised its stake in AvidXchange by 26.3% during the third quarter. Senvest Management LLC now owns 12,298,226 shares of the company's stock worth $116,587,000 after acquiring an additional 2,563,886 shares in the last quarter. Vanguard Group Inc. raised its stake in AvidXchange by 19.5% during the third quarter. Vanguard Group Inc. now owns 13,231,439 shares of the company's stock worth $111,409,000 after acquiring an additional 2,160,242 shares in the last quarter. State Street Corp boosted its stake in shares of AvidXchange by 417.4% in the 2nd quarter. State Street Corp now owns 2,319,230 shares of the company's stock valued at $14,240,000 after purchasing an additional 1,870,942 shares in the last quarter. Finally, North Reef Capital Management LP grew its holdings in shares of AvidXchange by 64.5% during the 3rd quarter. North Reef Capital Management LP now owns 4,510,000 shares of the company's stock valued at $42,755,000 after purchasing an additional 1,768,120 shares during the last quarter. 80.58% of the stock is owned by institutional investors.

AvidXchange Stock Performance

The firm has a market capitalization of $2.28 billion, a price-to-earnings ratio of -48.43 and a beta of 1.04. 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 stock's 50-day moving average is $12.45 and its 200-day moving average is $11.10.

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.