Insider Selling: AvidXchange Holdings, Inc. (NASDAQ:AVDX) Insider Sells 12,363 Shares of Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report) insider Joel Wilhite sold 12,363 shares of the stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $11.24, for a total transaction of $138,960.12. Following the transaction, the insider now owns 466,491 shares of the company's stock, valued at approximately $5,243,358.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Joel Wilhite also recently made the following trade(s):

• On Friday, March 15th, Joel Wilhite sold 136,158 shares of AvidXchange stock. The shares were sold at an average price of $12.28, for a total transaction of $1,672,020.24.
• On Friday, March 1st, Joel Wilhite sold 27,384 shares of AvidXchange stock. The shares were sold at an average price of $13.15, for a total transaction of $360,099.60.

AvidXchange Stock Up 0.1 %

NASDAQ AVDX traded up $0.01 during trading on Friday, reaching $11.29. 1,640,313 shares of the company's stock traded hands, compared to its average volume of 1,856,102. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.34 and a quick ratio of 1.34. The firm has a market cap of $2.33 billion, a price-to-earnings ratio of -75.19 and a beta of 1.07. The company's 50 day simple moving average is $12.16 and its two-hundred day simple moving average is $11.49. AvidXchange Holdings, Inc. has a 12-month low of $6.88 and a 12-month high of $13.56.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in AVDX. Zurcher Kantonalbank Zurich Cantonalbank increased its position in AvidXchange by 36.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,578 shares of the company's stock valued at $299,000 after purchasing an additional 8,438 shares during the period. Sumitomo Mitsui Trust Holdings Inc. purchased a new position in AvidXchange during the 3rd quarter valued at about $14,270,000. Versor Investments LP purchased a new position in AvidXchange during the 3rd quarter valued at about $386,000. Arizona State Retirement System increased its position in AvidXchange by 9.6% during the 3rd quarter. Arizona State Retirement System now owns 42,976 shares of the company's stock valued at $407,000 after purchasing an additional 3,758 shares during the period. Finally, Jump Financial LLC increased its position in AvidXchange by 140.2% during the 3rd quarter. Jump Financial LLC now owns 52,651 shares of the company's stock valued at $499,000 after purchasing an additional 30,728 shares during the period. Hedge funds and other institutional investors own 80.58% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on AVDX shares. JPMorgan Chase & Co. raised their target price on shares of AvidXchange from $14.00 to $15.00 and gave the stock an "overweight" rating in a report on Thursday, February 29th. Keefe, Bruyette & Woods started coverage on shares of AvidXchange in a report on Tuesday, April 9th. They issued a "market perform" rating and a $13.50 target price for the company. Susquehanna raised their target price on shares of AvidXchange from $15.00 to $16.00 and gave the stock a "positive" rating in a report on Thursday, February 29th. Piper Sandler lowered their target price on shares of AvidXchange from $14.00 to $12.00 and set a "neutral" rating for the company in a report on Friday, April 12th. Finally, BMO Capital Markets raised their target price on shares of AvidXchange from $11.00 to $13.00 and gave the stock a "market perform" rating in a report on Thursday, February 29th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $13.14.

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.

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