AvidXchange (NASDAQ:AVDX) Stock Price Down 6.8%

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report) fell 6.8% during trading on Wednesday . The company traded as low as $10.97 and last traded at $11.18. 1,358,931 shares were traded during trading, a decline of 24% from the average session volume of 1,778,338 shares. The stock had previously closed at $11.99.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on AVDX shares. Susquehanna boosted their target price on shares of AvidXchange from $15.00 to $16.00 and gave the stock a "positive" rating in a research report on Thursday, February 29th. JPMorgan Chase & Co. upped their price target on AvidXchange from $14.00 to $15.00 and gave the company an "overweight" rating in a report on Thursday, February 29th. The Goldman Sachs Group restated a "sell" rating and set a $11.50 price objective (down from $13.00) on shares of AvidXchange in a research report on Monday, April 15th. Keefe, Bruyette & Woods assumed coverage on shares of AvidXchange in a research note on Tuesday, April 9th. They set a "market perform" rating and a $13.50 price target on the stock. Finally, Piper Sandler reduced their price objective 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. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, AvidXchange currently has a consensus rating of "Hold" and an average target price of $13.14.

AvidXchange Trading Down 3.3 %

The company's fifty day moving average price is $12.34 and its two-hundred day moving average price is $11.40. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.20. The company has a market cap of $2.39 billion, a price-to-earnings ratio of -50.43 and a beta of 1.07.

Insider Buying and Selling

In other AvidXchange news, insider Todd Alan Cunningham sold 11,340 shares of the business's stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $13.00, for a total value of $147,420.00. Following the transaction, the insider now owns 173,019 shares of the company's stock, valued at $2,249,247. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, insider Joel Wilhite sold 27,384 shares of the stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $13.15, for a total transaction of $360,099.60. Following the sale, the insider now directly owns 327,100 shares of the company's stock, valued at $4,301,365. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Todd Alan Cunningham sold 11,340 shares of the business's stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $13.00, for a total transaction of $147,420.00. Following the completion of the transaction, the insider now owns 173,019 shares of the company's stock, valued at approximately $2,249,247. The disclosure for this sale can be found here. Insiders have sold a total of 3,010,167 shares of company stock worth $39,077,190 in the last three months. Insiders own 10.30% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Senvest Management LLC lifted its stake in shares of AvidXchange by 26.3% during the third quarter. Senvest Management LLC now owns 12,298,226 shares of the company's stock valued at $116,587,000 after acquiring an additional 2,563,886 shares during the period. Jennison Associates LLC acquired a new position in AvidXchange during the 1st quarter valued at about $23,800,000. North Reef Capital Management LP boosted its stake in shares of AvidXchange by 64.5% in 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. Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in shares of AvidXchange during the 3rd quarter worth approximately $14,270,000. Finally, Massachusetts Financial Services Co. MA bought a new stake in shares of AvidXchange during the third quarter worth approximately $13,563,000. 80.58% of the stock is currently owned by institutional investors.

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.