AvidXchange Holdings, Inc. (NASDAQ:AVDX) Director James E. Hausman Sells 25,000 Shares

AvidXchange Holdings, Inc. (NASDAQ:AVDX) Director James E. Hausman sold 25,000 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $11.25, for a total value of $281,250.00. Following the sale, the director now owns 2,112,232 shares in the company, valued at approximately $23,762,610. This represents a 1.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

AvidXchange Price Performance

Shares of NASDAQ AVDX traded up $0.16 during midday trading on Wednesday, reaching $11.27. 1,214,137 shares of the stock traded hands, compared to its average volume of 2,045,941. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The company’s 50 day moving average is $9.63 and its 200 day moving average is $9.75. The stock has a market capitalization of $2.32 billion, a PE ratio of 578.00 and a beta of 1.19. AvidXchange Holdings, Inc. has a one year low of $7.38 and a one year high of $13.56.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on AVDX. UBS Group increased their price objective on AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Keefe, Bruyette & Woods upped their target price on AvidXchange from $10.00 to $12.00 and gave the company a “market perform” rating in a report on Monday. Bank of America decreased their price objective on AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a report on Tuesday, October 15th. BMO Capital Markets increased their price objective on AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a report on Friday, November 8th. Finally, KeyCorp increased their price objective on AvidXchange from $12.00 to $13.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $11.68.

Institutional Investors Weigh In On AvidXchange

Several hedge funds and other institutional investors have recently modified their holdings of AVDX. FMR LLC grew its position in AvidXchange by 272.5% in the 3rd quarter. FMR LLC now owns 13,733,769 shares of the company’s stock valued at $111,381,000 after acquiring an additional 10,046,893 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of AvidXchange by 54.2% in the second quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock worth $54,460,000 after purchasing an additional 1,586,510 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in AvidXchange by 5.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,317,134 shares of the company’s stock worth $52,062,000 after buying an additional 230,777 shares during the period. Geode Capital Management LLC lifted its holdings in AvidXchange by 5.0% during the 3rd quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company’s stock valued at $34,607,000 after buying an additional 201,847 shares in the last quarter. Finally, State Street Corp boosted its position in AvidXchange by 1.5% in the 3rd quarter. State Street Corp now owns 3,763,694 shares of the company’s stock valued at $30,524,000 after buying an additional 54,403 shares during the period. 80.58% of the stock is currently owned by hedge funds and other 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.