Teresa Mackintosh Sells 13,316 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) Director Teresa Mackintosh sold 13,316 shares of AvidXchange stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $11.44, for a total transaction of $152,335.04. Following the transaction, the director now owns 47,388 shares in the company, valued at approximately $542,118.72. The trade was a 21.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.

AvidXchange Stock Down 0.6 %

Shares of NASDAQ:AVDX traded down $0.07 on Tuesday, reaching $11.11. The company had a trading volume of 1,291,014 shares, compared to its average volume of 2,049,436. The stock has a market capitalization of $2.29 billion, a P/E ratio of 578.00 and a beta of 1.19. The stock has a 50-day moving average price of $9.50 and a 200 day moving average price of $9.73. AvidXchange Holdings, Inc. has a twelve month low of $7.38 and a twelve month high of $13.56. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11.

Institutional Investors Weigh In On AvidXchange

Several institutional investors and hedge funds have recently added to or reduced their stakes in AVDX. FMR LLC grew its holdings in AvidXchange by 272.5% during the third quarter. FMR LLC now owns 13,733,769 shares of the company’s stock valued at $111,381,000 after purchasing an additional 10,046,893 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in AvidXchange in the 3rd quarter valued at $25,339,000. American Century Companies Inc. grew its stake in AvidXchange by 54.2% in the 2nd quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock valued at $54,460,000 after buying an additional 1,586,510 shares during the last quarter. Point72 Asset Management L.P. bought a new position in AvidXchange in the 3rd quarter worth $7,920,000. Finally, Providence Capital Advisors LLC lifted its position in AvidXchange by 709.6% during the 3rd quarter. Providence Capital Advisors LLC now owns 649,565 shares of the company’s stock worth $5,268,000 after acquiring an additional 569,328 shares during the last quarter. 80.58% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on AVDX. Piper Sandler lifted their price target on AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. The Goldman Sachs Group increased their price target on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “sell” rating in a research report on Monday, December 2nd. Compass Point upgraded shares of AvidXchange from a “neutral” rating to a “buy” rating and upped their price objective for the company from $8.00 to $15.00 in a research note on Thursday, November 7th. Barclays lifted their target price on shares of AvidXchange from $11.00 to $13.00 and gave the company an “overweight” rating in a research note on Monday, November 18th. Finally, Bank of America cut 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. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, AvidXchange has an average rating of “Hold” and an average target price of $11.50.

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.