AvidXchange (NASDAQ:AVDX) Reaches New 1-Year Low – Time to Sell?

AvidXchange Holdings, Inc. (NASDAQ:AVDX) shares hit a new 52-week low on Monday . The stock traded as low as $6.83 and last traded at $6.91, with a volume of 429594 shares trading hands. The stock had previously closed at $7.17.

Analyst Ratings Changes

A number of analysts have issued reports on AVDX shares. JPMorgan Chase & Co. reduced their target price on shares of AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. Barclays lowered AvidXchange from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $13.00 to $8.00 in a report on Tuesday, March 4th. KeyCorp downgraded AvidXchange from an “overweight” rating to a “sector weight” rating in a research note on Thursday, February 27th. Wells Fargo & Company reduced their target price on AvidXchange from $10.00 to $8.00 and set an “equal weight” rating for the company in a report on Thursday, February 27th. Finally, Morgan Stanley dropped their price target on shares of AvidXchange from $11.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $10.00.

AvidXchange Trading Down 2.0 %

The stock has a market cap of $1.44 billion, a P/E ratio of 175.75 and a beta of 1.28. The business’s 50 day simple moving average is $9.71 and its 200 day simple moving average is $9.39. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32.

AvidXchange (NASDAQ:AVDX) last issued its earnings results on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.03). The firm had revenue of $115.44 million during the quarter, compared to analyst estimates of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. On average, analysts expect that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Joel Wilhite sold 32,203 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $244,420.77. Following the completion of the sale, the insider now directly owns 843 shares of the company’s stock, valued at $6,398.37. The trade was a 97.45 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Michael Praeger sold 58,881 shares of the stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $446,906.79. Following the completion of the transaction, the chief executive officer now directly owns 11,164,737 shares in the company, valued at $84,740,353.83. The trade was a 0.52 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 125,866 shares of company stock worth $955,323. 10.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AVDX. Vanguard Group Inc. grew its position in shares of AvidXchange by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 18,110,051 shares of the company’s stock valued at $187,258,000 after purchasing an additional 116,410 shares during the period. FMR LLC lifted its position in AvidXchange by 8.4% in the 4th quarter. FMR LLC now owns 14,889,282 shares of the company’s stock valued at $153,955,000 after acquiring an additional 1,155,513 shares in the last quarter. North Reef Capital Management LP increased its holdings in AvidXchange by 2.5% during the 4th quarter. North Reef Capital Management LP now owns 7,994,000 shares of the company’s stock worth $82,658,000 after purchasing an additional 194,000 shares in the last quarter. Azora Capital LP acquired a new stake in shares of AvidXchange in the 4th quarter valued at about $45,067,000. Finally, Geode Capital Management LLC lifted its holdings in shares of AvidXchange by 5.0% in the third quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company’s stock valued at $34,607,000 after purchasing an additional 201,847 shares in the last quarter. 80.58% of the stock is owned by institutional investors and hedge funds.

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.