AvidXchange (NASDAQ:AVDX) Sees Large Volume Increase – Here’s Why

AvidXchange Holdings, Inc. (NASDAQ:AVDX) saw strong trading volume on Wednesday . 2,082,750 shares were traded during trading, an increase of 23% from the previous session’s volume of 1,695,284 shares.The stock last traded at $9.90 and had previously closed at $10.12.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. 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. Wells Fargo & Company increased their price target on shares of AvidXchange from $9.00 to $10.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. BTIG Research started coverage on AvidXchange in a report on Wednesday, December 11th. They issued a “buy” rating and a $14.00 price objective on the stock. The Goldman Sachs Group lifted their price objective on AvidXchange from $9.00 to $10.00 and gave the stock a “sell” rating in a research report on Monday, December 2nd. Finally, Barclays raised their target price on AvidXchange from $11.00 to $13.00 and gave the company an “overweight” rating in a research note on Monday, November 18th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, AvidXchange currently has an average rating of “Hold” and an average price target of $11.61.

AvidXchange Price Performance

The firm has a 50 day moving average price of $10.64 and a 200 day moving average price of $9.71. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $1.98 billion, a PE ratio of 490.00 and a beta of 1.22.

Insider Transactions at AvidXchange

In other AvidXchange news, Director Teresa Mackintosh sold 13,316 shares of the company’s 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 sale, the director now directly owns 47,388 shares in the company, valued at $542,118.72. This represents a 21.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Ryan Stahl sold 7,427 shares of the firm’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total value of $63,723.66. Following the completion of the sale, the insider now owns 369,603 shares of the company’s stock, valued at approximately $3,171,193.74. This represents a 1.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 88,120 shares of company stock valued at $980,407. 10.40% of the stock is currently owned by corporate insiders.

Institutional Trading of AvidXchange

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Point72 DIFC Ltd bought a new stake in AvidXchange during the 3rd quarter valued at about $37,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of AvidXchange in the third quarter valued at approximately $38,000. CWM LLC grew its stake in AvidXchange by 7,259.8% in the third quarter. CWM LLC now owns 6,771 shares of the company’s stock worth $55,000 after purchasing an additional 6,679 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new position in AvidXchange during the 3rd quarter worth $86,000. Finally, Xponance Inc. bought a new stake in AvidXchange during the 2nd quarter valued at $133,000. Hedge funds and other institutional investors own 80.58% of the company’s stock.

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.