AvidXchange (NASDAQ:AVDX) Reaches New 52-Week Low – Should You Sell?

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

Analyst Ratings Changes

Several brokerages recently weighed in on AVDX. Wells Fargo & Company cut their price objective on shares of AvidXchange from $10.00 to $8.00 and set an “equal weight” rating on the stock in a report on Thursday, February 27th. The Goldman Sachs Group lowered their price target on AvidXchange from $9.50 to $7.00 and set a “sell” rating for the company in a research note on Thursday, February 27th. JPMorgan Chase & Co. lowered 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. Keefe, Bruyette & Woods decreased their price objective on AvidXchange from $11.00 to $8.00 and set a “market perform” rating for the company in a research report on Thursday, February 27th. Finally, BTIG Research initiated coverage on shares of AvidXchange in a report on Wednesday, December 11th. They issued a “buy” rating and a $14.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $10.00.

AvidXchange Price Performance

The stock has a market cap of $1.43 billion, a P/E ratio of 175.45 and a beta of 1.28. 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 business’s fifty day moving average price is $9.58 and its 200 day moving average price is $9.38.

AvidXchange (NASDAQ:AVDX) last announced its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.03). The company had revenue of $115.44 million for the quarter, compared to analyst estimates of $114.98 million. AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. Sell-side analysts forecast that AvidXchange Holdings, Inc. will post 0.02 EPS for the current fiscal year.

Insider Activity

In other AvidXchange news, CEO Michael Praeger sold 58,881 shares of the stock in a transaction on Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $446,906.79. Following the completion of the transaction, the chief executive officer now directly owns 11,164,737 shares of the company’s stock, valued at approximately $84,740,353.83. This represents a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joel Wilhite sold 32,203 shares of the business’s stock in a transaction on Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $244,420.77. Following the completion of the sale, the insider now owns 843 shares in the company, valued at approximately $6,398.37. The trade was a 97.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 125,866 shares of company stock worth $955,323 in the last three months. Company insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

Several large investors have recently added to or reduced their stakes in the company. Blue Trust Inc. grew its position in shares of AvidXchange by 90.1% in the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after purchasing an additional 1,278 shares in the last quarter. R Squared Ltd purchased a new position in AvidXchange during the fourth quarter valued at approximately $41,000. Point72 DIFC Ltd bought a new stake in AvidXchange during the third quarter worth about $37,000. Quarry LP boosted its holdings in shares of AvidXchange by 126.6% in the 4th quarter. Quarry LP now owns 5,518 shares of the company’s stock worth $57,000 after purchasing an additional 3,083 shares in the last quarter. Finally, KBC Group NV increased its position in shares of AvidXchange by 60.9% during the 4th quarter. KBC Group NV now owns 8,836 shares of the company’s stock valued at $91,000 after purchasing an additional 3,344 shares during the last quarter. Hedge funds and other institutional investors own 80.58% of the company’s stock.

AvidXchange Company Profile

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.