Michael Praeger Sells 43,738 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) CEO Michael Praeger sold 43,738 shares of the stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $11.11, for a total transaction of $485,929.18. Following the sale, the chief executive officer now directly owns 10,440,510 shares of the company’s stock, valued at $115,994,066.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Michael Praeger also recently made the following trade(s):

• On Wednesday, May 15th, Michael Praeger sold 25,418 shares of AvidXchange stock. The shares were sold at an average price of $11.24, for a total transaction of $285,698.32.
• On Thursday, March 14th, Michael Praeger sold 46,692 shares of AvidXchange stock. The shares were sold at an average price of $12.55, for a total transaction of $585,984.60.
• On Friday, March 8th, Michael Praeger sold 105,386 shares of AvidXchange stock. The shares were sold at an average price of $12.80, for a total transaction of $1,348,940.80.
• On Friday, March 1st, Michael Praeger sold 69,508 shares of AvidXchange stock. The shares were sold at an average price of $13.15, for a total transaction of $914,030.20.

AvidXchange Stock Performance

Shares of AVDX opened at $10.88 on Friday. The company’s fifty day moving average is $11.98 and its 200-day moving average is $11.58. AvidXchange Holdings, Inc. has a 12 month low of $6.88 and a 12 month high of $13.56. The firm has a market cap of $2.25 billion, a price-to-earnings ratio of -72.53 and a beta of 1.07. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.20.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of AVDX. National Bank of Canada FI acquired a new position in shares of AvidXchange during the 4th quarter worth $54,000. Advisors Asset Management Inc. increased its stake in shares of AvidXchange by 96.3% during the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock worth $57,000 after purchasing an additional 2,114 shares during the last quarter. Highland Capital Management LLC acquired a new position in shares of AvidXchange during the 4th quarter worth $145,000. MBL Wealth LLC acquired a new position in shares of AvidXchange during the 1st quarter worth $163,000. Finally, Legato Capital Management LLC acquired a new position in shares of AvidXchange during the 4th quarter worth $168,000. Institutional investors and hedge funds own 80.58% of the company’s stock.

Analyst Upgrades and Downgrades

AVDX has been the subject of several research analyst reports. The Goldman Sachs Group restated a “sell” rating and issued a $11.50 price target (down previously from $13.00) on shares of AvidXchange in a research report on Monday, April 15th. BMO Capital Markets upped their price target on shares of AvidXchange from $11.00 to $13.00 and gave the company a “market perform” rating in a research report on Thursday, February 29th. Susquehanna upped their price target on shares of AvidXchange from $15.00 to $16.00 and gave the company a “positive” rating in a research report on Thursday, February 29th. JPMorgan Chase & Co. upped their price target on shares of AvidXchange from $14.00 to $15.00 and gave the company an “overweight” rating in a research report on Thursday, February 29th. Finally, Piper Sandler dropped their price objective on shares of AvidXchange from $14.00 to $12.00 and set a “neutral” rating on the stock in a research note on Friday, April 12th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $13.14.

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.