AvidXchange Holdings Inc (NASDAQ:AVDX) shares traded -7.72% lower at $8.25 on Wall Street last session.
AVDX stock price is now -28.40% away from the 50-day moving average and -27.28% away from the 200-day moving average. The market capitalization of the company currently stands at $1.70B.
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With the price target reduced from $15 to $10, UBS Downgraded its rating from Buy to Neutral for AvidXchange Holdings Inc (NASDAQ: AVDX). On April 15, 2024, Goldman Downgraded its previous ‘Neutral’ rating to ‘Sell’ on the stock reducing its target price from $13 to quote $11.50, while ‘Keefe Bruyette’ rates the stock as ‘Mkt Perform’
In other news, Praeger Michael, Chief Executive Officer sold 29,192 shares of the company’s stock on Jun 11 ’24. The stock was sold for $316,675 at an average price of $10.85. Upon completion of the transaction, the Chief Executive Officer now directly owns 10,440,510 shares in the company, valued at $86.13 million. An SEC document containing details of the transaction can be found on the SEC’s website. On May 23 ’24, Cunningham Todd Alan sold 28,424 shares of the business’s stock. A total of $313,289 was realized by selling the stock at an average price of $11.02. This leaves the insider owning 336,017 shares of the company worth $2.77 million. A total of 23.31% of the company’s stock is owned by insiders.
During the past 12 months, AvidXchange Holdings Inc has had a low of $6.88 and a high of $13.56. As of last week, the company has a debt-to-equity ratio of 0.21, a current ratio of 1.36, and a quick ratio of 1.34. The fifty day moving average price for AVDX is $11.463 and a two-hundred day moving average price translates $11.341225 for the stock.
The latest earnings results from AvidXchange Holdings Inc (NASDAQ: AVDX) was released for 2024-06-30. The net profit margin was -3.18% and return on equity was -1.98% for AVDX. The company reported revenue of $105.6 million for the quarter, compared to $86.82 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 21.63 percent.
