Saturday, June 25, 2022

An Analysis of AvidXchange Holdings Inc. (AVDX)’s Potential Price Growth

AvidXchange Holdings Inc.’s filing revealed that its President and CEO Praeger Michael acquired Company’s shares for reported $99456.0 on Mar 16. In the deal valued at $7.71 per share,12,900 shares were bought. As a result of this transaction, Praeger Michael now holds 8,767,653 shares worth roughly $ 60.23 million.

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Then, Praeger Michael bought 14,300 shares, generating $99,901 in total proceeds. Upon buying the shares at $6.99, the President and CEO now owns 8,754,753 shares.

Before that, Praeger Michael bought 69,500 shares. AvidXchange Holdings Inc. shares valued at $494,423 were divested by the at a price of $7.11 per share. As a result of the transaction, Praeger Michael now holds 8,632,317 shares, worth roughly $59.3 million.

Following these proceedings, Morgan Stanley initiated its AvidXchange Holdings Inc. [AVDX] rating to an Equal-weight in a research note published on Tuesday, April 28, 2022; the price target was $9. PT values the company’s stock at a premium of 23.67 to its Tuesday closing price. A number of analysts have revised their coverage, including Robert W. Baird’s analysts, who began to cover the stock in mid April with a ‘”an Outperform”‘ rating. Goldman also remained covering AVDX and has decreased its forecast on April 08, 2022 with a “Neutral” recommendation from previously “Buy” rating. SMBC Nikko started covering the stock on January 27, 2022. It rated AVDX as “an Outperform”.

Price Performance Review of AVDX

On Tuesday, AvidXchange Holdings Inc. [NASDAQ:AVDX] saw its stock fall -1.72% to $6.87. On the same session, the stock had its day’s lowest price of $6.86, but rose to a high of $7.49. Over the last five days, the stock has gained 0.59%. AvidXchange Holdings Inc. shares have fallen nearly -54.38% since the year began. A total of 3.07 million shares were traded, compared to the trading of 3.24 million shares in the previous session.

Levels Of Support And Resistance For AVDX Stock

The 24-hour chart illustrates a support level at 6.66, which if violated will result in even more drops to 6.44. On the upside, there is a resistance level at 7.29. A further resistance level may holdings at 7.70. The Relative Strength Index (RSI) on the 14-day chart is 39.29, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.98, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 87.06%. Stochastics %K at 15.46% indicates the stock is a buying.

How much short interest is there in AvidXchange Holdings Inc.?

A steep rise in short interest was recorded in AvidXchange Holdings Inc. stocks on Apr 28, 2022, growing by 0.61 million shares to a total of 4.94 million shares. Yahoo Finance data shows the prior-month short interest on Mar 30, 2022 was 4.33 million shares. There was a rise of 12.35%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 2.78% of the overall stock float, the days-to-cover ratio (short ratio) rose to 3.95.

AvidXchange Holdings Inc. [AVDX] – Who Are The Largest Shareholders?

In filings from Capital Research & Management Co, it is revealed that the company now owns 13,838,867 shares, or roughly 7.00% of the outstanding AVDX shares. In other words, the investor’s shares have fallen by -854,651 from its previous 13-F filing of 14693518.0. Additionally, The Caisse de dépôt et placement decreased 0.00% of its stake after which the total value it holdings stand at $101,663,339, while Temasek Holdings Pte Ltd. reduced 0.00% of its stake to hold $100.65 million in the firm. Over the last quarter, Lone Pine Capital LLC sold 0 shares of AvidXchange Holdings Inc., while Canada Pension Plan Investment Bo sold 322,000 shares. At present, Neuberger Berman Investment Advis is holding 4,324,233 shares valued at $37.97 million. Citadel Advisors LLC owned 3,325,812 shares of the company at the time of its most recent 13F filing, worth $29.2 million.

According to FactSet, AvidXchange Holdings Inc.’s share price will average $12.00 in the next year, based on opinions of analysts polled by the firm. This is up nearly 71.67 percent from its previous closing price of $6.99. Analysts expect AvidXchange Holdings Inc. stock to reach the higher price of $16.00, while the lowest price estimate is $8.00. However, 12 analysts have rated AVDX stock as an Overweight in their predictions for 2022. The most recent change occurred on November 15, 2021 when BofA Securities began covering the stock and recommended ‘”a Neutral”‘ rating along with a $28 price target.

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