President and CEO Praeger Michael acquire 12,900 shares of AvidXchange Holdings Inc. [AVDX]

The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. AvidXchange Holdings Inc. shares valued at $99,456 were purchased by Praeger Michael on Mar 16. At $7.71 per share, Praeger Michael acquired 12,900 shares. The insider’s holdings grew to 8,767,653 shares worth approximately $70.49 million following the completion of this transaction.


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Also, Praeger Michael purchased 14,300 shares, netting a total of over 99,901 in proceeds. Following the buying of shares at $6.99 each, the insider now holds 8,754,753 shares.

Before that, Praeger Michael had added 69,500 shares to its account. In a trade valued at $494,423, the insider bought AvidXchange Holdings Inc. shares for $7.11 each. Upon closing the transaction, the insider’s holdings increased to 69,500 shares, worth approximately $69.4 million.

As published in their initiating research note from Morgan Stanley on April 28, 2022, AvidXchange Holdings Inc. [AVDX] has been an Equal-weight and the price target has been revised to $9. This represents a 10.67% premium over Thursday’s closing price. Analysts at Robert W. Baird started covering the stock with ‘”an Outperform”‘ outlook in a report released in mid April. As of April 08, 2022, Goldman has decreased its “Buy” rating to a “Neutral” for AVDX. Earlier on January 27, 2022, SMBC Nikko initiated its rating. Their recommendation was “an Outperform” for AVDX stock.

Analyzing AVDX’s Price Performance

On Thursday, AvidXchange Holdings Inc. [NASDAQ: AVDX] rose 2.03% to $8.04. The stock’s lowest price that day was $7.7567, but it reached a high of $8.25 in the same session. During the last five days, there has been a surge of approximately 12.61%. Over the course of the year, AvidXchange Holdings Inc. shares have dropped approximately -46.61%. A 50-day SMA is recorded $7.35, while a 200-day SMA reached $11.78. Nevertheless, trading volume fell to 2.49 million shares from 1.98 million shares the previous day.

Support And Resistance Levels for AvidXchange Holdings Inc. (AVDX)

According to the 24-hour chart, there is a support level at 7.78, which, if violated, would cause prices to drop to 7.52. In the upper region, resistance lies at 8.27. The next price resistance is at 8.51. RSI (Relative Strength Index) is 65.86 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.66, which suggests the price will decrease in the coming days. Percent R is at 10.40%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.

Is AvidXchange Holdings Inc. subject to short interest?

Stocks of AvidXchange Holdings Inc. saw a sharp rise in short interest on Jul 14, 2022 jumping by 3.92 million shares to 8.05 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 4.13 million shares. A jump of 48.7% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 2.64 of the overall float, the days-to-cover ratio (short ratio) jumped to 2.64.

Which companies own the most shares of AvidXchange Holdings Inc. (AVDX)?

According to Capital Research & Management Co filings, the company currently owns 13,838,867 shares, which is about 7.00% of the total AVDX shares outstanding. The investor’s shares have plunged by -854,651 from its previous 13-F filing of 14693518.0 shares. With the completion of the sale transaction, The Caisse de dépôt et placement’s stake is now worth $71,094,864. Temasek Holdings Pte Ltd. reduced a 0.00% interest valued at $70.38 million while Lone Pine Capital LLC sold a 0 stake. A total of 322,000 shares of AvidXchange Holdings Inc. were sold by Canada Pension Plan Investment Bo during the quarter, and 1,039,536 were bought by Neuberger Berman Investment Advis. In its current portfolio, Citadel Advisors LLC holds 3,325,812 shares valued at $20.42 million.

In terms of AvidXchange Holdings Inc. share price expectations, FactSet research, analysts set an average price target of $11.00 in the next 12 months, up nearly 39.59% from the previous closing price of $7.88. Analysts anticipate AvidXchange Holdings Inc. stock to reach $13.00 by 2022, with the lowest price target being $9.00. In spite of this, 12 analysts ranked AvidXchange Holdings Inc. stock as an Overweight at the end of 2022. On November 15, 2021, BofA Securities assigned a price target of “a Neutral” to the stock and initiated coverage with a $28.

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