The Potential Rise in the Price of AvidXchange Holdings Inc. (AVDX) following insiders activity


AvidXchange Holdings Inc.’s recently made public that its insider Praeger Michael unloaded Company’s shares for reported $93263.0 on Nov 15. In the deal valued at $9.33 per share,9,996 shares were sold. As a result of this transaction, Praeger Michael now holds 8,825,029 shares worth roughly $ 87.81 million.

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Then, Wilhite Joel sold 3,215 shares, generating $29,996 in total proceeds. Upon selling the shares at $9.33, the insider now owns 63,404 shares.

Before that, Drees Daniel sold 2,174 shares. AvidXchange Holdings Inc. shares valued at $20,283 were divested by the insider at a price of $9.33 per share. As a result of the transaction, Drees Daniel now holds 128,109 shares, worth roughly $1.27 million.

BofA Securities downgraded its AvidXchange Holdings Inc. [AVDX] rating to an Underperform from a a Neutral in a research note published on Tuesday, November 03, 2022; the price target was decreased to $8 from $10. PT values the company’s stock at a premium of -24.37 to its Tuesday closing price. A number of analysts have revised their coverage, including Morgan Stanley’s analysts, who began to cover the stock in late April with a ‘”an Equal-weight”‘ rating. Robert W. Baird began covering AVDX with “an Outperform” recommendation on April 20, 2022. Goldman revised its rating on April 08, 2022. It rated AVDX as “a Neutral” which previously was an “a Buy”.

Price Performance Review of AVDX

On Tuesday, AvidXchange Holdings Inc. [NASDAQ:AVDX] saw its stock jump 1.74% to $9.95. On the same session, the stock had its day’s lowest price of $9.73, but rose to a high of $10.035. Over the last five days, the stock has lost -1.00%. AvidXchange Holdings Inc. shares have risen nearly 0.10% since the year began. Nevertheless, the stocks have risen 3.97% over the past one year. While a 52-week high of $11.86 was reached on 02/02/23, a 52-week low of $5.86 was recorded on 01/06/23. SMA at 50 days reached $10.22, while 200 days put it at $8.57. A total of 3.31 million shares were traded, compared to the trading of 0.91 million shares in the previous session.

Levels Of Support And Resistance For AVDX Stock

The 24-hour chart illustrates a support level at 9.77, which if violated will result in even more drops to 9.60. On the upside, there is a resistance level at 10.08. A further resistance level may holdings at 10.21. The Relative Strength Index (RSI) on the 14-day chart is 41.56, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.44, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 85.38%. Stochastics %K at 7.96% 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 Jan 30, 2023, dropping by -0.56 million shares to a total of 5.29 million shares. Yahoo Finance data shows the prior-month short interest on Dec 29, 2022 was 5.85 million shares. There was a decline of -10.59%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 2.96% of the overall stock float, the days-to-cover ratio (short ratio) fell to 4.29.

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

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 12,963,141 shares, or roughly 6.52% of the outstanding AVDX shares. In other words, the investor’s shares have risen by 18,346 from its previous 13-F filing of 12944795.0. Additionally, BlackRock Fund Advisors increased 30.67% of its stake after which the total value it holdings stand at $96,543,651, while Biltmore Family Office LLC reduced -2.67% of its stake to hold $91.12 million in the firm. Over the last quarter, Millennium Management LLC purchased 3,048,717 shares of AvidXchange Holdings Inc., while Capital Research & Management Co bought -2,227 shares. At present, Lone Pine Capital LLC is holding 5,080,632 shares valued at $56.5 million. Lord, Abbett & Co. LLC owned 4,928,895 shares of the company at the time of its most recent 13F filing, worth $54.81 million.

According to FactSet, AvidXchange Holdings Inc.’s share price will average $11.42 in the next year, based on opinions of analysts polled by the firm. This is up nearly 17.59 percent from its previous closing price of $9.78. Analysts expect AvidXchange Holdings Inc. stock to reach the higher price of $14.00, while the lowest price estimate is $8.00. However, 12 analysts have rated AVDX stock as an Overweight in their predictions for 2023. The most recent change occurred on January 27, 2022 when SMBC Nikko began covering the stock and recommended ‘”an Outperform”‘ rating along with a $15 price target.


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