Stocks of AvidXchange Holdings Inc (AVDX) are poised to climb above their peers

AvidXchange Holdings Inc (NASDAQ: AVDX) stock jumped 2.07% on Monday to $9.88 against a previous-day closing price of $9.68. With 2.04 million shares changed hands, the volume of the stock remained heavier than its average volume of 1.82 million shares. During the session, the Software – Infrastructure company that operates in wider Technology sector, reached to the highest price of $9.93 whereas the lowest price it dropped to was $9.63. The 52-week range on AVDX shows that it touched its highest point at $12.75 and its lowest point at $6.88 during that stretch. It currently has a 1-year price target of $12.50. Beta for the stock currently stands at 0.75.

Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of AVDX was up-trending over the past week, with a rise of 6.12%, but this was up by 10.64% over a month. Three-month performance surged to 0.61% while six-month performance rose 5.44%. The stock gained 13.82% in the past year, while it has lost -0.60% so far this year. A look at the trailing 12-month EPS for AVDX yields -0.34 with Next year EPS estimates of 0.04. For the next quarter, that number is -0.00. This implies an EPS growth rate of 103.88% for this year and 298.73% for next year.

Float and Shares Shorts:

At present, 199.43 million AVDX shares are outstanding with a float of 152.64 million shares on hand for trading. On Oct 30, 2023, short shares totaled 11.69 million, which was 5.76% higher than short shares on Sep 28, 2023. In addition to Mr. Michael Praeger as the firm’s Co-Founder, Chairman & CEO, Mr. Daniel Drees serves as its President.

Institutional Ownership:

Through their ownership of 66.52% of AVDX’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 37.16% of AVDX, in contrast to 27.48% held by mutual funds. Shares owned by individuals account for 15.77%. As the largest shareholder in AVDX with 8.94% of the stake, The Vanguard Group, Inc. holds 18,072,670 shares worth 18,072,670. A second-largest stockholder of AVDX, Senvest Management LLC, holds 12,298,226 shares, controlling over 6.08% of the firm’s shares. BlackRock Fund Advisors is the third largest shareholder in AVDX, holding 9,575,391 shares or 4.74% stake. With a 2.42% stake in AVDX, the Vanguard Total Stock Market ETF is the largest stakeholder. A total of 4,895,607 shares are owned by the mutual fund manager. The Vanguard Small Cap Index Fund, which owns about 1.94% of AVDX stock, is the second-largest Mutual Fund holder. It holds 3,912,892 shares valued at 33.81 million. iShares Russell 2000 ETF holds 1.75% of the stake in AVDX, owning 3,529,447 shares worth 30.49 million.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for AVDX since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With AVDX analysts setting a high price target of $15.00 and a low target of $10.00, the average target price over the next 12 months is $12.50. Based on these targets, AVDX could surge 51.82% to reach the target high and rise by 1.21% to reach the target low. Reaching the average price target will result in a growth of 26.52% from current levels.

Summary of Insider Activity:

Insiders traded AVDX stock several times over the past three months with 0 Buys and 0 Sells. In these transactions, 0 shares were bought while 0 shares were sold. The number of buy transactions has increased to 74 while that of sell transactions has risen to 78 over the past year. The total number of shares bought during that period was 2,391,344 while 5,189,286 shares were sold.