CHARLOTTE, NC—Teresa Mackintosh, a director at AvidXchange Holdings, Inc. (NASDAQ:AVDX), recently sold 400 shares of the company’s common stock. The shares were sold on December 10, 2024, at an average price of $11.035 each, amounting to a total transaction value of $4,414. Following this transaction, Mackintosh retains ownership of 46,988 shares in the company.
The transaction was disclosed in a Form 4 filing with the Securities and Exchange Commission.
In other recent news, AvidXChange Holdings has reported a series of positive developments. The company's Q3 revenue increased by 14% year-over-year, reaching $113 million, and improved gross margins to 74.5%. AvidXChange also initiated a $100 million share repurchase program. Analysts from BTIG, Compass Point, BMO Capital Markets, Piper Sandler, and JPMorgan (NYSE:JPM) have all recently adjusted their views on the company. BTIG initiated a Buy rating on AvidXChange, citing long-term growth potential. Compass Point upgraded AvidXChange's stock rating from Neutral to Buy, raising the price target to $15.00. BMO Capital Markets, Piper Sandler, and JPMorgan all maintained a neutral rating on the company, with each firm raising the price target following strong Q3 results. AvidXChange continues to expand through strategic partnerships, particularly in the healthcare sector and with regional banks. The company's 2024 revenue forecast is between $437 million and $439 million, with an adjusted EBITDA projection of $78 million to $79 million. Despite potential challenges from political uncertainty and interest rate changes, AvidXChange targets 50% to 55% growth for 2025.
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