James E. Hausman, a director at AvidXchange Holdings, Inc. (NASDAQ:AVDX), recently sold 25,000 shares of the company's common stock. The company, currently valued at $2.38 billion, has demonstrated strong momentum with 17.84% revenue growth in the last twelve months. According to InvestingPro analysis, the company maintains a GOOD financial health score. The transaction, dated December 9, 2024, was executed at a weighted average price of $11.2515 per share, amounting to a total value of $281,287. InvestingPro subscribers have access to 6 additional key insights about AVDX, including detailed analyst forecasts and valuation metrics. Following this sale, Hausman retains direct ownership of 2,112,232 shares, with an additional 720,000 shares held indirectly through the Hausman Family Trust.
In other recent news, AvidXChange Holdings has been the subject of several analyst updates. BTIG initiated coverage on AvidXChange with a Buy rating, citing strong positioning in the B2B invoice and payments sector and potential for long-term growth. The firm also noted the company's solid performance, with revenue growth of 17.84% and a gross profit margin of 71.46%. Compass Point also upgraded AvidXChange's stock from Neutral to Buy, raising the price target to $15.00, following impressive revenue growth and positive earnings estimates revisions.
BMO (TSX:BMO) Capital Markets and Piper Sandler maintained their Neutral ratings but increased their price targets to $11 and $10, respectively. Both firms cited positive Q3 results and improved transaction retention. JPMorgan (NYSE:JPM) also held its Neutral rating but raised its price target to $10, following an upbeat Q3 performance and positive new sales commentary looking towards 2025.
These recent developments come after AvidXChange reported a 14% year-over-year revenue increase in Q3, reaching $113 million, and improved gross margins to 74.5%. The company also initiated a $100 million share repurchase program and continued to expand through strategic partnerships, particularly in the healthcare sector and with regional banks. AvidXChange's 2024 revenue forecast is between $437 million and $439 million, with an adjusted EBITDA projection of $78 million to $79 million, targeting 50% to 55% growth for 2025.
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