Teresa Mackintosh, a director at AvidXchange Holdings, Inc. (NASDAQ:AVDX), a $2.38 billion market cap company showing strong revenue growth of ~18% in the last twelve months, recently sold 13,316 shares of the company's common stock. The transaction, which took place on December 6, 2024, was executed at a weighted average price of $11.4426 per share, resulting in a total sale value of $152,369. Following this transaction, Mackintosh holds 47,388 shares of AvidXchange. The sale was executed in multiple trades, with prices ranging from $11.425 to $11.455 per share. While currently unprofitable, InvestingPro analysis indicates the company is expected to achieve profitability this year, with analysts recently revising earnings estimates upward. For comprehensive insider trading patterns and detailed financial analysis, investors can access the full Pro Research Report, available exclusively on InvestingPro.
In other recent news, AvidXChange Holdings has seen noteworthy developments. Compass Point upgraded the company's stock from Neutral to Buy, raising the price target to $15, an increase from the previous $8. This decision was based on a revenue multiple approach with a 5.5x multiple applied to AvidXChange's short-term model revenue projection of $556 million. This upgrade comes after the company reported robust revenue growth of 17.84% over the last twelve months.
BMO (TSX:BMO) Capital Markets, Piper Sandler, and JPMorgan (NYSE:JPM) have all maintained a neutral rating for AvidXChange, each raising their price targets following the company's impressive Q3 results. These included a 14% year-over-year revenue increase to $113 million and improved gross margins to 74.5%.
In addition, AvidXChange has initiated a $100 million share repurchase program and formed 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 is targeting 50% to 55% growth for 2025. These are recent developments that investors should consider when evaluating AvidXChange.
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