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Todd Alan Cunningham, the Chief People Officer and Senior Vice President at AvidXchange Holdings , Inc. (NASDAQ:AVDX), recently executed a series of stock transactions, according to a filing with the Securities and Exchange Commission. On February 28, Cunningham sold shares totaling $116,340, with the sales executed at prices ranging from $7.53 to $7.70 per share. The stock currently trades at $7.16, near its 52-week low of $6.89, with InvestingPro data showing an RSI indicating oversold territory.
In addition to the sales, Cunningham also converted a number of restricted stock units into common stock. These conversions occurred at no cost, as the restricted stock units were vested on a one-for-one basis into common stock.
The sales were conducted to cover tax withholding obligations related to the vesting of restricted stock units. Following these transactions, Cunningham holds 506,329 shares of AvidXchange.
In other recent news, AvidXChange Holdings has experienced several significant developments. The company reported fourth-quarter results that generally exceeded expectations, but its fiscal year 2025 guidance has not met analyst projections. This has led to multiple analyst firms adjusting their ratings and price targets. Barclays (LON:BARC) downgraded AvidXChange from Overweight to Equal Weight and reduced the price target to $8, citing macroeconomic challenges and uncertainties in growth prospects. Similarly, Piper Sandler and Keefe, Bruyette & Woods both lowered their price targets to $8, maintaining Neutral and Market Perform ratings, respectively, due to the cautious outlook and economic conditions.
KeyBanc Capital Markets also downgraded AvidXChange from Overweight to Sector Weight, pointing to a disappointing FY25 outlook and challenges in growth strategy. Despite these downgrades, AvidXChange’s management remains optimistic about new partnerships and product developments, such as the Payment Accelerator 2.0 and Spend Management platforms, which could potentially enhance revenue. Meanwhile, BTIG adjusted its price target to $11 but maintained a Buy rating, emphasizing AvidXChange’s strong position in the B2B payments sector and its potential for sustained growth. These recent developments reflect a cautious yet hopeful view of AvidXChange’s future amid ongoing economic challenges.
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