Angelic Gibson, the Chief Information Officer and Senior Vice President at AvidXchange Holdings, Inc. (NASDAQ:AVDX), a $2.35 billion market cap company showing strong revenue growth of ~18% in the last twelve months, recently sold 30,000 shares of the company’s common stock. The transaction, completed on November 29, 2024, was part of a pre-arranged Rule 10b5-1 trading plan adopted by Gibson on August 28, 2024. The shares were sold at a price of $11.41 each, amounting to a total sale value of $342,300. Following this transaction, Gibson holds 411,466 shares in the company. According to InvestingPro data, the stock is currently trading near its 52-week high of $13.56, with technical indicators suggesting overbought conditions. For deeper insights into insider trading patterns and comprehensive analysis, InvestingPro offers detailed research reports covering over 1,400 US stocks.
In other recent news, AvidXChange Holdings reported a robust Q3 performance with a 14% year-over-year revenue increase to $113 million and improved gross margins to 74.5%. The company also initiated a $100 million share repurchase program. BMO Capital Markets, Piper Sandler, and JPMorgan have all maintained a Neutral rating on AvidXChange, raising their price targets following the company’s strong Q3 results. AvidXChange’s recent developments also include strategic partnerships and market expansion, 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. These recent developments provide a snapshot of the company’s recent financial performance and future expectations.
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