Angelic Gibson, 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% over the last twelve months, recently sold 30,000 shares of the company’s stock. common stock. The transaction, which was 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, equating to a total sale price of $342,300. Following this transaction, Gibson owns 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 in-depth 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 strong Q3 performance with annual revenue up 14% to $113 million and margins improved to 74.5%. The company also initiated a $100 million share repurchase program. BMO Capital Markets, Piper Sandler, and JPMorgan all maintained a neutral rating on AvidXChange, raising their price targets following the company’s strong Q3 results. AvidXChange’s latest developments include strategic partnerships and market expansion, particularly in the healthcare and regional banking sectors. The company’s 2024 revenue forecast is between $437 million and $439 million, with an adjusted EBITDA forecast of $78 million to $79 million. Despite potential challenges from political uncertainty and interest rate changes, AvidXChange aims for 50% to 55% growth by 2025. These recent developments provide an overview of the company’s recent financial performance and future prospects.
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