US Bancorp DE Buys 6,079 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

US Bancorp DE raised its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 11.6% during the 4th quarter, HoldingsChannel reports. The firm owned 58,350 shares of the company’s stock after purchasing an additional 6,079 shares during the quarter. US Bancorp DE’s holdings in AvidXchange were worth $603,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of AVDX. Blue Trust Inc. grew its stake in AvidXchange by 90.1% in the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after buying an additional 1,278 shares during the last quarter. Point72 DIFC Ltd bought a new stake in AvidXchange during the third quarter valued at about $37,000. R Squared Ltd acquired a new stake in shares of AvidXchange in the fourth quarter valued at about $41,000. Y Intercept Hong Kong Ltd bought a new position in shares of AvidXchange in the third quarter worth about $86,000. Finally, KBC Group NV lifted its position in shares of AvidXchange by 60.9% during the 4th quarter. KBC Group NV now owns 8,836 shares of the company’s stock worth $91,000 after purchasing an additional 3,344 shares during the last quarter. Institutional investors own 80.58% of the company’s stock.

AvidXchange Price Performance

NASDAQ:AVDX opened at $6.90 on Wednesday. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The firm has a market cap of $1.41 billion, a PE ratio of 172.50 and a beta of 1.28. AvidXchange Holdings, Inc. has a 12 month low of $6.83 and a 12 month high of $13.49. The company’s 50-day moving average price is $9.58 and its two-hundred day moving average price is $9.38.

AvidXchange (NASDAQ:AVDX) last announced its earnings results on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.03). The business had revenue of $115.44 million during the quarter, compared to analyst estimates of $114.98 million. AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. On average, equities analysts anticipate that AvidXchange Holdings, Inc. will post 0.02 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on AVDX shares. The Goldman Sachs Group lowered their target price on AvidXchange from $9.50 to $7.00 and set a “sell” rating on the stock in a report on Thursday, February 27th. Wells Fargo & Company lowered their price objective on shares of AvidXchange from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 27th. Morgan Stanley cut their target price on shares of AvidXchange from $11.00 to $8.00 and set an “equal weight” rating for the company in a research note on Thursday, February 27th. Piper Sandler decreased their price target on shares of AvidXchange from $10.00 to $8.00 and set a “neutral” rating on the stock in a research report on Friday, February 28th. Finally, BMO Capital Markets cut their price objective on shares of AvidXchange from $11.00 to $7.50 and set a “market perform” rating for the company in a research report on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, AvidXchange currently has an average rating of “Hold” and a consensus target price of $10.00.

Insiders Place Their Bets

In other AvidXchange news, CEO Michael Praeger sold 58,881 shares of the firm’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $446,906.79. Following the completion of the sale, the chief executive officer now owns 11,164,737 shares in the company, valued at approximately $84,740,353.83. This trade represents a 0.52 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, President Daniel Drees sold 34,782 shares of the business’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $263,995.38. Following the completion of the transaction, the president now directly owns 1,176,833 shares of the company’s stock, valued at approximately $8,932,162.47. This represents a 2.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 125,866 shares of company stock valued at $955,323. 10.40% of the stock is currently owned by corporate insiders.

AvidXchange Profile

AvidXchange Holdings, Inc provides accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers in North America. The company offers AP automation software, a SaaS-based solution that automates and digitizes capture, review, approval, and payment of invoices for buyers; the AvidPay network that connects two-sided payments with buyers and suppliers; and the AvidXchange Supplier Hub, which provides supplier insights to cash flow, tools for in-network invoices and payments, and early payment feature.