AvidXchange Holdings, Inc. (NASDAQ:AVDX) Stock Position Decreased by Amundi

Amundi cut its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 33.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,861 shares of the company’s stock after selling 7,043 shares during the period. Amundi’s holdings in AvidXchange were worth $136,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Blue Trust Inc. increased its holdings in shares of AvidXchange by 90.1% during the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after acquiring an additional 1,278 shares during the last quarter. Captrust Financial Advisors increased its holdings in shares of AvidXchange by 9.2% during the 3rd quarter. Captrust Financial Advisors now owns 17,350 shares of the company’s stock valued at $141,000 after acquiring an additional 1,465 shares during the last quarter. Rhumbline Advisers increased its holdings in shares of AvidXchange by 1.0% during the 4th quarter. Rhumbline Advisers now owns 234,738 shares of the company’s stock valued at $2,427,000 after acquiring an additional 2,391 shares during the last quarter. KBC Group NV increased its holdings in shares of AvidXchange by 60.9% during the 4th quarter. KBC Group NV now owns 8,836 shares of the company’s stock valued at $91,000 after acquiring an additional 3,344 shares during the last quarter. Finally, R Squared Ltd acquired a new position in shares of AvidXchange during the 4th quarter valued at about $41,000. Institutional investors and hedge funds own 80.58% of the company’s stock.

AvidXchange Price Performance

Shares of AVDX stock opened at $8.48 on Friday. The stock has a 50 day moving average of $9.25 and a two-hundred day moving average of $9.37. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange Holdings, Inc. has a 12 month low of $6.61 and a 12 month high of $13.50. The company has a market capitalization of $1.73 billion, a P/E ratio of 212.00 and a beta of 1.28.

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

Insiders Place Their Bets

In related news, insider Joel Wilhite sold 32,203 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $244,420.77. Following the completion of the transaction, the insider now owns 843 shares in the company, valued at $6,398.37. This trade represents a 97.45 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Daniel Drees sold 34,782 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $263,995.38. Following the transaction, the president now owns 1,176,833 shares of the company’s stock, valued at $8,932,162.47. This trade represents a 2.87 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 125,866 shares of company stock worth $955,323. 10.40% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

AVDX has been the topic of a number of analyst reports. Wolfe Research lowered AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 27th. The Goldman Sachs Group lowered their price objective 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 AvidXchange from $10.00 to $8.00 and set an “equal weight” rating on the stock in a report on Thursday, February 27th. Keefe, Bruyette & Woods lowered their target price on AvidXchange from $11.00 to $8.00 and set a “market perform” rating on the stock in a report on Thursday, February 27th. Finally, KeyCorp lowered AvidXchange from an “overweight” rating to a “sector weight” rating in a report on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $10.00.

About AvidXchange

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.