Vanguard Group Inc. Buys 116,410 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Vanguard Group Inc. lifted its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 0.6% during the fourth quarter, HoldingsChannel reports. The firm owned 18,110,051 shares of the company’s stock after acquiring an additional 116,410 shares during the quarter. Vanguard Group Inc. owned approximately 0.09% of AvidXchange worth $187,258,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in AVDX. Xponance Inc. raised its position in AvidXchange by 9.2% during the fourth quarter. Xponance Inc. now owns 12,459 shares of the company’s stock worth $129,000 after acquiring an additional 1,045 shares in the last quarter. Blue Trust Inc. boosted its position in AvidXchange by 90.1% during the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock worth $28,000 after purchasing an additional 1,278 shares during the period. Captrust Financial Advisors increased its holdings in shares of AvidXchange by 9.2% in the third quarter. Captrust Financial Advisors now owns 17,350 shares of the company’s stock valued at $141,000 after purchasing an additional 1,465 shares during the last quarter. Rhumbline Advisers raised its position in shares of AvidXchange by 1.0% in the fourth quarter. Rhumbline Advisers now owns 234,738 shares of the company’s stock valued at $2,427,000 after purchasing an additional 2,391 shares during the period. Finally, KBC Group NV lifted its stake 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 buying an additional 3,344 shares during the last quarter. Institutional investors and hedge funds own 80.58% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on AVDX shares. BMO Capital Markets decreased their price target on shares of AvidXchange from $11.00 to $7.50 and set a “market perform” rating on the stock in a research note on Thursday, February 27th. Wolfe Research downgraded AvidXchange from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 27th. Robert W. Baird dropped their price target on AvidXchange from $14.00 to $12.00 and set an “outperform” rating for the company in a report on Thursday, February 27th. JPMorgan Chase & Co. decreased their price objective on AvidXchange from $10.00 to $9.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. Finally, Barclays downgraded AvidXchange from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $13.00 to $8.00 in a report on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $10.07.

AvidXchange Price Performance

Shares of NASDAQ:AVDX opened at $7.84 on Monday. AvidXchange Holdings, Inc. has a one year low of $6.61 and a one year high of $12.93. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The company has a market cap of $1.60 billion, a price-to-earnings ratio of 196.00 and a beta of 1.14. The firm has a 50 day simple moving average of $8.89 and a 200 day simple moving average of $9.43.

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

Insider Activity

In other news, President Daniel Drees sold 34,782 shares of the firm’s stock in a transaction on Friday, February 28th. The shares were 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 owns 1,176,833 shares of the company’s stock, valued at approximately $8,932,162.47. This trade represents a 2.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael Praeger sold 58,881 shares of AvidXchange stock in a transaction on Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $446,906.79. Following the transaction, 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 125,866 shares of company stock valued at $955,323. 10.40% of the stock is currently owned by corporate insiders.

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.