Corebridge Financial Inc. Decreases Stock Holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Corebridge Financial Inc. cut its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 7.0% in the fourth quarter, HoldingsChannel reports. The firm owned 86,407 shares of the company’s stock after selling 6,523 shares during the quarter. Corebridge Financial Inc.’s holdings in AvidXchange were worth $893,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. US Bancorp DE increased its position in shares of AvidXchange by 11.6% during the 4th quarter. US Bancorp DE now owns 58,350 shares of the company’s stock valued at $603,000 after purchasing an additional 6,079 shares during the last quarter. Barclays PLC increased its position in AvidXchange by 239.8% during the third quarter. Barclays PLC now owns 285,768 shares of the company’s stock valued at $2,318,000 after acquiring an additional 201,679 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of AvidXchange by 8.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,528,875 shares of the company’s stock valued at $12,399,000 after acquiring an additional 114,763 shares during the period. Geode Capital Management LLC boosted its stake in shares of AvidXchange by 5.0% during the 3rd quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company’s stock worth $34,607,000 after purchasing an additional 201,847 shares during the period. Finally, AlphaQuest LLC boosted its position in shares of AvidXchange by 218.8% during the fourth quarter. AlphaQuest LLC now owns 71,067 shares of the company’s stock valued at $735,000 after buying an additional 48,778 shares during the period. Institutional investors own 80.58% of the company’s stock.

Wall Street Analyst Weigh In

AVDX has been the subject of several research analyst reports. KeyCorp lowered shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a research report on Thursday, February 27th. Keefe, Bruyette & Woods raised their target price on AvidXchange from $8.00 to $9.00 and gave the stock a “market perform” rating in a report on Monday, March 31st. Wells Fargo & Company decreased their price objective on shares of AvidXchange from $10.00 to $8.00 and set an “equal weight” rating for the company in a research report on Thursday, February 27th. BTIG Research initiated coverage on AvidXchange in a research report on Wednesday, December 11th. They set a “buy” rating and a $14.00 target price on the stock. Finally, JPMorgan Chase & Co. cut their price objective on AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, AvidXchange presently has a consensus rating of “Hold” and an average target price of $10.07.

Insider Activity at AvidXchange

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 value of $263,995.38. Following 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 position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael Praeger sold 58,881 shares of the company’s 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 sale, the chief executive officer now directly owns 11,164,737 shares of the company’s stock, valued at approximately $84,740,353.83. This trade represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 125,866 shares of company stock worth $955,323. 10.40% of the stock is currently owned by insiders.

AvidXchange Stock Down 1.9 %

Shares of NASDAQ:AVDX opened at $7.84 on Friday. 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 company has a market capitalization of $1.60 billion, a P/E ratio of 196.00 and a beta of 1.14. AvidXchange Holdings, Inc. has a 52-week low of $6.61 and a 52-week high of $12.93. The stock’s fifty day simple moving average is $8.89 and its 200-day simple moving average is $9.42.

AvidXchange (NASDAQ:AVDX) last released its earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share (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 analysts’ expectations of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. As a group, equities research analysts forecast that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current fiscal year.

AvidXchange Company 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.