Pictet Asset Management Holding SA Acquires 6,715 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Pictet Asset Management Holding SA grew its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 33.5% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 26,767 shares of the company’s stock after purchasing an additional 6,715 shares during the period. Pictet Asset Management Holding SA’s holdings in AvidXchange were worth $277,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of AVDX. Jennison Associates LLC grew its holdings in AvidXchange by 50.9% during the fourth quarter. Jennison Associates LLC now owns 2,176,525 shares of the company’s stock worth $22,505,000 after buying an additional 733,860 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of AvidXchange by 5.0% in the 3rd quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company’s stock worth $34,607,000 after acquiring an additional 201,847 shares in the last quarter. Barclays PLC raised its holdings in shares of AvidXchange by 239.8% in the third quarter. Barclays PLC now owns 285,768 shares of the company’s stock valued at $2,318,000 after purchasing an additional 201,679 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in shares of AvidXchange by 480.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 178,483 shares of the company’s stock valued at $1,846,000 after purchasing an additional 147,719 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in AvidXchange by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 18,110,051 shares of the company’s stock worth $187,258,000 after purchasing an additional 116,410 shares during the last quarter. 80.58% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at AvidXchange

In other AvidXchange news, CEO Michael Praeger sold 58,881 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 11,164,737 shares of the company’s stock, valued at $84,740,353.83. The trade was a 0.52 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Joel Wilhite sold 32,203 shares of the stock in a transaction 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 directly owns 843 shares in the company, valued at $6,398.37. The trade was a 97.45 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 125,866 shares of company stock valued at $955,323. 10.40% of the stock is owned by corporate insiders.

AvidXchange Stock Performance

NASDAQ AVDX opened at $7.56 on Friday. The company’s 50 day simple moving average is $8.51 and its two-hundred day simple moving average is $9.39. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. AvidXchange Holdings, Inc. has a 1 year low of $6.61 and a 1 year high of $12.93. The stock has a market capitalization of $1.55 billion, a PE ratio of 189.00 and a beta of 1.14.

AvidXchange (NASDAQ:AVDX) last posted its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.03). The business had revenue of $115.44 million for 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%. Analysts predict that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current fiscal year.

Analyst Ratings Changes

AVDX has been the topic of a number of research analyst reports. Robert W. Baird cut their price target on shares of AvidXchange from $14.00 to $12.00 and set an “outperform” rating on the stock in a report on Thursday, February 27th. Wells Fargo & Company reduced their target price 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. Barclays cut shares of AvidXchange from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $13.00 to $8.00 in a report on Tuesday, March 4th. Keefe, Bruyette & Woods increased their price objective on AvidXchange from $8.00 to $9.00 and gave the company a “market perform” rating in a report on Monday, March 31st. Finally, JPMorgan Chase & Co. lowered their target price on AvidXchange from $10.00 to $9.00 and set a “neutral” rating on the stock in a research note on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $10.07.

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.