Canada Pension Plan Investment Board grew its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX – Get Rating) by 7.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,886,508 shares of the company’s stock after buying an additional 322,000 shares during the period. Canada Pension Plan Investment Board owned 2.47% of AvidXchange worth $39,336,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Signaturefd LLC lifted its position in shares of AvidXchange by 33.3% during the 1st quarter. Signaturefd LLC now owns 8,000 shares of the company’s stock worth $64,000 after buying an additional 2,000 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of AvidXchange by 14.0% during the 1st quarter. JPMorgan Chase & Co. now owns 24,188 shares of the company’s stock worth $195,000 after purchasing an additional 2,979 shares in the last quarter. Rhumbline Advisers boosted its position in shares of AvidXchange by 42.1% in the 1st quarter. Rhumbline Advisers now owns 25,380 shares of the company’s stock worth $204,000 after buying an additional 7,516 shares in the last quarter. Envestnet Asset Management Inc. boosted its position in shares of AvidXchange by 80.2% in the 1st quarter. Envestnet Asset Management Inc. now owns 19,378 shares of the company’s stock worth $156,000 after buying an additional 8,624 shares in the last quarter. Finally, New York State Common Retirement Fund lifted its holdings in AvidXchange by 102.3% in the 1st quarter. New York State Common Retirement Fund now owns 18,007 shares of the company’s stock valued at $145,000 after purchasing an additional 9,107 shares in the last quarter. 68.87% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of research firms recently issued reports on AVDX. Piper Sandler increased their target price on shares of AvidXchange from $11.00 to $12.00 and gave the stock an “overweight” rating in a research report on Thursday, August 4th. The Goldman Sachs Group increased their price target on AvidXchange from $8.00 to $9.00 and gave the company a “neutral” rating in a research report on Thursday, August 4th. Barclays raised their price objective on AvidXchange from $12.00 to $13.00 and gave the stock an “overweight” rating in a research report on Monday, August 8th. KeyCorp reduced their price target on AvidXchange from $14.00 to $10.00 and set an “overweight” rating for the company in a report on Thursday, July 7th. Finally, Robert W. Baird cut their price objective on AvidXchange from $16.00 to $12.00 in a research note on Friday, July 15th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, AvidXchange has a consensus rating of “Moderate Buy” and an average target price of 14.82.
AvidXchange Trading Down 1.5 %
AvidXchange (NASDAQ:AVDX – Get Rating) last announced its earnings results on Wednesday, August 3rd. The company reported -0.07 EPS for the quarter, topping the consensus estimate of -0.13 by 0.06. AvidXchange had a negative return on equity of 24.74% and a negative net margin of 56.17%. Equities analysts predict that AvidXchange Holdings, Inc. will post -0.53 EPS for the current fiscal year.
Insider Transactions at AvidXchange
In related news, insider Joel Wilhite sold 3,250 shares of the company’s stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of 9.14, for a total value of 29,705.00. Following the transaction, the insider now owns 56,375 shares in the company, valued at 515,267.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 10.50% of the company’s stock.
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 cash flow manager that provides cash management solutions.
- Get a free copy of the StockNews.com research report on AvidXchange (AVDX)
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