AvidXchange Holdings, Inc. (NASDAQ:AVDX) Stake Boosted by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 0.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,487,077 shares of the company’s stock after purchasing an additional 12,597 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.73% of AvidXchange worth $36,196,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. MV Capital Management Inc. purchased a new position in AvidXchange in the 2nd quarter worth about $397,000. State of New Jersey Common Pension Fund D purchased a new position in AvidXchange in the 2nd quarter worth about $2,566,000. Handelsbanken Fonder AB purchased a new position in AvidXchange in the 2nd quarter worth about $115,000. Arizona State Retirement System increased its stake in AvidXchange by 172.5% in the 2nd quarter. Arizona State Retirement System now owns 39,218 shares of the company’s stock worth $407,000 after purchasing an additional 24,825 shares in the last quarter. Finally, Strs Ohio boosted its position in AvidXchange by 7.1% during the 2nd quarter. Strs Ohio now owns 76,900 shares of the company’s stock worth $798,000 after acquiring an additional 5,100 shares during the period. Hedge funds and other institutional investors own 70.42% of the company’s stock.

AvidXchange Stock Up 15.2 %

AVDX opened at $9.25 on Thursday. The business has a 50 day moving average price of $9.25 and a 200 day moving average price of $9.78. AvidXchange Holdings, Inc. has a twelve month low of $6.88 and a twelve month high of $12.75. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.32 and a current ratio of 1.32. The firm has a market cap of $1.87 billion, a P/E ratio of -21.51 and a beta of 0.65.

Analyst Upgrades and Downgrades

AVDX has been the subject of a number of research reports. Piper Sandler decreased their price objective on AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a research report on Monday, October 23rd. UBS Group initiated coverage on AvidXchange in a research report on Friday, October 20th. They set a “buy” rating and a $11.50 price objective for the company. Morgan Stanley restated an “equal weight” rating and set a $11.00 price objective on shares of AvidXchange in a research report on Friday, August 4th. Wells Fargo & Company began coverage on AvidXchange in a research report on Tuesday, October 31st. They set an “equal weight” rating and a $9.00 price objective for the company. Finally, Susquehanna reduced their price target on AvidXchange from $15.00 to $11.00 and set a “positive” rating for the company in a report on Tuesday. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $12.25.

Insider Buying and Selling

In related news, CEO Michael Praeger sold 59,562 shares of the business’s stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $10.04, for a total value of $598,002.48. Following the completion of the sale, the chief executive officer now directly owns 9,917,588 shares in the company, valued at approximately $99,572,583.52. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other AvidXchange news, insider Joel Wilhite sold 12,880 shares of AvidXchange stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $10.09, for a total value of $129,959.20. Following the transaction, the insider now directly owns 359,022 shares of the company’s stock, valued at approximately $3,622,531.98. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Michael Praeger sold 59,562 shares of AvidXchange stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $10.04, for a total value of $598,002.48. Following the completion of the transaction, the chief executive officer now directly owns 9,917,588 shares in the company, valued at $99,572,583.52. The disclosure for this sale can be found here. In the last ninety days, insiders sold 109,501 shares of company stock worth $1,101,887. 10.30% of the stock is currently owned by 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 Cashflow manager that provides cash management solutions.