AvidXchange Holdings, Inc. (NASDAQ:AVDX) Shares Sold by Citigroup Inc.

Citigroup Inc. reduced its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDXFree Report) by 95.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,632 shares of the company’s stock after selling 92,159 shares during the period. Citigroup Inc.’s holdings in AvidXchange were worth $44,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Envestnet Asset Management Inc. lifted its stake in shares of AvidXchange by 80.2% during the first quarter. Envestnet Asset Management Inc. now owns 19,378 shares of the company’s stock valued at $156,000 after buying an additional 8,624 shares during the period. JPMorgan Chase & Co. lifted its stake 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 during the period. Bank of New York Mellon Corp boosted its holdings in shares of AvidXchange by 21.2% during the first quarter. Bank of New York Mellon Corp now owns 1,103,712 shares of the company’s stock worth $8,885,000 after purchasing an additional 192,843 shares during the last quarter. Rhumbline Advisers grew its position in shares of AvidXchange by 42.1% in the first quarter. Rhumbline Advisers now owns 25,380 shares of the company’s stock valued at $204,000 after purchasing an additional 7,516 shares during the period. Finally, Lord Abbett & CO. LLC acquired a new position in AvidXchange in the first quarter valued at $6,484,000. 80.58% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Piper Sandler raised their price target on AvidXchange from $13.00 to $14.00 and gave the stock a “neutral” rating in a research note on Thursday, February 29th. TheStreet upgraded shares of AvidXchange from a “d+” rating to a “c-” rating in a report on Friday, December 15th. JPMorgan Chase & Co. increased their price target on shares of AvidXchange from $14.00 to $15.00 and gave the stock an “overweight” rating in a research note on Thursday, February 29th. Barclays lifted their price target on shares of AvidXchange from $13.00 to $14.00 and gave the company an “overweight” rating in a report on Friday, December 22nd. Finally, Susquehanna upped their price objective on AvidXchange from $15.00 to $16.00 and gave the stock a “positive” rating in a report on Thursday, February 29th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $13.29.

Get Our Latest Research Report on AVDX

Insider Buying and Selling

In other news, President Daniel Drees sold 17,604 shares of AvidXchange stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $13.02, for a total transaction of $229,204.08. Following the sale, the president now owns 750,744 shares in the company, valued at $9,774,686.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, President Daniel Drees sold 17,604 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $13.02, for a total transaction of $229,204.08. Following the completion of the sale, the president now directly owns 750,744 shares in the company, valued at $9,774,686.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Joel Wilhite sold 136,158 shares of the business’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $12.28, for a total value of $1,672,020.24. Following the completion of the transaction, the insider now owns 454,878 shares in the company, valued at approximately $5,585,901.84. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 3,010,167 shares of company stock valued at $39,077,190. Corporate insiders own 10.30% of the company’s stock.

AvidXchange Trading Down 1.3 %

Shares of AVDX opened at $12.32 on Wednesday. AvidXchange Holdings, Inc. has a 12 month low of $6.88 and a 12 month high of $13.56. The stock’s 50-day moving average is $12.29 and its two-hundred day moving average is $10.92. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.25 and a quick ratio of 1.25. The stock has a market cap of $2.52 billion, a PE ratio of -53.56 and a beta of 1.04.

About AvidXchange

(Free Report)

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.

Featured Articles

Institutional Ownership by Quarter for AvidXchange (NASDAQ:AVDX)

Receive News & Ratings for AvidXchange Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AvidXchange and related companies with MarketBeat.com's FREE daily email newsletter.