Handelsbanken Fonder AB Purchases 12,700 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Handelsbanken Fonder AB grew its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 114.4% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 23,800 shares of the company’s stock after buying an additional 12,700 shares during the quarter. Handelsbanken Fonder AB’s holdings in AvidXchange were worth $295,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of AVDX. Federated Hermes Inc. grew its position in AvidXchange by 9.9% during the 3rd quarter. Federated Hermes Inc. now owns 1,250,506 shares of the company’s stock worth $11,855,000 after acquiring an additional 112,887 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of AvidXchange by 24.7% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,877,536 shares of the company’s stock valued at $23,263,000 after buying an additional 372,291 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of AvidXchange by 212.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 229,716 shares of the company’s stock valued at $2,178,000 after buying an additional 156,236 shares during the last quarter. ARK Investment Management LLC raised its holdings in shares of AvidXchange by 10.1% in the fourth quarter. ARK Investment Management LLC now owns 1,109,512 shares of the company’s stock valued at $13,747,000 after buying an additional 101,878 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in AvidXchange by 5.2% during the 3rd quarter. Vanguard Group Inc. now owns 18,482,011 shares of the company’s stock worth $175,209,000 after buying an additional 907,305 shares in the last quarter. Institutional investors and hedge funds own 80.58% of the company’s stock.

Wall Street Analysts Forecast Growth

AVDX has been the subject of a number of research analyst reports. Piper Sandler dropped their target price on shares of AvidXchange from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Friday, April 12th. Keefe, Bruyette & Woods started coverage on shares of AvidXchange in a research report on Tuesday, April 9th. They issued a “market perform” rating and a $13.50 price objective for the company. The Goldman Sachs Group reiterated a “sell” rating and issued a $11.50 price objective (down from $13.00) on shares of AvidXchange in a research report on Monday, April 15th. BMO Capital Markets boosted their target price on AvidXchange from $11.00 to $13.00 and gave the stock a “market perform” rating in a research report on Thursday, February 29th. Finally, JPMorgan Chase & Co. raised their price target on AvidXchange from $14.00 to $15.00 and gave the company an “overweight” rating in a report on Thursday, February 29th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $13.07.

Insiders Place Their Bets

In related news, President Daniel Drees sold 17,604 shares of the company’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $13.02, for a total value of $229,204.08. Following the completion of the sale, the president now owns 750,744 shares in the company, valued at approximately $9,774,686.88. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, President Daniel Drees sold 17,604 shares of AvidXchange 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 transaction, the president now owns 750,744 shares in the company, valued at approximately $9,774,686.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Praeger sold 69,508 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $13.15, for a total value of $914,030.20. Following the sale, the chief executive officer now directly owns 10,183,941 shares of the company’s stock, valued at $133,918,824.15. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,010,167 shares of company stock worth $39,077,190. Company insiders own 10.30% of the company’s stock.

AvidXchange Stock Up 1.4 %

AvidXchange stock opened at $12.06 on Friday. The firm has a market capitalization of $2.49 billion, a price-to-earnings ratio of -52.43 and a beta of 1.07. The company’s 50 day simple moving average is $12.37 and its 200 day simple moving average is $11.31. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.25 and a quick ratio of 1.25. AvidXchange Holdings, Inc. has a fifty-two week low of $6.88 and a fifty-two week high of $13.56.

AvidXchange 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.