Assenagon Asset Management S.A. Invests $557,000 in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Assenagon Asset Management S.A. purchased a new stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 46,202 shares of the company’s stock, valued at approximately $557,000.

A number of other large investors also recently bought and sold shares of the business. SG Americas Securities LLC increased its position in shares of AvidXchange by 2.9% in the second quarter. SG Americas Securities LLC now owns 29,813 shares of the company’s stock valued at $360,000 after buying an additional 835 shares in the last quarter. California State Teachers Retirement System lifted its stake in AvidXchange by 1.0% in the 1st quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock valued at $2,121,000 after buying an additional 1,656 shares in the last quarter. Advisors Asset Management Inc. boosted its holdings in AvidXchange by 96.3% in the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock worth $57,000 after buying an additional 2,114 shares during the last quarter. ProShare Advisors LLC boosted its holdings in AvidXchange by 9.7% in the 1st quarter. ProShare Advisors LLC now owns 27,135 shares of the company’s stock worth $357,000 after buying an additional 2,396 shares during the last quarter. Finally, Principal Financial Group Inc. increased its stake in AvidXchange by 14.6% during the 1st quarter. Principal Financial Group Inc. now owns 20,058 shares of the company’s stock worth $264,000 after buying an additional 2,556 shares in the last quarter. Institutional investors and hedge funds own 80.58% of the company’s stock.

Insider Transactions at AvidXchange

In related news, CEO Michael Praeger sold 29,192 shares of the business’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $10.85, for a total value of $316,733.20. Following the sale, the chief executive officer now owns 10,440,510 shares in the company, valued at approximately $113,279,533.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 10.30% of the company’s stock.

Analyst Upgrades and Downgrades

AVDX has been the topic of a number of research analyst reports. UBS Group lowered AvidXchange from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $15.00 to $10.00 in a research note on Thursday, August 1st. Barclays lowered their target price on shares of AvidXchange from $14.00 to $10.00 and set an “overweight” rating on the stock in a research note on Monday, August 5th. JPMorgan Chase & Co. downgraded shares of AvidXchange from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $11.00 to $9.00 in a research note on Tuesday. Susquehanna dropped their price objective on shares of AvidXchange from $16.00 to $14.00 and set a “positive” rating for the company in a research note on Thursday, August 1st. Finally, KeyCorp decreased their target price on shares of AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $11.25.

AvidXchange Stock Performance

Shares of AvidXchange stock opened at $7.89 on Friday. The business’s fifty day simple moving average is $10.59 and its 200-day simple moving average is $11.43. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.20. The firm has a market cap of $1.63 billion, a PE ratio of -52.60 and a beta of 1.03. AvidXchange Holdings, Inc. has a 52 week low of $6.88 and a 52 week high of $13.56.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. The business had revenue of $105.30 million for the quarter, compared to the consensus estimate of $107.13 million. During the same period in the previous year, the firm earned ($0.05) EPS. The business’s revenue was up 15.6% on a year-over-year basis. Equities analysts forecast that AvidXchange Holdings, Inc. will post 0.01 earnings per share for the current year.

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.