The Manufacturers Life Insurance Company Decreases Stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

The Manufacturers Life Insurance Company lessened its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 11.1% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 91,360 shares of the company’s stock after selling 11,444 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in AvidXchange were worth $741,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in AVDX. American Century Companies Inc. lifted its stake in AvidXchange by 54.2% during the second quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock worth $54,460,000 after purchasing an additional 1,586,510 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in AvidXchange by 5.6% in the second quarter. Dimensional Fund Advisors LP now owns 4,317,134 shares of the company’s stock valued at $52,062,000 after buying an additional 230,777 shares during the last quarter. Millennium Management LLC raised its stake in shares of AvidXchange by 9.8% during the second quarter. Millennium Management LLC now owns 2,770,662 shares of the company’s stock worth $33,414,000 after purchasing an additional 246,462 shares during the last quarter. Tremblant Capital Group raised its stake in shares of AvidXchange by 0.3% during the second quarter. Tremblant Capital Group now owns 2,170,114 shares of the company’s stock worth $26,172,000 after purchasing an additional 5,971 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its stake in shares of AvidXchange by 9.1% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,862,225 shares of the company’s stock worth $15,103,000 after purchasing an additional 155,008 shares during the last quarter. Hedge funds and other institutional investors own 80.58% of the company’s stock.

AvidXchange Stock Down 0.1 %

AvidXchange stock opened at $11.15 on Friday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. The firm has a market capitalization of $2.29 billion, a price-to-earnings ratio of 563.50 and a beta of 1.20. AvidXchange Holdings, Inc. has a fifty-two week low of $7.38 and a fifty-two week high of $13.56. The stock’s fifty day moving average is $9.70 and its two-hundred day moving average is $9.76.

Insider Buying and Selling at AvidXchange

In related news, Director James E. Hausman sold 25,000 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $11.25, for a total transaction of $281,250.00. Following the sale, the director now owns 2,112,232 shares of the company’s stock, valued at $23,762,610. This trade represents a 1.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Praeger sold 42,377 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $11.40, for a total value of $483,097.80. Following the sale, the chief executive officer now directly owns 10,381,033 shares in the company, valued at approximately $118,343,776.20. The trade was a 0.41 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 95,741 shares of company stock valued at $1,042,365. Insiders own 10.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. BTIG Research assumed coverage on AvidXchange in a research note on Wednesday. They set a “buy” rating and a $14.00 price target for the company. Keefe, Bruyette & Woods upped their price target on AvidXchange from $10.00 to $12.00 and gave the stock a “market perform” rating in a research note on Monday, December 9th. Wells Fargo & Company increased their price objective on AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Bank of America cut their price objective on AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a research report on Tuesday, October 15th. Finally, Piper Sandler increased their price objective on AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $11.68.

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.