Rhumbline Advisers Acquires 2,391 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Rhumbline Advisers increased its holdings in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 1.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 234,738 shares of the company’s stock after acquiring an additional 2,391 shares during the period. Rhumbline Advisers owned about 0.11% of AvidXchange worth $2,427,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of AVDX. FMR LLC lifted its holdings in AvidXchange by 272.5% during the 3rd quarter. FMR LLC now owns 13,733,769 shares of the company’s stock worth $111,381,000 after buying an additional 10,046,893 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in AvidXchange during the 3rd quarter worth $25,339,000. Point72 Asset Management L.P. acquired a new position in AvidXchange during the 3rd quarter worth $7,920,000. Jennison Associates LLC lifted its holdings in AvidXchange by 50.9% during the 4th quarter. Jennison Associates LLC now owns 2,176,525 shares of the company’s stock worth $22,505,000 after buying an additional 733,860 shares in the last quarter. Finally, Providence Capital Advisors LLC lifted its holdings in AvidXchange by 709.6% during the 3rd quarter. Providence Capital Advisors LLC now owns 649,565 shares of the company’s stock worth $5,268,000 after buying an additional 569,328 shares in the last quarter. Institutional investors and hedge funds own 80.58% of the company’s stock.

AvidXchange Price Performance

Shares of NASDAQ AVDX opened at $7.60 on Monday. AvidXchange Holdings, Inc. has a twelve month low of $6.89 and a twelve month high of $13.56. The company has a market cap of $1.56 billion, a PE ratio of 190.00 and a beta of 1.22. The business’s 50 day moving average price is $10.03 and its two-hundred day moving average price is $9.42. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. The firm had revenue of $115.44 million for the quarter, compared to the consensus estimate of $114.98 million. On average, analysts predict that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

Insider Transactions at AvidXchange

In related news, Director James E. Hausman sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $11.25, for a total value of $281,250.00. Following the completion of the sale, the director now directly owns 2,112,232 shares in the company, valued at approximately $23,762,610. The trade was a 1.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Teresa Mackintosh sold 13,316 shares of the company’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $11.44, for a total value of $152,335.04. Following the sale, the director now owns 47,388 shares of the company’s stock, valued at $542,118.72. The trade was a 21.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 10.40% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on AVDX shares. Compass Point raised AvidXchange from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $8.00 to $15.00 in a report on Thursday, November 7th. Morgan Stanley reduced their price objective on AvidXchange from $11.00 to $8.00 and set an “equal weight” rating on the stock in a report on Thursday. KeyCorp downgraded AvidXchange from an “overweight” rating to a “sector weight” rating in a research note on Thursday. Wells Fargo & Company dropped their price objective on AvidXchange from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research note on Thursday. Finally, Robert W. Baird lowered their target price on AvidXchange from $14.00 to $12.00 and set an “outperform” rating for the company in a report on Thursday. Two analysts have rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, AvidXchange presently has an average rating of “Hold” and a consensus target price of $10.33.

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.