Russell Investments Group Ltd. Increases Stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Russell Investments Group Ltd. increased its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 5.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 171,255 shares of the company’s stock after buying an additional 8,330 shares during the period. Russell Investments Group Ltd. owned 0.08% of AvidXchange worth $1,771,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Envestnet Asset Management Inc. grew its position in shares of AvidXchange by 4.6% in the 4th quarter. Envestnet Asset Management Inc. now owns 465,163 shares of the company’s stock worth $4,810,000 after buying an additional 20,479 shares during the period. Hel Ved Capital Management Ltd purchased a new stake in AvidXchange in the fourth quarter worth about $1,212,000. Wells Fargo & Company MN grew its holdings in AvidXchange by 17.4% in the fourth quarter. Wells Fargo & Company MN now owns 102,923 shares of the company’s stock worth $1,064,000 after purchasing an additional 15,243 shares during the period. Landscape Capital Management L.L.C. bought a new position in shares of AvidXchange during the fourth quarter valued at approximately $289,000. Finally, Trexquant Investment LP lifted its holdings in shares of AvidXchange by 88.5% during the fourth quarter. Trexquant Investment LP now owns 731,394 shares of the company’s stock valued at $7,563,000 after purchasing an additional 343,303 shares during the last quarter. 80.58% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at AvidXchange

In other AvidXchange news, insider Joel Wilhite sold 32,203 shares of AvidXchange stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $244,420.77. Following the transaction, the insider now owns 843 shares of the company’s stock, valued at $6,398.37. The trade was a 97.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael Praeger sold 58,881 shares of the stock in a transaction on Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $446,906.79. Following the completion of the sale, the chief executive officer now directly owns 11,164,737 shares of the company’s stock, valued at approximately $84,740,353.83. This trade represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 125,866 shares of company stock worth $955,323. Corporate insiders own 10.40% of the company’s stock.

AvidXchange Trading Down 1.9 %

Shares of NASDAQ:AVDX opened at $7.60 on Friday. AvidXchange Holdings, Inc. has a 52-week low of $6.61 and a 52-week high of $12.93. The stock has a market capitalization of $1.55 billion, a price-to-earnings ratio of 190.00 and a beta of 1.14. 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 stock’s 50-day simple moving average is $8.19 and its two-hundred day simple moving average is $9.38.

AvidXchange (NASDAQ:AVDX) last announced its earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.03). The business had revenue of $115.44 million for the quarter, compared to the consensus estimate of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. Analysts expect that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

Analyst Upgrades and Downgrades

AVDX has been the subject of a number of analyst reports. JPMorgan Chase & Co. reduced their price objective on AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. Wolfe Research downgraded AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 27th. Piper Sandler dropped their price target on shares of AvidXchange from $10.00 to $8.00 and set a “neutral” rating on the stock in a research note on Friday, February 28th. KeyCorp downgraded shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a research report on Thursday, February 27th. Finally, BMO Capital Markets decreased their target price on shares of AvidXchange from $11.00 to $7.50 and set a “market perform” rating for the company in a report on Thursday, February 27th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, AvidXchange has a consensus rating of “Hold” and an average price target of $10.07.

About AvidXchange

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.