AvidXchange Holdings, Inc. (NASDAQ:AVDX) Shares Acquired by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lifted its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 4.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 465,163 shares of the company’s stock after acquiring an additional 20,479 shares during the period. Envestnet Asset Management Inc. owned about 0.23% of AvidXchange worth $4,810,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Xponance Inc. lifted its holdings in shares of AvidXchange by 9.2% in the 4th quarter. Xponance Inc. now owns 12,459 shares of the company’s stock worth $129,000 after purchasing an additional 1,045 shares during the last quarter. Blue Trust Inc. grew its position in shares of AvidXchange by 90.1% during the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock worth $28,000 after acquiring an additional 1,278 shares during the last quarter. Rhumbline Advisers increased its holdings in shares of AvidXchange by 1.0% in the 4th quarter. Rhumbline Advisers now owns 234,738 shares of the company’s stock worth $2,427,000 after acquiring an additional 2,391 shares during the period. KBC Group NV boosted its stake in AvidXchange by 60.9% during the 4th quarter. KBC Group NV now owns 8,836 shares of the company’s stock valued at $91,000 after purchasing an additional 3,344 shares during the period. Finally, R Squared Ltd bought a new position in AvidXchange in the 4th quarter worth about $41,000. 80.58% of the stock is owned by institutional investors and hedge funds.

AvidXchange Stock Up 2.8 %

Shares of AvidXchange stock opened at $7.66 on Wednesday. The firm has a market cap of $1.57 billion, a price-to-earnings ratio of 191.50 and a beta of 1.14. The stock has a 50-day simple moving average of $8.10 and a 200-day simple moving average of $9.37. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. AvidXchange Holdings, Inc. has a 52-week low of $6.61 and a 52-week high of $12.93.

AvidXchange (NASDAQ:AVDX) last posted its quarterly earnings data 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 firm had revenue of $115.44 million for the quarter, compared to the consensus estimate of $114.98 million. AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. On average, equities research analysts expect that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Barclays downgraded AvidXchange from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $13.00 to $8.00 in a research note on Tuesday, March 4th. BMO Capital Markets reduced their price objective on shares of AvidXchange from $11.00 to $7.50 and set a “market perform” rating for the company in a research report on Thursday, February 27th. Piper Sandler dropped their target price on shares of AvidXchange from $10.00 to $8.00 and set a “neutral” rating on the stock in a report on Friday, February 28th. Wells Fargo & Company reduced their target price on shares of AvidXchange from $10.00 to $8.00 and set an “equal weight” rating for the company in a report on Thursday, February 27th. Finally, JPMorgan Chase & Co. dropped their price target on AvidXchange from $10.00 to $9.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $10.07.

Insider Activity at AvidXchange

In other news, President Daniel Drees sold 34,782 shares of AvidXchange stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $263,995.38. Following the sale, the president now directly owns 1,176,833 shares in the company, valued at approximately $8,932,162.47. The trade was a 2.87 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael Praeger sold 58,881 shares of the company’s stock in a transaction dated Friday, February 28th. The shares were 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 in the company, valued at approximately $84,740,353.83. The trade was a 0.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 125,866 shares of company stock worth $955,323 in the last ninety days. 10.40% of the stock is currently owned by insiders.

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.