AvidXchange Holdings, Inc. (NASDAQ:AVDX) Shares Acquired by Wells Fargo & Company MN

Wells Fargo & Company MN boosted its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 17.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 102,923 shares of the company’s stock after acquiring an additional 15,243 shares during the quarter. Wells Fargo & Company MN owned about 0.05% of AvidXchange worth $1,064,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Landscape Capital Management L.L.C. acquired a new stake in shares of AvidXchange during the fourth quarter worth $289,000. Trexquant Investment LP grew its stake in AvidXchange by 88.5% during the 4th quarter. Trexquant Investment LP now owns 731,394 shares of the company’s stock valued at $7,563,000 after acquiring an additional 343,303 shares in the last quarter. Alliancebernstein L.P. increased its stake in AvidXchange by 199.2% in the 4th quarter. Alliancebernstein L.P. now owns 553,270 shares of the company’s stock valued at $5,721,000 after buying an additional 368,380 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in AvidXchange in the 4th quarter worth approximately $10,292,000. Finally, Pictet Asset Management Holding SA grew its holdings in shares of AvidXchange by 33.5% during the 4th quarter. Pictet Asset Management Holding SA now owns 26,767 shares of the company’s stock valued at $277,000 after acquiring an additional 6,715 shares in the last quarter. 80.58% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently issued reports on AVDX. Robert W. Baird decreased their price objective on shares of AvidXchange from $14.00 to $12.00 and set an “outperform” rating for the company in a report on Thursday, February 27th. KeyCorp downgraded AvidXchange from an “overweight” rating to a “sector weight” rating in a research note on Thursday, February 27th. JPMorgan Chase & Co. decreased their target price on AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. Barclays lowered shares of AvidXchange from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $13.00 to $8.00 in a research report on Tuesday, March 4th. Finally, Piper Sandler decreased their price objective on shares of AvidXchange from $10.00 to $8.00 and set a “neutral” rating for the company in a report on Friday, February 28th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, AvidXchange has an average rating of “Hold” and an average price target of $10.07.

Insiders Place Their Bets

In related news, President Daniel Drees sold 34,782 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $263,995.38. Following the completion of the transaction, the president now owns 1,176,833 shares in the company, valued at $8,932,162.47. The trade was a 2.87 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Michael Praeger sold 58,881 shares of AvidXchange stock in a transaction on Friday, February 28th. The shares were sold at an average price of $7.59, for a total value 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 $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 quarter, insiders have sold 125,866 shares of company stock valued at $955,323. 10.40% of the stock is currently owned by corporate insiders.

AvidXchange Price Performance

AvidXchange stock opened at $8.19 on Wednesday. The business has a 50 day simple moving average of $7.90 and a 200 day simple moving average of $9.38. AvidXchange Holdings, Inc. has a one year low of $6.61 and a one year high of $12.93. The company has a market capitalization of $1.67 billion, a PE ratio of 204.75 and a beta of 1.14. 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 (NASDAQ:AVDX) last posted its earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.03). The firm had revenue of $115.44 million during 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, sell-side analysts forecast that AvidXchange Holdings, Inc. will post 0.02 EPS for the current fiscal 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.