Invesco Ltd. Acquires 6,823 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Invesco Ltd. lifted its holdings in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 4.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 156,682 shares of the company’s stock after acquiring an additional 6,823 shares during the quarter. Invesco Ltd. owned approximately 0.08% of AvidXchange worth $1,620,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Blue Trust Inc. boosted its position in 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 purchasing an additional 1,278 shares during the period. R Squared Ltd bought a new position in shares of AvidXchange during the fourth quarter worth approximately $41,000. KBC Group NV lifted its holdings in AvidXchange by 60.9% during the 4th quarter. KBC Group NV now owns 8,836 shares of the company’s stock worth $91,000 after purchasing an additional 3,344 shares during the last quarter. Raymond James Financial Inc. bought a new stake in AvidXchange in the 4th quarter valued at $115,000. Finally, Xponance Inc. grew its holdings in AvidXchange by 9.2% in the 4th quarter. Xponance Inc. now owns 12,459 shares of the company’s stock valued at $129,000 after buying an additional 1,045 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 have recently issued reports on AVDX. Barclays cut shares of AvidXchange from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $13.00 to $8.00 in a research report on Tuesday, March 4th. BMO Capital Markets lowered their target price on shares of AvidXchange from $11.00 to $7.50 and set a “market perform” rating on the stock in a report on Thursday, February 27th. Morgan Stanley cut their price target on AvidXchange from $11.00 to $8.00 and set an “equal weight” rating for the company in a research note on Thursday, February 27th. KeyCorp lowered AvidXchange from an “overweight” rating to a “sector weight” rating in a research note on Thursday, February 27th. Finally, Wolfe Research downgraded AvidXchange from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 27th. Two equities research 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’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $10.07.

AvidXchange Price Performance

Shares of NASDAQ:AVDX opened at $8.19 on Wednesday. The firm has a 50 day simple moving average of $7.90 and a 200 day simple moving average of $9.38. The company has a market cap of $1.67 billion, a price-to-earnings ratio of 204.75 and a beta of 1.14. AvidXchange Holdings, Inc. has a one year low of $6.61 and a one year high of $12.93. 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 released its quarterly earnings data 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). AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. The firm had revenue of $115.44 million for the quarter, compared to analyst estimates of $114.98 million. Research analysts predict that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current fiscal year.

Insider Activity

In related news, President Daniel Drees sold 34,782 shares of the firm’s stock in a transaction on Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $263,995.38. Following the completion of the transaction, the president now directly owns 1,176,833 shares of the company’s stock, valued at $8,932,162.47. This trade represents a 2.87 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Joel Wilhite sold 32,203 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 value of $244,420.77. Following the completion of the sale, the insider now owns 843 shares in the company, valued at $6,398.37. This trade represents a 97.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 125,866 shares of company stock valued at $955,323 over the last quarter. 10.40% of the stock is owned by company insiders.

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.