Raymond James Financial Inc. Invests $115,000 in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Raymond James Financial Inc. acquired a new stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 11,165 shares of the company’s stock, valued at approximately $115,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Blue Trust Inc. boosted its position in shares of AvidXchange by 90.1% in the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after acquiring an additional 1,278 shares during the period. R Squared Ltd purchased a new stake in AvidXchange during the 4th quarter valued at about $41,000. KBC Group NV boosted its holdings in shares of 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 acquiring an additional 3,344 shares during the last quarter. Xponance Inc. boosted its holdings in shares of AvidXchange by 9.2% during the 4th quarter. Xponance Inc. now owns 12,459 shares of the company’s stock valued at $129,000 after acquiring an additional 1,045 shares during the last quarter. Finally, Magnetar Financial LLC bought a new position in shares of AvidXchange in the 4th quarter worth approximately $137,000. Hedge funds and other institutional investors own 80.58% of the company’s stock.

Insider Buying and Selling at AvidXchange

In related news, President Daniel Drees sold 34,782 shares of the 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 $263,995.38. Following the transaction, the president now owns 1,176,833 shares in the company, valued at $8,932,162.47. This represents a 2.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Praeger sold 58,881 shares of the firm’s stock in a transaction on Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $446,906.79. Following the sale, the chief executive officer now owns 11,164,737 shares in the company, valued at $84,740,353.83. The trade was a 0.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 125,866 shares of company stock worth $955,323. Insiders own 10.40% of the company’s stock.

AvidXchange Stock Performance

AVDX opened at $9.72 on Wednesday. The company has a market capitalization of $2.00 billion, a price-to-earnings ratio of 243.00 and a beta of 1.14. The business’s 50-day moving average price is $8.12 and its two-hundred day moving average price is $9.42. 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 1 year low of $6.61 and a 1 year high of $12.93.

AvidXchange (NASDAQ:AVDX) last announced its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 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 analyst estimates of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. Equities analysts expect that AvidXchange Holdings, Inc. will post 0.02 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently commented on AVDX shares. Susquehanna downgraded shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 8th. Baird R W downgraded shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 8th. Piper Sandler upped their price objective on shares of AvidXchange from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Thursday, May 8th. BMO Capital Markets lowered their price objective on AvidXchange from $11.00 to $7.50 and set a “market perform” rating on the stock in a research report on Thursday, February 27th. Finally, KeyCorp lowered AvidXchange from an “overweight” rating to a “sector weight” rating in a research report on Thursday, February 27th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $10.30.

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.