AvidXchange Holdings, Inc. (NASDAQ:AVDX) Shares Bought by MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 3.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 98,863 shares of the company’s stock after buying an additional 3,745 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.’s holdings in AvidXchange were worth $1,022,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. US Bancorp DE raised its position in AvidXchange by 11.6% during the fourth quarter. US Bancorp DE now owns 58,350 shares of the company’s stock valued at $603,000 after acquiring an additional 6,079 shares in the last quarter. Azora Capital LP purchased a new position in shares of AvidXchange during the 4th quarter valued at approximately $45,067,000. Wells Fargo & Company MN lifted its stake in shares of AvidXchange by 17.4% in the 4th quarter. Wells Fargo & Company MN now owns 102,923 shares of the company’s stock valued at $1,064,000 after purchasing an additional 15,243 shares during the period. Barclays PLC boosted its holdings in AvidXchange by 239.8% during the third quarter. Barclays PLC now owns 285,768 shares of the company’s stock worth $2,318,000 after buying an additional 201,679 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in AvidXchange by 5.4% during the fourth quarter. The Manufacturers Life Insurance Company now owns 96,313 shares of the company’s stock worth $996,000 after buying an additional 4,953 shares in the last quarter. Institutional investors and hedge funds own 80.58% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on AVDX. Wells Fargo & Company lifted their price objective on shares of AvidXchange from $8.00 to $10.00 and gave the company an “equal weight” rating in a report on Thursday, May 8th. Baird R W lowered AvidXchange from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 8th. Piper Sandler upped their price target on AvidXchange from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, May 8th. Susquehanna lowered AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 8th. Finally, BMO Capital Markets reduced their target price on AvidXchange from $11.00 to $7.50 and set a “market perform” rating for the company in a research note on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $10.30.

AvidXchange Price Performance

Shares of NASDAQ AVDX opened at $9.74 on Monday. The firm has a 50-day simple moving average of $8.47 and a 200-day simple moving average of $9.48. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $2.01 billion, a price-to-earnings ratio of 243.50 and a beta of 1.14. AvidXchange Holdings, Inc. has a 52 week low of $6.61 and a 52 week high of $12.93.

AvidXchange (NASDAQ:AVDX) last released its earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). The business had revenue of $115.44 million during the quarter, compared to analysts’ expectations 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 analysts predict that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, President Daniel Drees sold 34,782 shares of AvidXchange 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 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 legal filing 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 transaction of $244,420.77. Following the completion of the sale, the insider now directly owns 843 shares of the company’s stock, valued at $6,398.37. This represents a 97.45% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 221,756 shares of company stock valued at $1,889,292. Insiders own 11.10% of the company’s stock.

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.