AvidXchange Holdings, Inc. (NASDAQ:AVDX) Shares Acquired by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC raised its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 25.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,629 shares of the company’s stock after buying an additional 3,418 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in AvidXchange were worth $172,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. US Bancorp DE increased its holdings in shares of AvidXchange by 11.6% in the 4th quarter. US Bancorp DE now owns 58,350 shares of the company’s stock worth $603,000 after acquiring an additional 6,079 shares during the period. Azora Capital LP bought a new position in AvidXchange during the 4th quarter worth approximately $45,067,000. Wells Fargo & Company MN lifted its stake in AvidXchange by 17.4% in the fourth quarter. Wells Fargo & Company MN now owns 102,923 shares of the company’s stock valued at $1,064,000 after buying an additional 15,243 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of AvidXchange by 5.4% in the fourth quarter. The Manufacturers Life Insurance Company now owns 96,313 shares of the company’s stock worth $996,000 after purchasing an additional 4,953 shares in the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of AvidXchange in the fourth quarter valued at $372,000. 80.58% of the stock is currently owned by institutional investors and hedge funds.

AvidXchange Stock Performance

NASDAQ AVDX opened at $9.77 on Wednesday. The company has a market cap of $2.02 billion, a P/E ratio of 244.25 and a beta of 1.22. AvidXchange Holdings, Inc. has a 12-month low of $6.61 and a 12-month high of $12.93. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.10. The company has a fifty day simple moving average of $9.01 and a 200 day simple moving average of $9.36.

Insider Activity

In other AvidXchange news, CEO Michael Praeger sold 40,005 shares of the company’s stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $9.74, for a total value of $389,648.70. Following the completion of the sale, the chief executive officer now directly owns 11,037,830 shares in the company, valued at approximately $107,508,464.20. This represents a 0.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Daniel Drees sold 25,972 shares of the stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $9.74, for a total value of $252,967.28. Following the transaction, the president now owns 1,167,186 shares in the company, valued at $11,368,391.64. This represents a 2.18% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 95,890 shares of company stock valued at $933,969. 11.10% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

AVDX has been the subject of a number of research reports. Wolfe Research lowered shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 27th. Keefe, Bruyette & Woods boosted their target price on AvidXchange from $8.00 to $9.00 and gave the company a “market perform” rating in a research note on Monday, March 31st. BTIG Research downgraded AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 7th. UBS Group increased their target price on AvidXchange from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Thursday, May 8th. Finally, Susquehanna lowered AvidXchange from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 8th. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the company currently 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.