AvidXchange Holdings, Inc. (NASDAQ:AVDX) Shares Bought by SG Americas Securities LLC

SG Americas Securities LLC lifted its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 208.9% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 35,947 shares of the company’s stock after buying an additional 24,309 shares during the quarter. SG Americas Securities LLC’s holdings in AvidXchange were worth $305,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Blue Trust Inc. raised its position in shares of AvidXchange by 90.1% during the 4th 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. Rhumbline Advisers grew its stake in AvidXchange by 1.0% during the 4th quarter. Rhumbline Advisers now owns 234,738 shares of the company’s stock worth $2,427,000 after buying an additional 2,391 shares during the last quarter. New York State Common Retirement Fund grew its stake in AvidXchange by 26.8% during the 4th quarter. New York State Common Retirement Fund now owns 53,873 shares of the company’s stock worth $557,000 after buying an additional 11,400 shares during the last quarter. Y Intercept Hong Kong Ltd increased its position in AvidXchange by 610.5% in the fourth quarter. Y Intercept Hong Kong Ltd now owns 75,010 shares of the company’s stock worth $776,000 after buying an additional 64,452 shares during the period. Finally, US Bancorp DE lifted its stake in AvidXchange by 11.6% in the fourth quarter. US Bancorp DE now owns 58,350 shares of the company’s stock valued at $603,000 after buying an additional 6,079 shares during the last quarter. 80.58% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. BTIG Research downgraded shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 7th. UBS Group boosted their target price on shares of AvidXchange from $8.00 to $10.00 and gave the company a “neutral” rating in a research note on Thursday, May 8th. Wells Fargo & Company upped their target price on shares of AvidXchange from $8.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 8th. BMO Capital Markets dropped their price target on shares of AvidXchange from $11.00 to $7.50 and set a “market perform” rating on the stock in a research note on Thursday, February 27th. Finally, JPMorgan Chase & Co. reduced their price objective on AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company 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 issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $10.30.

Insider Buying and Selling

In related news, insider Joel Wilhite sold 20,914 shares of AvidXchange stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $9.74, for a total transaction of $203,702.36. Following the transaction, the insider now directly owns 808,841 shares of the company’s stock, valued at $7,878,111.34. The trade was a 2.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Praeger sold 40,005 shares of the company’s stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $9.74, for a total transaction of $389,648.70. Following the completion of the sale, the chief executive officer now directly owns 11,037,830 shares of the company’s stock, valued at $107,508,464.20. The trade was a 0.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 95,890 shares of company stock valued at $933,969 over the last quarter. Corporate insiders own 11.10% of the company’s stock.

AvidXchange Stock Performance

AvidXchange stock opened at $9.80 on Friday. AvidXchange Holdings, Inc. has a 12-month low of $6.61 and a 12-month high of $12.93. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.32 and a quick ratio of 1.32. The stock has a market capitalization of $2.02 billion, a PE ratio of 245.00 and a beta of 1.22. The firm has a 50 day simple moving average of $9.29 and a 200-day simple moving average of $9.30.

AvidXchange 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.