AvidXchange Holdings, Inc. (NASDAQ:AVDX) Holdings Cut by Bank of New York Mellon Corp

Bank of New York Mellon Corp decreased its holdings in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 5.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,868,823 shares of the company’s stock after selling 179,563 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.40% of AvidXchange worth $24,328,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of AVDX. Raymond James Financial Inc. acquired a new stake in AvidXchange in the 4th quarter worth $115,000. Swiss National Bank grew its position in AvidXchange by 1.4% in the 4th quarter. Swiss National Bank now owns 327,000 shares of the company’s stock worth $3,381,000 after purchasing an additional 4,400 shares during the last quarter. Cibc World Markets Corp acquired a new stake in AvidXchange in the 4th quarter worth $168,000. Intech Investment Management LLC grew its position in AvidXchange by 26.8% in the 4th quarter. Intech Investment Management LLC now owns 61,923 shares of the company’s stock worth $640,000 after purchasing an additional 13,105 shares during the last quarter. Finally, Xponance Inc. grew its position in AvidXchange by 9.2% in the 4th quarter. Xponance Inc. now owns 12,459 shares of the company’s stock worth $129,000 after purchasing an additional 1,045 shares during the last quarter. Institutional investors and hedge funds own 80.58% of the company’s stock.

Insiders Place Their Bets

In other news, President Daniel Drees sold 25,972 shares of the firm’s stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $9.74, for a total transaction of $252,967.28. Following the completion of the transaction, the president directly owned 1,167,186 shares in the company, valued at $11,368,391.64. This trade represents a 2.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ryan Stahl sold 8,999 shares of the stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $9.74, for a total value of $87,650.26. Following the sale, the insider directly owned 667,226 shares in the company, valued at $6,498,781.24. This trade represents a 1.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 95,890 shares of company stock worth $933,969 in the last ninety days. Insiders own 11.10% of the company’s stock.

AvidXchange Stock Performance

NASDAQ:AVDX opened at $9.84 on Friday. The firm has a market cap of $2.03 billion, a PE ratio of 984.00 and a beta of 1.20. AvidXchange Holdings, Inc. has a fifty-two week low of $6.61 and a fifty-two week high of $12.93. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.32 and a current ratio of 1.32. The business has a 50 day moving average price of $9.78 and a 200-day moving average price of $9.20.

Analysts Set New Price Targets

AVDX has been the topic of several research analyst reports. Susquehanna lowered shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 8th. UBS Group raised their price objective on shares of AvidXchange from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, May 8th. Piper Sandler raised their price objective on shares of AvidXchange from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, May 8th. Morgan Stanley raised their price objective on shares of AvidXchange from $8.00 to $10.00 and gave the stock an “equal weight” rating in a report on Thursday, May 8th. Finally, Wells Fargo & Company raised their price objective on shares of AvidXchange from $8.00 to $10.00 and gave the stock an “equal weight” rating in a report on Thursday, May 8th. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, AvidXchange has an average rating of “Hold” and a consensus price target of $10.30.

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.