Invesco Ltd. Has $1.44 Million Stock Holdings in AvidXchange Holdings, Inc. $AVDX

Invesco Ltd. raised its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 8.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 170,011 shares of the company’s stock after acquiring an additional 13,329 shares during the quarter. Invesco Ltd. owned about 0.08% of AvidXchange worth $1,442,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company lifted its stake 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 buying an additional 4,953 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of AvidXchange by 25.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 16,629 shares of the company’s stock worth $172,000 after buying an additional 3,418 shares during the last quarter. Northern Trust Corp lifted its stake in shares of AvidXchange by 8.3% in the fourth quarter. Northern Trust Corp now owns 1,653,173 shares of the company’s stock worth $17,094,000 after buying an additional 127,396 shares during the last quarter. SG Americas Securities LLC lifted its stake in shares of AvidXchange by 208.9% in the first quarter. SG Americas Securities LLC now owns 35,947 shares of the company’s stock worth $305,000 after buying an additional 24,309 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of AvidXchange in the fourth quarter worth $115,000. 80.58% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. UBS Group boosted their price objective on shares of AvidXchange from $8.00 to $10.00 and gave the stock a “neutral” rating in a research note on Thursday, May 8th. Piper Sandler boosted their price objective on shares of AvidXchange from $8.00 to $10.00 and gave the stock a “neutral” rating in a research note on Thursday, May 8th. Morgan Stanley boosted their price objective on shares of AvidXchange from $8.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 8th. Susquehanna cut shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 8th. Finally, Robert W. Baird reaffirmed a “neutral” rating and set a $10.00 target price on shares of AvidXchange in a research report on Thursday, May 8th. One analyst has rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $10.04.

AvidXchange Trading Up 0.1%

Shares of AVDX stock opened at $9.94 on Tuesday. AvidXchange Holdings, Inc. has a 1 year low of $6.61 and a 1 year high of $11.68. The firm’s fifty day simple moving average is $9.87 and its 200 day simple moving average is $9.10. The firm has a market capitalization of $2.06 billion, a P/E ratio of -198.76 and a beta of 1.20. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.10.

AvidXchange (NASDAQ:AVDX) last announced its earnings results on Wednesday, August 6th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). The company had revenue of $110.57 million for the quarter, compared to the consensus estimate of $110.18 million. AvidXchange had a positive return on equity of 1.15% and a negative net margin of 1.80%.The company’s revenue was up 5.2% compared to the same quarter last year. During the same period last year, the firm posted $0.05 EPS. As a group, sell-side analysts predict that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

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.