AvidXchange Holdings, Inc. (NASDAQ:AVDX) Shares Sold by Vanguard Group Inc.

Vanguard Group Inc. trimmed its holdings in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 3.2% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 17,890,929 shares of the company’s stock after selling 591,082 shares during the period. Vanguard Group Inc. owned 0.09% of AvidXchange worth $221,669,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Rhumbline Advisers lifted its holdings in AvidXchange by 1.8% during the third quarter. Rhumbline Advisers now owns 206,230 shares of the company’s stock valued at $1,955,000 after purchasing an additional 3,667 shares in the last quarter. Victory Capital Management Inc. lifted its stake in AvidXchange by 25.5% in the 4th quarter. Victory Capital Management Inc. now owns 20,628 shares of the company’s stock valued at $256,000 after buying an additional 4,189 shares in the last quarter. National Bank of Canada FI acquired a new stake in AvidXchange in the 4th quarter worth about $54,000. King Luther Capital Management Corp increased its stake in AvidXchange by 0.7% during the 4th quarter. King Luther Capital Management Corp now owns 680,097 shares of the company’s stock worth $8,426,000 after buying an additional 4,576 shares in the last quarter. Finally, Versor Investments LP raised its holdings in shares of AvidXchange by 16.1% during the fourth quarter. Versor Investments LP now owns 47,300 shares of the company’s stock valued at $586,000 after acquiring an additional 6,562 shares during the last quarter. Hedge funds and other institutional investors own 80.58% of the company’s stock.

Insider Buying and Selling at AvidXchange

In other news, CEO Michael Praeger sold 25,418 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $11.24, for a total value of $285,698.32. Following the sale, the chief executive officer now directly owns 10,495,547 shares of the company’s stock, valued at approximately $117,969,948.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other AvidXchange news, President Daniel Drees sold 13,762 shares of the company’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $11.24, for a total transaction of $154,684.88. Following the transaction, the president now directly owns 758,406 shares in the company, valued at $8,524,483.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Praeger sold 25,418 shares of AvidXchange stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $11.24, for a total value of $285,698.32. Following the completion of the sale, the chief executive officer now directly owns 10,495,547 shares of the company’s stock, valued at $117,969,948.28. The disclosure for this sale can be found here. Insiders have sold 152,897 shares of company stock valued at $1,695,238 over the last 90 days. 10.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Barclays dropped their price target on AvidXchange from $16.00 to $14.00 and set an “overweight” rating for the company in a research report on Monday, May 13th. Piper Sandler reduced their target price on shares of AvidXchange from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Friday, April 12th. The Goldman Sachs Group restated a “sell” rating and set a $11.50 price target (down from $13.00) on shares of AvidXchange in a research report on Monday, April 15th. Finally, Keefe, Bruyette & Woods assumed coverage on shares of AvidXchange in a research note on Tuesday, April 9th. They issued a “market perform” rating and a $13.50 target price on the stock. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $12.86.

AvidXchange Stock Down 0.2 %

AVDX stock opened at $12.03 on Tuesday. AvidXchange Holdings, Inc. has a one year low of $6.88 and a one year high of $13.56. The firm has a market cap of $2.49 billion, a PE ratio of -80.19 and a beta of 1.04. The firm’s 50 day moving average price is $11.25 and its 200-day moving average price is $11.76. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.34 and a current ratio of 1.34.

AvidXchange (NASDAQ:AVDX) last posted its earnings results on Wednesday, May 8th. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.04. The company had revenue of $105.60 million for the quarter, compared to the consensus estimate of $101.33 million. AvidXchange had a negative return on equity of 1.75% and a negative net margin of 8.10%. On average, equities research analysts anticipate that AvidXchange Holdings, Inc. will post 0.01 EPS for the current year.

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.