The Manufacturers Life Insurance Company Has $1.24 Million Stock Holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

The Manufacturers Life Insurance Company increased its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 14.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 102,804 shares of the company’s stock after acquiring an additional 13,229 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in AvidXchange were worth $1,240,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AVDX. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of AvidXchange by 37.0% in the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 372,595 shares of the company’s stock worth $4,616,000 after acquiring an additional 100,595 shares during the period. Cardinal Capital Management acquired a new position in shares of AvidXchange in the first quarter worth approximately $190,000. Principal Financial Group Inc. lifted its stake in shares of AvidXchange by 14.6% in the first quarter. Principal Financial Group Inc. now owns 20,058 shares of the company’s stock worth $264,000 after acquiring an additional 2,556 shares during the period. Jennison Associates LLC acquired a new position in shares of AvidXchange in the first quarter worth approximately $23,800,000. Finally, GSA Capital Partners LLP increased its holdings in AvidXchange by 31.0% in the first quarter. GSA Capital Partners LLP now owns 78,672 shares of the company’s stock worth $1,035,000 after purchasing an additional 18,612 shares in the last quarter. 80.58% of the stock is owned by institutional investors and hedge funds.

AvidXchange Stock Up 2.4 %

AVDX stock opened at $7.99 on Friday. The stock’s fifty day simple moving average is $7.91 and its two-hundred day simple moving average is $10.36. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.19. AvidXchange Holdings, Inc. has a 1-year low of $6.88 and a 1-year high of $13.56. The stock has a market cap of $1.65 billion, a P/E ratio of -53.80 and a beta of 1.01.

AvidXchange (NASDAQ:AVDX) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.01. AvidXchange had a negative return on equity of 0.23% and a negative net margin of 3.18%. The business had revenue of $105.30 million for the quarter, compared to analysts’ expectations of $107.13 million. During the same quarter in the previous year, the firm earned ($0.05) earnings per share. The business’s revenue was up 15.6% on a year-over-year basis. Analysts expect that AvidXchange Holdings, Inc. will post 0.03 EPS for the current year.

Insider Activity

In other news, insider Joel Wilhite sold 47,308 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $8.10, for a total transaction of $383,194.80. Following the transaction, the insider now owns 413,687 shares of the company’s stock, valued at $3,350,864.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Joel Wilhite sold 47,308 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $8.10, for a total transaction of $383,194.80. Following the transaction, the insider now owns 413,687 shares of the company’s stock, valued at $3,350,864.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ryan Stahl sold 7,621 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $8.13, for a total value of $61,958.73. Following the transaction, the insider now directly owns 377,030 shares in the company, valued at $3,065,253.90. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 158,959 shares of company stock valued at $1,279,321 in the last 90 days. Insiders own 10.30% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on AVDX shares. KeyCorp lowered their target price on AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a report on Thursday, August 1st. Barclays decreased their price objective on AvidXchange from $14.00 to $10.00 and set an “overweight” rating for the company in a report on Monday, August 5th. Robert W. Baird decreased their price objective on AvidXchange from $16.00 to $14.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. Keefe, Bruyette & Woods decreased their price objective on AvidXchange from $13.50 to $11.00 and set a “market perform” rating for the company in a report on Thursday, August 1st. Finally, The Goldman Sachs Group decreased their price objective on AvidXchange from $11.50 to $9.00 and set a “sell” rating for the company in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $11.00.

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.