Charles Schwab Investment Management Inc. Grows Stock Holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Charles Schwab Investment Management Inc. raised its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 0.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,532,474 shares of the company’s stock after buying an additional 3,599 shares during the period. Charles Schwab Investment Management Inc.’s holdings in AvidXchange were worth $15,846,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in the stock. Blue Trust Inc. lifted its position in shares of AvidXchange by 90.1% in 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. R Squared Ltd purchased a new stake in shares of AvidXchange in the 4th quarter worth approximately $41,000. Point72 DIFC Ltd purchased a new stake in shares of AvidXchange in the 3rd quarter worth approximately $37,000. KBC Group NV lifted its position in shares of AvidXchange by 60.9% in the 4th quarter. KBC Group NV now owns 8,836 shares of the company’s stock worth $91,000 after purchasing an additional 3,344 shares during the period. Finally, Y Intercept Hong Kong Ltd purchased a new stake in shares of AvidXchange in the 3rd quarter worth approximately $86,000. 80.58% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

AVDX has been the subject of several research reports. KeyCorp cut shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a research report on Thursday, February 27th. Keefe, Bruyette & Woods lowered their price target on shares of AvidXchange from $11.00 to $8.00 and set a “market perform” rating for the company in a research report on Thursday, February 27th. The Goldman Sachs Group lowered their price target on shares of AvidXchange from $9.50 to $7.00 and set a “sell” rating for the company in a research report on Thursday, February 27th. Barclays lowered shares of AvidXchange from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $13.00 to $8.00 in a research note on Tuesday, March 4th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $10.00.

Insider Transactions at AvidXchange

In other news, CEO Michael Praeger sold 58,881 shares of the stock in a transaction on Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $446,906.79. Following the sale, the chief executive officer now owns 11,164,737 shares in the company, valued at $84,740,353.83. This represents a 0.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Daniel Drees sold 34,782 shares of the stock in a transaction on Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $263,995.38. Following the completion of the sale, the president now owns 1,176,833 shares in the company, valued at $8,932,162.47. The trade was a 2.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 125,866 shares of company stock worth $955,323 over the last 90 days. 10.40% of the stock is currently owned by company insiders.

AvidXchange Trading Up 0.5 %

Shares of AvidXchange stock opened at $8.46 on Friday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange Holdings, Inc. has a 12-month low of $6.61 and a 12-month high of $13.50. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of 211.50 and a beta of 1.28. The firm’s 50 day simple moving average is $9.28 and its two-hundred day simple moving average is $9.36.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. The company had revenue of $115.44 million for the quarter, compared to analyst estimates of $114.98 million. Analysts predict that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

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.