AvidXchange Holdings, Inc. (NASDAQ:AVDX) Shares Acquired by Alliancebernstein L.P.

Alliancebernstein L.P. lifted its position in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 199.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 553,270 shares of the company's stock after acquiring an additional 368,380 shares during the period. Alliancebernstein L.P. owned 0.27% of AvidXchange worth $5,721,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in AVDX. Blue Trust Inc. boosted its position in AvidXchange by 90.1% in the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company's stock valued at $28,000 after buying an additional 1,278 shares during the last quarter. R Squared Ltd acquired a new position in AvidXchange during the fourth quarter valued at $41,000. Y Intercept Hong Kong Ltd purchased a new stake in AvidXchange in the third quarter valued at $86,000. KBC Group NV grew its position in AvidXchange by 60.9% during 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, Raymond James Financial Inc. acquired a new position in shares of AvidXchange in the 4th quarter valued at about $115,000. Institutional investors and hedge funds own 80.58% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on AVDX. BMO Capital Markets cut their price target on AvidXchange from $11.00 to $7.50 and set a "market perform" rating for the company in a research note on Thursday, February 27th. JPMorgan Chase & Co. cut their price target on shares of AvidXchange from $10.00 to $9.00 and set a "neutral" rating for the company in a report on Thursday, February 27th. Piper Sandler decreased their price objective on shares of AvidXchange from $10.00 to $8.00 and set a "neutral" rating on the stock in a report on Friday, February 28th. Barclays cut AvidXchange from an "overweight" rating to an "equal weight" rating and lowered their price objective for the stock from $13.00 to $8.00 in a report on Tuesday, March 4th. Finally, The Goldman Sachs Group lowered their price target on AvidXchange from $9.50 to $7.00 and set a "sell" rating on the stock in a research note on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $10.07.

AvidXchange Trading Down 1.9 %

Shares of AVDX stock traded down $0.15 during trading hours on Friday, hitting $7.60. The company had a trading volume of 1,468,796 shares, compared to its average volume of 2,006,997. 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 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The company's fifty day moving average is $8.24 and its 200 day moving average is $9.37. The stock has a market capitalization of $1.55 billion, a PE ratio of 190.00 and a beta of 1.14.

AvidXchange (NASDAQ:AVDX - Get Free Report) last announced its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 earnings per share 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 business had revenue of $115.44 million during the quarter, compared to analyst estimates of $114.98 million. Research analysts expect that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current fiscal year.

Insider Transactions at AvidXchange

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

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.