American Century Companies Inc. Has $368,000 Holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

American Century Companies Inc. lessened its position in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 86.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 35,546 shares of the company's stock after selling 222,590 shares during the quarter. American Century Companies Inc.'s holdings in AvidXchange were worth $368,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Blue Trust Inc. grew its position in 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 last quarter. R Squared Ltd acquired a new position in AvidXchange in the 4th quarter valued at approximately $41,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of AvidXchange during the 3rd quarter worth approximately $86,000. KBC Group NV increased its position in shares of AvidXchange by 60.9% during the fourth quarter. KBC Group NV now owns 8,836 shares of the company's stock valued at $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 fourth quarter valued at $115,000. Institutional investors and hedge funds own 80.58% of the company's stock.

AvidXchange Trading Down 1.9 %

AVDX stock traded down $0.15 during midday trading on Friday, reaching $7.60. The company's stock had a trading volume of 1,468,796 shares, compared to its average volume of 2,010,554. The business's 50-day simple moving average is $8.19 and its 200-day simple moving average is $9.37. The stock has a market cap of $1.55 billion, a PE ratio of 190.00 and a beta of 1.14. AvidXchange Holdings, Inc. has a 52 week low of $6.61 and a 52 week high of $12.93. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11.

AvidXchange (NASDAQ:AVDX - Get Free Report) last announced its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing analysts' consensus estimates of $0.06 by ($0.03). AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. The company had revenue of $115.44 million for the quarter, compared to analyst estimates of $114.98 million. As a group, sell-side analysts expect that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

Insider Activity

In other AvidXchange news, CEO Michael Praeger sold 58,881 shares of the stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $446,906.79. Following the completion of the sale, the chief executive officer now directly 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 sale 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 business's 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 of the company's stock, valued at $8,932,162.47. This represents a 2.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 125,866 shares of company stock valued at $955,323 in the last ninety days. 10.40% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on AVDX shares. Morgan Stanley dropped their price objective on shares of AvidXchange from $11.00 to $8.00 and set an "equal weight" rating for the company in a research note on Thursday, February 27th. BMO Capital Markets lowered their price objective on AvidXchange from $11.00 to $7.50 and set a "market perform" rating on the stock in a research note on Thursday, February 27th. KeyCorp downgraded AvidXchange from an "overweight" rating to a "sector weight" rating in a research report on Thursday, February 27th. Barclays lowered AvidXchange from an "overweight" rating to an "equal weight" rating and dropped their price objective for the stock from $13.00 to $8.00 in a research note on Tuesday, March 4th. Finally, The Goldman Sachs Group dropped their target price 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. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $10.07.

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.