Assenagon Asset Management S.A. Buys 147,719 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Assenagon Asset Management S.A. boosted its holdings in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 480.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 178,483 shares of the company's stock after purchasing an additional 147,719 shares during the period. Assenagon Asset Management S.A. owned approximately 0.09% of AvidXchange worth $1,846,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. FMR LLC lifted its stake in AvidXchange by 272.5% during the third quarter. FMR LLC now owns 13,733,769 shares of the company's stock valued at $111,381,000 after buying an additional 10,046,893 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of AvidXchange by 5.6% during the second quarter. Dimensional Fund Advisors LP now owns 4,317,134 shares of the company's stock valued at $52,062,000 after acquiring an additional 230,777 shares during the period. Geode Capital Management LLC lifted its position in shares of AvidXchange by 5.0% in the 3rd quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company's stock valued at $34,607,000 after acquiring an additional 201,847 shares in the last quarter. State Street Corp boosted its stake in AvidXchange by 1.5% in the 3rd quarter. State Street Corp now owns 3,763,694 shares of the company's stock worth $30,524,000 after purchasing an additional 54,403 shares during the period. Finally, Jacobs Levy Equity Management Inc. purchased a new position in AvidXchange during the 3rd quarter worth approximately $25,339,000. 80.58% of the stock is currently owned by institutional investors.

Insider Activity

In other AvidXchange news, CEO Michael Praeger sold 42,377 shares of the business's stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $11.40, for a total transaction of $483,097.80. Following the completion of the transaction, the chief executive officer now owns 10,381,033 shares of the company's stock, valued at $118,343,776.20. The trade was a 0.41 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James E. Hausman sold 25,000 shares of the company's stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $11.25, for a total transaction of $281,250.00. Following the sale, the director now owns 2,112,232 shares of the company's stock, valued at $23,762,610. This trade represents a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 80,693 shares of company stock valued at $916,683. Insiders own 10.40% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on AVDX shares. BTIG Research started coverage on AvidXchange in a report on Wednesday, December 11th. They issued a "buy" rating and a $14.00 target price for the company. Bank of America reduced their price objective on AvidXchange from $12.00 to $8.00 and set an "underperform" rating for the company in a research note on Tuesday, October 15th. BMO Capital Markets lifted their target price on AvidXchange from $10.00 to $11.00 and gave the company a "market perform" rating in a research note on Friday, November 8th. The Goldman Sachs Group increased their price target on shares of AvidXchange from $9.00 to $10.00 and gave the stock a "sell" rating in a research report on Monday, December 2nd. Finally, UBS Group boosted their price objective on shares of AvidXchange from $10.00 to $10.50 and gave the company a "neutral" rating in a research report on Thursday, November 7th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $11.61.

AvidXchange Stock Up 0.9 %

AvidXchange stock traded up $0.09 during mid-day trading on Friday, hitting $10.51. 1,166,251 shares of the company's stock were exchanged, compared to its average volume of 1,698,797. AvidXchange Holdings, Inc. has a 1-year low of $7.38 and a 1-year high of $13.56. The stock has a 50 day moving average of $10.69 and a two-hundred day moving average of $9.60. The stock has a market cap of $2.16 billion, a P/E ratio of 518.50 and a beta of 1.22. 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 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.