Bank of New York Mellon Corp Sells 116,009 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Bank of New York Mellon Corp lessened its holdings in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 3.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,048,386 shares of the company's stock after selling 116,009 shares during the period. Bank of New York Mellon Corp owned approximately 1.48% of AvidXchange worth $31,520,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Blue Trust Inc. raised its holdings in AvidXchange by 90.1% during the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company's stock worth $28,000 after buying an additional 1,278 shares during the period. R Squared Ltd bought a new stake in shares of AvidXchange during the fourth quarter worth $41,000. Point72 DIFC Ltd acquired a new stake in shares of AvidXchange during the third quarter worth $37,000. KBC Group NV lifted its position in AvidXchange by 60.9% in the 4th quarter. KBC Group NV now owns 8,836 shares of the company's stock valued at $91,000 after acquiring an additional 3,344 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new position in AvidXchange in the 3rd quarter worth $86,000. Institutional investors own 80.58% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on AVDX shares. BMO Capital Markets cut their price target on AvidXchange from $11.00 to $7.50 and set a "market perform" rating on the stock in a report on Thursday, February 27th. The Goldman Sachs Group cut their target price on AvidXchange from $9.50 to $7.00 and set a "sell" rating on the stock in a research note on Thursday, February 27th. Piper Sandler decreased their price target on shares of AvidXchange from $10.00 to $8.00 and set a "neutral" rating for the company in a research note on Friday, February 28th. Wolfe Research lowered shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Thursday, February 27th. Finally, Barclays downgraded shares of AvidXchange from an "overweight" rating to an "equal weight" rating and decreased their target price for the company from $13.00 to $8.00 in a research report on Tuesday, March 4th. Two equities research 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. Based on data from MarketBeat.com, AvidXchange presently has a consensus rating of "Hold" and a consensus price target of $10.00.

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AvidXchange Stock Performance

AvidXchange stock traded up $0.02 during mid-day trading on Wednesday, hitting $6.92. 946,239 shares of the company's stock traded hands, compared to its average volume of 1,733,250. AvidXchange Holdings, Inc. has a fifty-two week low of $6.76 and a fifty-two week high of $13.49. The stock has a market cap of $1.41 billion, a price-to-earnings ratio of 172.88 and a beta of 1.28. The firm has a 50 day simple moving average of $9.58 and a two-hundred day simple moving average of $9.38. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32.

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

Insider Buying and Selling

In other news, CEO Michael Praeger sold 58,881 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 $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 approximately $84,740,353.83. The trade was a 0.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joel Wilhite sold 32,203 shares of the company's stock in a transaction on Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $244,420.77. Following the sale, the insider now owns 843 shares of the company's stock, valued at approximately $6,398.37. The trade was a 97.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 125,866 shares of company stock valued at $955,323. Insiders own 10.40% of the company's stock.

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.