AvidXchange Holdings, Inc. (NASDAQ:AVDX) Shares Sold by Biltmore Family Office LLC

Biltmore Family Office LLC decreased its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 4.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,984,149 shares of the company's stock after selling 139,998 shares during the period. AvidXchange accounts for 5.2% of Biltmore Family Office LLC's investment portfolio, making the stock its 3rd biggest holding. Biltmore Family Office LLC owned approximately 1.45% of AvidXchange worth $30,856,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in AvidXchange by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 18,110,051 shares of the company's stock valued at $187,258,000 after buying an additional 116,410 shares in the last quarter. FMR LLC raised its stake in shares of AvidXchange by 272.5% in the third quarter. FMR LLC now owns 13,733,769 shares of the company's stock valued at $111,381,000 after acquiring an additional 10,046,893 shares during the last quarter. Geode Capital Management LLC raised its position in 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 purchasing an additional 201,847 shares during the last quarter. State Street Corp grew its holdings in shares of AvidXchange by 1.5% during the third 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 last quarter. Finally, Jacobs Levy Equity Management Inc. acquired a new stake in shares of AvidXchange in the third quarter valued at $25,339,000. 80.58% of the stock is owned by institutional investors and hedge funds.

AvidXchange Stock Up 1.3 %

Shares of NASDAQ AVDX traded up $0.09 during midday trading on Tuesday, reaching $7.53. The company's stock had a trading volume of 1,466,209 shares, compared to its average volume of 1,993,765. The stock has a 50 day simple moving average of $8.83 and a 200-day simple moving average of $9.43. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $1.54 billion, a price-to-earnings ratio of 188.30 and a beta of 1.14. AvidXchange Holdings, Inc. has a fifty-two week low of $6.61 and a fifty-two week high of $12.93.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on AVDX shares. BMO Capital Markets lowered their price objective on shares of AvidXchange from $11.00 to $7.50 and set a "market perform" rating for the company in a research report on Thursday, February 27th. Keefe, Bruyette & Woods lifted their target price on AvidXchange from $8.00 to $9.00 and gave the company a "market perform" rating in a research note on Monday, March 31st. Wells Fargo & Company cut their price target on AvidXchange from $10.00 to $8.00 and set an "equal weight" rating on the stock in a research note on Thursday, February 27th. Robert W. Baird dropped their price objective on AvidXchange from $14.00 to $12.00 and set an "outperform" rating for the company in a report on Thursday, February 27th. Finally, KeyCorp lowered shares of AvidXchange from an "overweight" rating to a "sector weight" rating in a report on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $10.07.

Insider Activity

In related news, President Daniel Drees sold 34,782 shares of the business's stock in a transaction that occurred 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 transaction, the president now directly owns 1,176,833 shares of the company's stock, valued at approximately $8,932,162.47. The trade was a 2.87 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Praeger sold 58,881 shares of AvidXchange stock in a transaction on Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $446,906.79. Following 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 trade represents a 0.52 % 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 quarter. Company insiders own 10.40% of the company's stock.

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.