Nikko Asset Management Americas Inc. Sells 272,139 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Nikko Asset Management Americas Inc. cut its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 14.6% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,590,086 shares of the company's stock after selling 272,139 shares during the quarter. Nikko Asset Management Americas Inc. owned 0.77% of AvidXchange worth $16,441,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Blue Trust Inc. boosted its position 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 acquiring an additional 1,278 shares during the last quarter. R Squared Ltd acquired a new position in AvidXchange during the fourth quarter worth $41,000. Point72 DIFC Ltd bought a new position in AvidXchange in the third quarter valued at $37,000. KBC Group NV grew its position in AvidXchange by 60.9% in 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 in the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new stake in AvidXchange in the 3rd quarter valued at $86,000. Institutional investors and hedge funds own 80.58% of the company's stock.

AvidXchange Stock Performance

Shares of AvidXchange stock traded up $0.02 on Friday, hitting $8.48. The stock had a trading volume of 2,198,704 shares, compared to its average volume of 1,908,221. The stock has a market cap of $1.73 billion, a price-to-earnings ratio of 212.00 and a beta of 1.28. The business's 50 day moving average is $9.28 and its two-hundred day moving average is $9.36. 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 Holdings, Inc. has a twelve month low of $6.61 and a twelve month high of $13.50.

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AvidXchange (NASDAQ:AVDX - Get Free Report) last posted its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $115.44 million for the quarter, compared to the consensus estimate of $114.98 million. Analysts forecast that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

Insiders Place Their Bets

In other news, insider Joel Wilhite sold 32,203 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 $244,420.77. Following the completion of the transaction, the insider now directly owns 843 shares in the company, valued at approximately $6,398.37. The trade was a 97.45 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael Praeger sold 58,881 shares of the company'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 $446,906.79. Following the sale, 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 125,866 shares of company stock worth $955,323 in the last quarter. Corporate insiders own 10.40% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on AVDX shares. Wells Fargo & Company decreased their price objective on AvidXchange from $10.00 to $8.00 and set an "equal weight" rating for the company in a report on Thursday, February 27th. JPMorgan Chase & Co. decreased their price target on AvidXchange from $10.00 to $9.00 and set a "neutral" rating for the company in a research note on Thursday, February 27th. Wolfe Research cut AvidXchange from a "strong-buy" rating to a "hold" rating in a research note on Thursday, February 27th. Keefe, Bruyette & Woods cut their price objective on AvidXchange from $11.00 to $8.00 and set a "market perform" rating for the company in a report on Thursday, February 27th. Finally, KeyCorp downgraded shares of AvidXchange from an "overweight" rating to a "sector weight" rating in a report on Thursday, February 27th. Two 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 company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $10.00.

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.