SG Americas Securities LLC Sells 80,253 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

SG Americas Securities LLC trimmed its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 87.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,638 shares of the company's stock after selling 80,253 shares during the quarter. SG Americas Securities LLC's holdings in AvidXchange were worth $120,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of AVDX. US Bancorp DE raised its position in AvidXchange by 111,114.9% in the 3rd quarter. US Bancorp DE now owns 52,271 shares of the company's stock valued at $424,000 after buying an additional 52,224 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new position in AvidXchange in the 3rd quarter valued at $25,339,000. Entropy Technologies LP bought a new position in AvidXchange in the 3rd quarter valued at $447,000. State of New Jersey Common Pension Fund D grew its stake in AvidXchange by 39.3% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company's stock valued at $2,011,000 after purchasing an additional 69,971 shares during the period. Finally, Barclays PLC grew its stake in AvidXchange by 239.8% in the 3rd quarter. Barclays PLC now owns 285,768 shares of the company's stock valued at $2,318,000 after purchasing an additional 201,679 shares during the period. 80.58% of the stock is owned by institutional investors and hedge funds.

AvidXchange Price Performance

Shares of NASDAQ:AVDX traded up $0.01 on Friday, hitting $10.05. The company's stock had a trading volume of 588,208 shares, compared to its average volume of 1,268,602. The company has a 50-day simple moving average of $10.46 and a 200 day simple moving average of $9.35. AvidXchange Holdings, Inc. has a 1 year low of $7.38 and a 1 year high of $13.56. The company has a market capitalization of $2.07 billion, a PE ratio of 534.50 and a beta of 1.22. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32.

Insider Activity at AvidXchange

In related news, Director James E. Hausman sold 25,000 shares of the firm's stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $11.25, for a total transaction of $281,250.00. Following the transaction, the director now directly owns 2,112,232 shares of the company's stock, valued at approximately $23,762,610. This trade represents a 1.17 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Michael Praeger sold 42,377 shares of the firm's stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $11.40, for a total value of $483,097.80. Following the transaction, the chief executive officer now owns 10,381,033 shares in the company, valued at approximately $118,343,776.20. The trade was a 0.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 80,693 shares of company stock valued at $916,683. Corporate insiders own 10.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on AVDX shares. Wells Fargo & Company upped their price objective on AvidXchange from $9.00 to $10.00 and gave the company an "equal weight" rating in a research note on Thursday, November 7th. Piper Sandler increased their price target on AvidXchange from $9.00 to $10.00 and gave the stock a "neutral" rating in a research note on Thursday, November 7th. BTIG Research began coverage on AvidXchange in a research note on Wednesday, December 11th. They set a "buy" rating and a $14.00 price target for the company. BMO Capital Markets increased their price target on AvidXchange from $10.00 to $11.00 and gave the stock a "market perform" rating in a research note on Friday, November 8th. Finally, Compass Point raised AvidXchange from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $8.00 to $15.00 in a report on Thursday, November 7th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, AvidXchange has an average rating of "Hold" and an average target price of $11.61.

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.