JPMorgan Chase & Co. Sells 1,160,810 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

JPMorgan Chase & Co. cut its holdings in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 25.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,437,034 shares of the company's stock after selling 1,160,810 shares during the period. JPMorgan Chase & Co. owned approximately 1.67% of AvidXchange worth $27,874,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in AVDX. FMR LLC increased its stake in AvidXchange by 272.5% in the 3rd quarter. FMR LLC now owns 13,733,769 shares of the company's stock worth $111,381,000 after purchasing an additional 10,046,893 shares in the last quarter. American Century Companies Inc. increased its holdings in AvidXchange by 54.2% in the second quarter. American Century Companies Inc. now owns 4,515,719 shares of the company's stock worth $54,460,000 after buying an additional 1,586,510 shares during the last quarter. Dimensional Fund Advisors LP grew its position in AvidXchange by 5.6% in the second quarter. Dimensional Fund Advisors LP now owns 4,317,134 shares of the company's stock worth $52,062,000 after acquiring an additional 230,777 shares in the last quarter. Geode Capital Management LLC increased its position in AvidXchange by 5.0% during the third quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company's stock worth $34,607,000 after buying an additional 201,847 shares during the last quarter. Finally, State Street Corp grew 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 valued at $30,524,000 after buying an additional 54,403 shares during the last quarter. 80.58% of the stock is currently owned by institutional investors and hedge funds.

AvidXchange Stock Down 3.2 %

NASDAQ AVDX traded down $0.32 on Wednesday, reaching $9.80. The company had a trading volume of 5,174,371 shares, compared to its average volume of 2,323,454. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The company's fifty day moving average is $10.55 and its 200 day moving average is $9.72. AvidXchange Holdings, Inc. has a 52-week low of $7.38 and a 52-week high of $13.56. The stock has a market capitalization of $2.02 billion, a P/E ratio of 518.50 and a beta of 1.22.

Wall Street Analysts Forecast Growth

AVDX has been the subject of a number of recent research reports. KeyCorp increased their target price on AvidXchange from $12.00 to $13.00 and gave the stock an "overweight" rating in a report on Thursday, December 5th. Barclays boosted their price target on shares of AvidXchange from $11.00 to $13.00 and gave the stock an "overweight" rating in a research note on Monday, November 18th. Wells Fargo & Company upped their target price on shares of AvidXchange from $9.00 to $10.00 and gave the company an "equal weight" rating in a research note on Thursday, November 7th. Bank of America reduced their target price on AvidXchange from $12.00 to $8.00 and set an "underperform" rating on the stock in a report on Tuesday, October 15th. Finally, Compass Point upgraded AvidXchange from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $8.00 to $15.00 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 given a buy rating to the stock. According to data from MarketBeat.com, AvidXchange currently has a consensus rating of "Hold" and an average target price of $11.61.

Insider Activity

In related news, Director Teresa Mackintosh sold 13,316 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $11.44, for a total value of $152,335.04. Following the sale, the director now owns 47,388 shares in the company, valued at approximately $542,118.72. This trade represents a 21.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Ryan Stahl sold 7,427 shares of the business's stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total value of $63,723.66. Following the transaction, the insider now owns 369,603 shares of the company's stock, valued at approximately $3,171,193.74. The trade was a 1.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 88,120 shares of company stock worth $980,407. 10.40% of the stock is owned by corporate insiders.

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.