Capital Research Global Investors Has $1.71 Million Stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Capital Research Global Investors lowered its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 97.2% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 164,986 shares of the company's stock after selling 5,783,181 shares during the period. Capital Research Global Investors owned about 0.08% of AvidXchange worth $1,706,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of AVDX. Barclays PLC grew its position in shares of AvidXchange by 239.8% during the third quarter. Barclays PLC now owns 285,768 shares of the company's stock worth $2,318,000 after buying an additional 201,679 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of 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 in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of AvidXchange by 480.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 178,483 shares of the company's stock worth $1,846,000 after purchasing an additional 147,719 shares during the last quarter. Blue Trust Inc. raised its stake in AvidXchange by 90.1% during the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company's stock valued at $28,000 after buying an additional 1,278 shares in the last quarter. Finally, KBC Group NV lifted its holdings in AvidXchange by 60.9% during the 4th quarter. KBC Group NV now owns 8,836 shares of the company's stock worth $91,000 after buying an additional 3,344 shares during the last quarter. Hedge funds and other institutional investors own 80.58% of the company's stock.

AvidXchange Price Performance

Shares of NASDAQ AVDX traded down $0.01 during mid-day trading on Friday, reaching $7.86. 1,025,693 shares of the company traded hands, compared to its average volume of 2,009,816. The firm has a market cap of $1.61 billion, a PE ratio of 196.50 and a beta of 1.14. 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 Holdings, Inc. has a fifty-two week low of $6.61 and a fifty-two week high of $12.93. The stock has a fifty day simple moving average of $7.96 and a 200-day simple moving average of $9.36.

AvidXchange (NASDAQ:AVDX - Get Free Report) last announced 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 negative net margin of 0.23% and a positive return on equity of 0.74%. The firm had revenue of $115.44 million during the quarter, compared to analyst estimates of $114.98 million. Equities research analysts anticipate 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 the business's 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 sale, the chief executive officer now directly owns 11,164,737 shares of the company's stock, valued at $84,740,353.83. The trade was a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Daniel Drees sold 34,782 shares of the stock in a transaction on Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $263,995.38. Following the completion of the transaction, the president now owns 1,176,833 shares of the company's stock, valued at $8,932,162.47. This trade represents a 2.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 125,866 shares of company stock worth $955,323 in the last ninety days. 10.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

AVDX has been the topic of several research reports. Wells Fargo & Company dropped their price target on AvidXchange from $10.00 to $8.00 and set an "equal weight" rating on the stock in a research report on Thursday, February 27th. Wolfe Research lowered shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a report on Thursday, February 27th. KeyCorp lowered shares of AvidXchange from an "overweight" rating to a "sector weight" rating in a research note on Thursday, February 27th. JPMorgan Chase & Co. decreased their target price on AvidXchange from $10.00 to $9.00 and set a "neutral" rating for the company in a research note on Thursday, February 27th. Finally, Robert W. Baird cut their price target on AvidXchange from $14.00 to $12.00 and set an "outperform" rating on the stock in a report on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $10.07.

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.