AvidXchange Holdings, Inc. (NASDAQ:AVDX) Stock Holdings Raised by Fmr LLC

FMR LLC raised its position in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 8.4% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 14,889,282 shares of the company's stock after purchasing an additional 1,155,513 shares during the period. FMR LLC owned about 7.24% of AvidXchange worth $153,955,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Blue Trust Inc. grew its holdings in AvidXchange by 90.1% during the 4th 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 during the last quarter. R Squared Ltd purchased a new stake in shares of AvidXchange in the fourth quarter valued at $41,000. Y Intercept Hong Kong Ltd purchased a new stake in AvidXchange during the 3rd quarter worth about $86,000. KBC Group NV raised its stake in AvidXchange by 60.9% in the 4th 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 during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of AvidXchange during the 4th quarter worth about $115,000. Hedge funds and other institutional investors own 80.58% of the company's stock.

Insider Activity at AvidXchange

In other news, CEO Michael Praeger sold 58,881 shares of the firm's stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $446,906.79. Following the completion of the sale, the chief executive officer now directly owns 11,164,737 shares in the company, valued at $84,740,353.83. This trade represents a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Daniel Drees sold 34,782 shares of the business's stock in a transaction dated Friday, February 28th. The stock was 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 in the company, valued at approximately $8,932,162.47. This trade represents a 2.87 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 125,866 shares of company stock valued at $955,323. Corporate insiders own 10.40% of the company's stock.

AvidXchange Stock Down 1.9 %

Shares of NASDAQ AVDX traded down $0.15 on Friday, hitting $7.60. The company had a trading volume of 1,468,796 shares, compared to its average volume of 2,006,997. 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 12-month low of $6.61 and a 12-month high of $12.93. The firm has a market capitalization of $1.55 billion, a P/E ratio of 190.00 and a beta of 1.14. The business has a 50 day moving average of $8.24 and a two-hundred day moving average of $9.37.

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

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. The Goldman Sachs Group cut their price objective on shares of AvidXchange from $9.50 to $7.00 and set a "sell" rating for the company in a research report on Thursday, February 27th. Robert W. Baird decreased their price objective on AvidXchange from $14.00 to $12.00 and set an "outperform" rating on the stock in a report on Thursday, February 27th. Keefe, Bruyette & Woods upped 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. Barclays lowered AvidXchange from an "overweight" rating to an "equal weight" rating and decreased their price target for the stock from $13.00 to $8.00 in a research note on Tuesday, March 4th. Finally, BMO Capital Markets lowered their price target on AvidXchange from $11.00 to $7.50 and set a "market perform" rating for the company 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 issued a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $10.07.

About AvidXchange

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.