117,180 Shares in AvidXchange Holdings, Inc. (NASDAQ:AVDX) Bought by Hel Ved Capital Management Ltd

Hel Ved Capital Management Ltd acquired a new position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 117,180 shares of the company's stock, valued at approximately $1,212,000. Hel Ved Capital Management Ltd owned about 0.06% of AvidXchange as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in AVDX. US Bancorp DE increased its position in AvidXchange by 11.6% during the fourth quarter. US Bancorp DE now owns 58,350 shares of the company's stock worth $603,000 after buying an additional 6,079 shares during the period. Barclays PLC increased its holdings in shares of 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 acquiring an additional 201,679 shares during the period. Charles Schwab Investment Management Inc. raised its position in AvidXchange by 8.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,528,875 shares of the company's stock valued at $12,399,000 after purchasing an additional 114,763 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in AvidXchange during the 4th quarter worth $372,000. Finally, Geode Capital Management LLC grew its position in AvidXchange by 5.0% during the 3rd quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company's stock worth $34,607,000 after purchasing an additional 201,847 shares during the last quarter. Institutional investors and hedge funds own 80.58% of the company's stock.

Insider Activity at AvidXchange

In other news, CEO Michael Praeger sold 58,881 shares of AvidXchange stock in a transaction dated Friday, February 28th. The shares were 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. The trade was a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Joel Wilhite sold 32,203 shares of the company'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 transaction of $244,420.77. Following the transaction, the insider now directly owns 843 shares in the company, valued at $6,398.37. The trade was a 97.45 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 125,866 shares of company stock valued at $955,323. 10.40% of the stock is owned by insiders.

AvidXchange Price Performance

Shares of AVDX stock traded down $0.41 during mid-day trading on Thursday, reaching $7.47. The stock had a trading volume of 285,438 shares, compared to its average volume of 2,005,182. The company has a market cap of $1.53 billion, a P/E ratio of 186.55 and a beta of 1.14. The company has a current ratio of 1.32, a quick 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 business has a 50-day simple moving average of $8.58 and a 200 day simple moving average of $9.40.

AvidXchange (NASDAQ:AVDX - Get Free Report) last announced its earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 business had revenue of $115.44 million for the quarter, compared to analyst estimates of $114.98 million. On average, sell-side analysts anticipate that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current year.

Wall Street Analysts Forecast Growth

AVDX has been the topic of several recent research reports. Wolfe Research cut AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Thursday, February 27th. JPMorgan Chase & Co. cut 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. Robert W. Baird lowered their price objective on shares of AvidXchange from $14.00 to $12.00 and set an "outperform" rating on the stock in a research report on Thursday, February 27th. Morgan Stanley cut their price objective on shares of AvidXchange from $11.00 to $8.00 and set an "equal weight" rating for the company in a research report on Thursday, February 27th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of AvidXchange from $8.00 to $9.00 and gave the company a "market perform" rating in a report on Monday, March 31st. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price 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.