AvidXchange Holdings, Inc. (NASDAQ:AVDX) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. decreased its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 37.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,156,792 shares of the company's stock after selling 1,280,242 shares during the quarter. JPMorgan Chase & Co. owned approximately 1.05% of AvidXchange worth $22,301,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in shares of AvidXchange by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 18,110,051 shares of the company's stock worth $187,258,000 after buying an additional 116,410 shares during the period. Geode Capital Management LLC grew its holdings 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 acquiring an additional 201,847 shares in the last quarter. State Street Corp increased its position in shares of 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 purchasing an additional 54,403 shares during the last quarter. Jennison Associates LLC raised its holdings in shares of AvidXchange by 50.9% in the 4th quarter. Jennison Associates LLC now owns 2,176,525 shares of the company's stock valued at $22,505,000 after purchasing an additional 733,860 shares in the last quarter. Finally, Advantage Alpha Capital Partners LP lifted its position in shares of AvidXchange by 13.9% during the 4th quarter. Advantage Alpha Capital Partners LP now owns 854,661 shares of the company's stock worth $8,837,000 after purchasing an additional 104,379 shares during the last quarter. Institutional investors and hedge funds own 80.58% of the company's stock.

AvidXchange Trading Up 1.4 %

NASDAQ:AVDX traded up $0.11 on Tuesday, reaching $7.86. The stock had a trading volume of 64,780 shares, compared to its average volume of 1,859,304. AvidXchange Holdings, Inc. has a 12-month low of $6.61 and a 12-month high of $12.93. The firm's fifty day moving average is $8.39 and its two-hundred day moving average is $9.39. The company has a market cap of $1.61 billion, a price-to-earnings ratio of 196.33 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 (NASDAQ:AVDX - Get Free Report) last issued 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). 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 analysts' expectations of $114.98 million. Equities analysts expect that AvidXchange Holdings, Inc. will post 0.02 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Michael Praeger sold 58,881 shares of the firm'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 value of $446,906.79. Following the transaction, the chief executive officer now owns 11,164,737 shares in the company, valued at approximately $84,740,353.83. This trade represents a 0.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, President Daniel Drees sold 34,782 shares of the firm's stock in a transaction on Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $263,995.38. Following the completion of the transaction, the president now directly owns 1,176,833 shares in the company, valued at approximately $8,932,162.47. This represents a 2.87 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 125,866 shares of company stock valued at $955,323. Insiders own 10.40% of the company's stock.

Analysts Set New Price Targets

Several research firms recently weighed in on AVDX. Barclays cut AvidXchange from an "overweight" rating to an "equal weight" rating and decreased their target price for the stock from $13.00 to $8.00 in a research note on Tuesday, March 4th. BMO Capital Markets lowered their price target on AvidXchange from $11.00 to $7.50 and set a "market perform" rating on the stock in a report on Thursday, February 27th. Morgan Stanley lowered their price objective on shares of AvidXchange from $11.00 to $8.00 and set an "equal weight" rating on the stock in a research report on Thursday, February 27th. Wolfe Research cut AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Thursday, February 27th. Finally, Robert W. Baird lowered their price target on shares of AvidXchange from $14.00 to $12.00 and set an "outperform" rating on the stock in a research note on Thursday, February 27th. Two 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's stock. According to MarketBeat, AvidXchange currently has an average rating of "Hold" and an average price target of $10.07.

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.