36,000 Shares in AvidXchange Holdings, Inc. (NASDAQ:AVDX) Purchased by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS bought a new stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 36,000 shares of the company's stock, valued at approximately $372,000.

A number of other institutional investors have also recently made changes to their positions in the stock. Blue Trust Inc. grew its holdings in shares of AvidXchange by 90.1% in the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company's stock worth $28,000 after acquiring an additional 1,278 shares during the period. R Squared Ltd purchased a new position in AvidXchange in the fourth quarter worth about $41,000. Point72 DIFC Ltd bought a new stake in shares of AvidXchange during the 3rd quarter valued at about $37,000. KBC Group NV increased its position in shares of AvidXchange by 60.9% during 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, Y Intercept Hong Kong Ltd bought a new position in shares of AvidXchange in the 3rd quarter worth approximately $86,000. Hedge funds and other institutional investors own 80.58% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on AVDX. Piper Sandler cut their target price on shares of AvidXchange from $10.00 to $8.00 and set a "neutral" rating for the company in a research report on Friday, February 28th. KeyCorp downgraded shares of AvidXchange from an "overweight" rating to a "sector weight" rating in a research report on Thursday, February 27th. 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 report on Tuesday, March 4th. Wolfe Research lowered AvidXchange from a "strong-buy" rating to a "hold" rating in a report on Thursday, February 27th. Finally, The Goldman Sachs Group decreased their price objective on AvidXchange from $9.50 to $7.00 and set a "sell" rating on the stock in a research note on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $10.07.

Insider Buying and Selling at AvidXchange

In other AvidXchange news, CEO Michael Praeger sold 58,881 shares of the business's stock in a transaction that occurred 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 legal filing with the SEC, which is available through this link. Also, President Daniel Drees sold 34,782 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 $263,995.38. Following the completion of the sale, the president now directly owns 1,176,833 shares of the company's stock, valued at $8,932,162.47. The trade was a 2.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 125,866 shares of company stock worth $955,323 over the last 90 days. 10.40% of the stock is owned by insiders.

AvidXchange Price Performance

Shares of AVDX stock traded down $0.32 during trading hours on Thursday, hitting $7.56. The stock had a trading volume of 1,241,947 shares, compared to its average volume of 2,013,210. The stock's 50-day moving average price is $8.51 and its two-hundred day moving average price is $9.39. AvidXchange Holdings, Inc. has a one year low of $6.61 and a one year high of $12.93. The stock has a market capitalization of $1.55 billion, a price-to-earnings ratio of 189.00 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 data on Wednesday, February 26th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $115.44 million for the quarter, compared to analysts' expectations of $114.98 million. Equities analysts forecast that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

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.