Sei Investments Co. Buys New Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Sei Investments Co. acquired a new stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 59,276 shares of the company's stock, valued at approximately $613,000.

Several other institutional investors and hedge funds have also bought and sold shares of AVDX. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of AvidXchange by 5.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 422,697 shares of the company's stock worth $3,428,000 after purchasing an additional 20,665 shares in the last quarter. Captrust Financial Advisors boosted its holdings in AvidXchange by 9.2% in the 3rd quarter. Captrust Financial Advisors now owns 17,350 shares of the company's stock worth $141,000 after buying an additional 1,465 shares during the period. State Street Corp grew its stake in 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 buying an additional 54,403 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new stake in AvidXchange during the 3rd quarter valued at $86,000. Finally, Barclays PLC lifted 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 acquiring an additional 201,679 shares in the last quarter. 80.58% of the stock is owned by institutional investors.

Insider Transactions at AvidXchange

In other news, 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 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Joel Wilhite sold 32,203 shares of AvidXchange stock in a transaction on Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $244,420.77. Following the completion of the transaction, the insider now directly owns 843 shares in the company, valued at approximately $6,398.37. The trade was a 97.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 125,866 shares of company stock worth $955,323. Company insiders own 10.40% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on AVDX shares. Keefe, Bruyette & Woods lifted their price target on AvidXchange from $8.00 to $9.00 and gave the company a "market perform" rating in a research report on Monday, March 31st. 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 report on Thursday, February 27th. Barclays cut shares of AvidXchange from an "overweight" rating to an "equal weight" rating and reduced their price objective for the company from $13.00 to $8.00 in a research note on Tuesday, March 4th. KeyCorp cut shares of AvidXchange from an "overweight" rating to a "sector weight" rating in a research note on Thursday, February 27th. Finally, Wells Fargo & Company cut their price target on shares of AvidXchange from $10.00 to $8.00 and set an "equal weight" rating for the company in a report on Thursday, February 27th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $10.07.

AvidXchange Price Performance

NASDAQ AVDX traded up $0.10 on Tuesday, reaching $7.85. 64,780 shares of the company's stock traded hands, compared to its average volume of 1,859,304. The stock has a market cap of $1.61 billion, a PE ratio of 196.33 and a beta of 1.14. AvidXchange Holdings, Inc. has a 12 month low of $6.61 and a 12 month high of $12.93. The stock has a 50-day simple moving average of $8.39 and a 200 day simple moving average of $9.39. 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 released its earnings results on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.03). The business had revenue of $115.44 million for the quarter, compared to the consensus estimate of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. As a group, research analysts predict that AvidXchange Holdings, Inc. will post 0.02 earnings per share 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.