Senvest Management LLC Sells 4,956,355 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Senvest Management LLC decreased its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 50.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,886,655 shares of the company's stock after selling 4,956,355 shares during the quarter. AvidXchange accounts for about 1.6% of Senvest Management LLC's investment portfolio, making the stock its 18th largest holding. Senvest Management LLC owned 2.38% of AvidXchange worth $50,528,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. Captrust Financial Advisors boosted its position in shares of AvidXchange by 9.2% in the third 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 boosted its position in AvidXchange by 1.5% during the 3rd quarter. State Street Corp now owns 3,763,694 shares of the company's stock worth $30,524,000 after acquiring an additional 54,403 shares during the period. Y Intercept Hong Kong Ltd purchased a new position in AvidXchange during the 3rd quarter valued at about $86,000. 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 purchasing an additional 201,679 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of AvidXchange by 5.0% in the third 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 in the last quarter. Hedge funds and other institutional investors own 80.58% of the company's stock.

Insider Activity

In other news, CEO Michael Praeger sold 58,881 shares of AvidXchange stock in a transaction on Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $446,906.79. Following the transaction, the chief executive officer now directly owns 11,164,737 shares of the company's stock, 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 document filed with the SEC, which is available through this hyperlink. Also, President Daniel Drees sold 34,782 shares of the company'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 sale, the president now owns 1,176,833 shares of the company's stock, 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. Insiders have sold 125,866 shares of company stock valued at $955,323 over the last 90 days. 10.40% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

AVDX has been the topic of several research reports. BMO Capital Markets dropped their price objective on shares of AvidXchange from $11.00 to $7.50 and set a "market perform" rating on the stock in a research note on Thursday, February 27th. Piper Sandler cut their price objective on AvidXchange from $10.00 to $8.00 and set a "neutral" rating for the company in a report on Friday, February 28th. Morgan Stanley dropped their target price on AvidXchange from $11.00 to $8.00 and set an "equal weight" rating on the stock in a research report on Thursday, February 27th. Robert W. Baird reduced their price target on AvidXchange from $14.00 to $12.00 and set an "outperform" rating for the company in a report on Thursday, February 27th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of AvidXchange from $8.00 to $9.00 and gave the company a "market perform" rating in a research report on Monday, March 31st. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, AvidXchange currently has an average rating of "Hold" and a consensus price target of $10.07.

AvidXchange Stock Performance

NASDAQ AVDX traded down $0.15 during trading on Friday, hitting $7.60. The company's stock had a trading volume of 1,468,796 shares, compared to its average volume of 2,010,554. AvidXchange Holdings, Inc. has a 52 week low of $6.61 and a 52 week high of $12.93. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The firm has a market cap of $1.55 billion, a P/E ratio of 190.00 and a beta of 1.14. The firm has a 50 day moving average price of $8.19 and a 200 day moving average price of $9.37.

AvidXchange (NASDAQ:AVDX - Get Free Report) last posted its quarterly 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). AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. The firm had revenue of $115.44 million during the quarter, compared to analyst estimates of $114.98 million. Equities research analysts forecast that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current fiscal 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.