Capital Research Global Investors Trims Stock Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Capital Research Global Investors reduced its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 97.2% during the 4th quarter, HoldingsChannel reports. The firm owned 164,986 shares of the company’s stock after selling 5,783,181 shares during the period. Capital Research Global Investors’ holdings in AvidXchange were worth $1,706,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the stock. Barclays PLC increased its stake in 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 buying an additional 201,679 shares during the period. Geode Capital Management LLC raised its holdings in AvidXchange by 5.0% during 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. Assenagon Asset Management S.A. lifted its position in AvidXchange by 480.2% in the fourth quarter. Assenagon Asset Management S.A. now owns 178,483 shares of the company’s stock valued at $1,846,000 after purchasing an additional 147,719 shares during the period. Blue Trust Inc. boosted its holdings in AvidXchange by 90.1% in the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after purchasing an additional 1,278 shares in the last quarter. Finally, KBC Group NV increased its position in AvidXchange by 60.9% during the 4th quarter. KBC Group NV now owns 8,836 shares of the company’s stock worth $91,000 after purchasing an additional 3,344 shares during the period. Institutional investors and hedge funds own 80.58% of the company’s stock.

AvidXchange Trading Down 2.0 %

Shares of AvidXchange stock opened at $7.45 on Tuesday. AvidXchange Holdings, Inc. has a fifty-two week low of $6.61 and a fifty-two week high of $12.93. The business’s fifty day moving average is $8.14 and its two-hundred day moving average is $9.39. 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 $1.52 billion, a PE ratio of 186.25 and a beta of 1.14.

AvidXchange (NASDAQ:AVDX) last issued its quarterly 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). The business had revenue of $115.44 million during the quarter, compared to analyst estimates of $114.98 million. AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. Analysts anticipate that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current year.

Insider Buying and Selling

In other AvidXchange news, President Daniel Drees sold 34,782 shares of the company’s stock in a transaction dated Friday, February 28th. The stock was 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 directly owns 1,176,833 shares in the company, valued at $8,932,162.47. This represents a 2.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, 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 value of $446,906.79. Following the completion of the transaction, the chief executive officer now directly owns 11,164,737 shares in the company, valued at $84,740,353.83. This represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 125,866 shares of company stock valued at $955,323. Insiders own 10.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. The Goldman Sachs Group dropped their price objective on AvidXchange from $9.50 to $7.00 and set a “sell” rating on the stock in a report on Thursday, February 27th. 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 note on Monday, March 31st. Wells Fargo & Company lowered their target price on shares of AvidXchange from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 27th. KeyCorp lowered AvidXchange from an “overweight” rating to a “sector weight” rating in a research note on Thursday, February 27th. Finally, JPMorgan Chase & Co. reduced their price objective on AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company in a report on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $10.07.

AvidXchange Company 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.