Voya Investment Management LLC Has $541,000 Holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Voya Investment Management LLC trimmed its position in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 7.0% in the fourth quarter, HoldingsChannel.com reports. The firm owned 52,275 shares of the company’s stock after selling 3,927 shares during the period. Voya Investment Management LLC’s holdings in AvidXchange were worth $541,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Blue Trust Inc. raised its stake in shares of 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 buying an additional 1,278 shares in the last quarter. R Squared Ltd bought a new stake in AvidXchange in the fourth quarter valued at about $41,000. KBC Group NV raised its position in AvidXchange by 60.9% in the fourth quarter. KBC Group NV now owns 8,836 shares of the company’s stock worth $91,000 after purchasing an additional 3,344 shares in the last quarter. Bragg Financial Advisors Inc bought a new position in AvidXchange during the fourth quarter worth about $113,000. Finally, Raymond James Financial Inc. acquired a new stake in AvidXchange during the fourth quarter valued at approximately $115,000. 80.58% of the stock is owned by institutional investors.

AvidXchange Stock Up 0.1 %

NASDAQ AVDX opened at $9.73 on Friday. The stock has a market capitalization of $2.01 billion, a P/E ratio of 243.25 and a beta of 1.14. AvidXchange Holdings, Inc. has a 52 week low of $6.61 and a 52 week high of $12.93. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. The stock has a fifty day moving average of $8.02 and a 200-day moving average of $9.39.

AvidXchange (NASDAQ:AVDX) last announced its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 EPS 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 firm had revenue of $115.44 million during the quarter, compared to analyst estimates of $114.98 million. On average, equities research analysts forecast that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on AVDX. Keefe, Bruyette & Woods increased their target price on AvidXchange from $8.00 to $9.00 and gave the stock a “market perform” rating in a report on Monday, March 31st. Wells Fargo & Company lifted their price objective on AvidXchange from $8.00 to $10.00 and gave the company an “equal weight” rating in a report on Thursday. Wolfe Research lowered shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 27th. Piper Sandler increased their target price on shares of AvidXchange from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Thursday. Finally, Robert W. Baird restated a “neutral” rating and issued a $10.00 price target on shares of AvidXchange in a research report on Thursday. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and three have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $10.30.

Insider Buying and Selling

In other AvidXchange 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 completion of the sale, the chief executive officer now owns 11,164,737 shares of the company’s stock, valued at approximately $84,740,353.83. The trade was a 0.52 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Daniel Drees sold 34,782 shares of the stock in a transaction 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 transaction, the president now directly owns 1,176,833 shares in the company, valued at approximately $8,932,162.47. This trade represents a 2.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 125,866 shares of company stock valued at $955,323 over the last ninety days. Insiders own 10.40% of the company’s stock.

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.