Assenagon Asset Management S.A. Boosts Stock Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Assenagon Asset Management S.A. lifted its position in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 480.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 178,483 shares of the company’s stock after purchasing an additional 147,719 shares during the quarter. Assenagon Asset Management S.A. owned about 0.09% of AvidXchange worth $1,846,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of AVDX. Captrust Financial Advisors grew its position in AvidXchange by 9.2% during the 3rd quarter. Captrust Financial Advisors now owns 17,350 shares of the company’s stock worth $141,000 after purchasing an additional 1,465 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in AvidXchange by 29.6% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company’s stock valued at $107,000 after acquiring an additional 3,019 shares in the last quarter. Point72 DIFC Ltd acquired a new position in AvidXchange in the third quarter valued at approximately $37,000. Allspring Global Investments Holdings LLC purchased a new stake in AvidXchange in the 3rd quarter worth approximately $38,000. Finally, Sei Investments Co. grew its stake in shares of AvidXchange by 7.2% during the 2nd quarter. Sei Investments Co. now owns 72,153 shares of the company’s stock worth $870,000 after purchasing an additional 4,866 shares during the period. Institutional investors and hedge funds own 80.58% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Keefe, Bruyette & Woods cut their price target on AvidXchange from $12.00 to $11.00 and set a “market perform” rating for the company in a research note on Monday, January 6th. Barclays increased their target price on AvidXchange from $11.00 to $13.00 and gave the company an “overweight” rating in a report on Monday, November 18th. Wells Fargo & Company boosted their price target on AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. UBS Group increased their price objective on AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Finally, The Goldman Sachs Group lifted their target price on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “sell” rating in a research note on Monday, December 2nd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat, AvidXchange has a consensus rating of “Hold” and a consensus target price of $11.61.

Insider Activity at AvidXchange

In other news, CEO Michael Praeger sold 42,377 shares of AvidXchange stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $11.40, for a total value of $483,097.80. Following the completion of the transaction, the chief executive officer now owns 10,381,033 shares in the company, valued at approximately $118,343,776.20. This trade represents a 0.41 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director James E. Hausman sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $11.25, for a total transaction of $281,250.00. Following the sale, the director now owns 2,112,232 shares in the company, valued at $23,762,610. The trade was a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 80,693 shares of company stock worth $916,683. Corporate insiders own 10.40% of the company’s stock.

AvidXchange Stock Performance

NASDAQ AVDX opened at $10.42 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The company has a market cap of $2.14 billion, a P/E ratio of 520.50 and a beta of 1.22. The stock has a 50-day moving average of $10.70 and a two-hundred day moving average of $9.59. AvidXchange Holdings, Inc. has a 1-year low of $7.38 and a 1-year high of $13.56.

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.