AvidXchange Holdings, Inc. (NASDAQ:AVDX) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 3.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,048,386 shares of the company’s stock after selling 116,009 shares during the period. Bank of New York Mellon Corp owned about 1.48% of AvidXchange worth $31,520,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the company. FMR LLC increased its position in shares of AvidXchange by 272.5% in the third quarter. FMR LLC now owns 13,733,769 shares of the company’s stock worth $111,381,000 after acquiring an additional 10,046,893 shares in the last quarter. Geode Capital Management LLC increased 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 acquiring an additional 201,847 shares in the last quarter. State Street Corp increased its position in shares of AvidXchange by 1.5% in the third 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 in the last quarter. Jacobs Levy Equity Management Inc. purchased a new position in shares of AvidXchange in the third quarter worth approximately $25,339,000. Finally, Rockefeller Capital Management L.P. increased its position in shares of AvidXchange by 30.4% in the third quarter. Rockefeller Capital Management L.P. now owns 2,314,653 shares of the company’s stock worth $18,779,000 after acquiring an additional 538,956 shares in the last quarter. 80.58% of the stock is owned by hedge funds and other institutional investors.

AvidXchange Trading Up 0.4 %

Shares of AVDX stock opened at $7.17 on Friday. AvidXchange Holdings, Inc. has a 1 year low of $6.89 and a 1 year high of $13.49. The firm’s fifty day simple moving average is $9.71 and its 200 day simple moving average is $9.38. The firm has a market capitalization of $1.47 billion, a P/E ratio of 179.25 and a beta of 1.28. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11.

AvidXchange (NASDAQ:AVDX) last announced its 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). AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. The company had revenue of $115.44 million for the quarter, compared to the consensus estimate of $114.98 million. As a group, sell-side analysts predict that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

Insider Buying and Selling

In other AvidXchange news, CEO Michael Praeger sold 58,881 shares of the business’s stock in a transaction on Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $446,906.79. Following the sale, the chief executive officer now owns 11,164,737 shares of the company’s stock, valued at $84,740,353.83. The trade was a 0.52 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Joel Wilhite sold 32,203 shares of the business’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 $244,420.77. Following the completion of the sale, the insider now directly owns 843 shares in the company, valued at $6,398.37. This trade represents a 97.45 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 150,866 shares of company stock valued at $1,236,573. 10.40% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Robert W. Baird decreased their price target on shares of AvidXchange from $14.00 to $12.00 and set an “outperform” rating for the company in a report on Thursday, February 27th. BMO Capital Markets decreased their price target on shares of AvidXchange from $11.00 to $7.50 and set a “market perform” rating for the company in a report on Thursday, February 27th. Morgan Stanley decreased their price target on shares of AvidXchange from $11.00 to $8.00 and set an “equal weight” rating for the company in a report on Thursday, February 27th. KeyCorp cut shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a report on Thursday, February 27th. Finally, Keefe, Bruyette & Woods decreased their price target on shares of AvidXchange from $11.00 to $8.00 and set a “market perform” rating for the company in a report on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $10.00.

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.