AvidXchange Holdings, Inc. (NASDAQ:AVDX) Shares Acquired by US Bancorp DE

US Bancorp DE increased its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 11.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 58,350 shares of the company’s stock after acquiring an additional 6,079 shares during the period. US Bancorp DE’s holdings in AvidXchange were worth $603,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AVDX. Y Intercept Hong Kong Ltd grew its stake in shares of AvidXchange by 610.5% in the 4th quarter. Y Intercept Hong Kong Ltd now owns 75,010 shares of the company’s stock worth $776,000 after purchasing an additional 64,452 shares during the last quarter. Olympiad Research LP bought a new stake in AvidXchange during the fourth quarter worth approximately $340,000. New York State Common Retirement Fund grew its position in AvidXchange by 26.8% in the fourth quarter. New York State Common Retirement Fund now owns 53,873 shares of the company’s stock worth $557,000 after buying an additional 11,400 shares during the last quarter. Rhumbline Advisers increased its holdings in shares of AvidXchange by 1.0% in the fourth quarter. Rhumbline Advisers now owns 234,738 shares of the company’s stock valued at $2,427,000 after buying an additional 2,391 shares in the last quarter. Finally, Blue Trust Inc. increased its holdings in shares of AvidXchange by 90.1% in the fourth 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. 80.58% of the stock is currently owned by institutional investors.

Insider Activity at AvidXchange

In related news, President Daniel Drees sold 34,782 shares of the firm’s stock in a transaction that occurred 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 transaction, the president now owns 1,176,833 shares of the company’s stock, valued at approximately $8,932,162.47. This trade represents a 2.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Joel Wilhite sold 32,203 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The stock was 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 of the company’s stock, valued at $6,398.37. This represents a 97.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 125,866 shares of company stock valued at $955,323. 10.40% of the stock is owned by corporate insiders.

AvidXchange Trading Down 1.8 %

Shares of NASDAQ:AVDX opened at $6.90 on Wednesday. The firm has a fifty day moving average of $9.58 and a two-hundred day moving average of $9.38. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange Holdings, Inc. has a 12-month low of $6.83 and a 12-month high of $13.49. The firm has a market capitalization of $1.41 billion, a P/E ratio of 172.50 and a beta of 1.28.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings data 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 negative net margin of 0.23% and a positive return on equity of 0.74%. The firm had revenue of $115.44 million for the quarter, compared to analyst estimates of $114.98 million. On average, equities analysts expect that AvidXchange Holdings, Inc. will post 0.02 EPS for the current fiscal year.

Wall Street Analyst Weigh In

AVDX has been the topic of a number of recent research reports. BTIG Research initiated coverage on AvidXchange in a report on Wednesday, December 11th. They issued a “buy” rating and a $14.00 target price on the stock. Barclays cut AvidXchange from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $13.00 to $8.00 in a research note on Tuesday, March 4th. KeyCorp downgraded AvidXchange from an “overweight” rating to a “sector weight” rating in a report on Thursday, February 27th. Robert W. Baird decreased their target price 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. Finally, BMO Capital Markets cut their price target on shares of AvidXchange from $11.00 to $7.50 and set a “market perform” rating on the stock 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’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $10.00.

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.