Charles Schwab Investment Management Inc. Raises Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Charles Schwab Investment Management Inc. lifted its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 0.2% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,532,474 shares of the company’s stock after buying an additional 3,599 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.74% of AvidXchange worth $15,846,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Blue Trust Inc. lifted its stake in shares of AvidXchange by 90.1% during 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 purchased a new position in shares of AvidXchange during the 4th quarter valued at $41,000. Point72 DIFC Ltd purchased a new position in shares of AvidXchange during the 3rd quarter valued at $37,000. KBC Group NV lifted its stake in shares of AvidXchange by 60.9% during the 4th quarter. KBC Group NV now owns 8,836 shares of the company’s stock valued at $91,000 after buying an additional 3,344 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of AvidXchange during the 3rd quarter valued at $86,000. Hedge funds and other institutional investors own 80.58% of the company’s stock.

Analysts Set New Price Targets

AVDX has been the topic of a number of analyst reports. 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 note on Thursday, February 27th. Morgan Stanley reduced their price target on shares of AvidXchange from $11.00 to $8.00 and set an “equal weight” rating on the stock in a report on Thursday, February 27th. JPMorgan Chase & Co. reduced their price target on shares of AvidXchange from $10.00 to $9.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. Piper Sandler reduced their price target on shares of AvidXchange from $10.00 to $8.00 and set a “neutral” rating on the stock in a report on Friday, February 28th. Finally, BTIG Research initiated coverage on shares of AvidXchange in a report on Wednesday, December 11th. They issued a “buy” rating and a $14.00 price target on the stock. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, AvidXchange currently has a consensus rating of “Hold” and an average target price of $10.00.

AvidXchange Stock Performance

AvidXchange stock opened at $8.46 on Friday. The company has a market cap of $1.73 billion, a PE ratio of 211.50 and a beta of 1.28. AvidXchange Holdings, Inc. has a twelve month low of $6.61 and a twelve month high of $13.50. The company’s 50-day moving average price is $9.28 and its 200-day moving average price is $9.36. 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 (NASDAQ:AVDX) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.03). The firm had revenue of $115.44 million for the quarter, compared to the consensus estimate of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. On average, equities research analysts forecast that AvidXchange Holdings, Inc. will post 0.02 EPS for the current fiscal year.

Insider Activity at AvidXchange

In other AvidXchange news, President Daniel Drees sold 34,782 shares of the business’s stock in a transaction dated 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 sale, the president now directly owns 1,176,833 shares of the company’s stock, valued at $8,932,162.47. The trade was a 2.87 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Praeger sold 58,881 shares of the business’s stock in a transaction dated 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 directly owns 11,164,737 shares of the company’s stock, valued at approximately $84,740,353.83. This trade represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 125,866 shares of company stock worth $955,323. 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.