AvidXchange Holdings, Inc. (NASDAQ:AVDX) Position Boosted by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA grew its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 2.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,821,585 shares of the company’s stock after purchasing an additional 46,791 shares during the period. Massachusetts Financial Services Co. MA owned about 0.88% of AvidXchange worth $21,968,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Envestnet Asset Management Inc. increased its stake in AvidXchange by 3.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 310,999 shares of the company’s stock valued at $3,751,000 after buying an additional 9,585 shares during the period. American Century Companies Inc. increased its stake in shares of AvidXchange by 54.2% in the second quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock worth $54,460,000 after acquiring an additional 1,586,510 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of AvidXchange by 15.2% during the second quarter. Rhumbline Advisers now owns 242,533 shares of the company’s stock worth $2,925,000 after acquiring an additional 32,085 shares in the last quarter. nVerses Capital LLC acquired a new stake in AvidXchange during the second quarter valued at $66,000. Finally, Principal Financial Group Inc. grew its stake in AvidXchange by 17.1% in the second quarter. Principal Financial Group Inc. now owns 23,479 shares of the company’s stock valued at $283,000 after purchasing an additional 3,421 shares in the last quarter. 80.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. The Goldman Sachs Group cut their price target on AvidXchange from $11.50 to $9.00 and set a “sell” rating for the company in a research note on Thursday, August 1st. Wells Fargo & Company cut their price objective on shares of AvidXchange from $13.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 1st. KeyCorp decreased their target price on shares of AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. UBS Group downgraded shares of AvidXchange from a “buy” rating to a “neutral” rating and cut their price target for the company from $15.00 to $10.00 in a report on Thursday, August 1st. Finally, JPMorgan Chase & Co. cut shares of AvidXchange from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $11.00 to $9.00 in a report on Tuesday, August 20th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, AvidXchange presently has an average rating of “Hold” and a consensus target price of $11.00.

AvidXchange Trading Up 1.4 %

Shares of NASDAQ:AVDX opened at $8.08 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.36 and a current ratio of 1.36. The stock’s 50-day moving average is $9.04 and its 200-day moving average is $10.83. The company has a market cap of $1.67 billion, a P/E ratio of -53.87 and a beta of 1.01. AvidXchange Holdings, Inc. has a 52-week low of $6.88 and a 52-week high of $13.56.

AvidXchange (NASDAQ:AVDX) last announced its earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. The business had revenue of $105.30 million for the quarter, compared to analyst estimates of $107.13 million. During the same quarter in the previous year, the firm posted ($0.05) earnings per share. AvidXchange’s revenue was up 15.6% compared to the same quarter last year. Equities research analysts predict that AvidXchange Holdings, Inc. will post 0.03 earnings per share for the current year.

Insider Activity

In related news, CEO Michael Praeger sold 37,225 shares of AvidXchange stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total transaction of $297,055.50. Following the sale, the chief executive officer now directly owns 10,453,786 shares of the company’s stock, valued at $83,421,212.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CEO Michael Praeger sold 37,225 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total value of $297,055.50. Following the completion of the transaction, the chief executive officer now directly owns 10,453,786 shares of the company’s stock, valued at $83,421,212.28. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Joel Wilhite sold 19,358 shares of the business’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $8.15, for a total transaction of $157,767.70. Following the completion of the sale, the insider now directly owns 400,278 shares in the company, valued at approximately $3,262,265.70. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 151,338 shares of company stock valued at $1,217,362. Insiders own 10.30% 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.