6 days Ago By ABMN Staff
Geode Capital Management LLC trimmed its position in AvidXchange Holdings, Inc. ( NASDAQ:AVDX – Free Report ) by 0.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission.
The institutional investor owned 4,245,927 shares of the company’s stock after selling 20,338 shares during the quarter. Geode Capital Management LLC’s holdings in AvidXchange were worth $43,913,000 at the end of the most recent quarter. A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company.
Blue Trust Inc. increased its stake in shares of AvidXchange by 90.1% in the fourth quarter.
Blue Trust Inc. now owns 2,697 shares of the company’s stock worth $28,000 after purchasing an additional 1,278 shares in the last quarter. R Squared Ltd bought a new position in AvidXchange in the 4th quarter worth $41,000.
Y Intercept Hong Kong Ltd purchased a new stake in AvidXchange in the 3rd quarter worth $86,000. KBC Group NV raised its holdings in AvidXchange by 60.9% during the fourth quarter.
KBC Group NV now owns 8,836 shares of the company’s stock valued at $91,000 after acquiring an additional 3,344 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in shares of AvidXchange in the fourth quarter valued at about $115,000.
Institutional investors own 80.58% of the company’s stock. Analyst Ratings Changes Several analysts recently issued reports on the company.
The Goldman Sachs Group decreased their target price on AvidXchange from $9.50 to $7.00 and set a “sell” rating on the stock in a research note on Thursday, February 27th.
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 report on Thursday, February 27th.
KeyCorp cut shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a research note on Thursday, February 27th. Barclays cut shares of AvidXchange from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $13.00 to $8.
00 in a research note on Tuesday, March 4th. Finally, Morgan Stanley cut their price objective on AvidXchange from $11.00 to $8.
00 and set an “equal weight” rating for the company in a research report on Thursday, February 27th. Two 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. Based on data from MarketBeat.
com, the company currently has an average rating of “Hold” and an average price target of $10.07. AvidXchange Stock Up 0.
8 % Shares of AVDX opened at $7.75 on Tuesday. The company has a quick ratio of 1.
32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11.
The business has a fifty day moving average of $8.39 and a 200 day moving average of $9.39.
The company has a market cap of $1.58 billion, a PE ratio of 193.75 and a beta of 1.
14. AvidXchange Holdings, Inc. has a 52-week low of $6.
61 and a 52-week high of $12.93. AvidXchange ( NASDAQ:AVDX – Get Free Report ) last released its quarterly earnings results on Wednesday, February 26th.
The company reported $0.03 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 firm had revenue of $115.44 million for the quarter, compared to analysts’ expectations of $114.
98 million. On average, sell-side analysts expect that AvidXchange Holdings, Inc. will post 0.
02 EPS for the current year. Insider Buying and Selling at AvidXchange In other news, President Daniel Drees sold 34,782 shares of AvidXchange stock in a transaction on Friday, February 28th. The stock was sold at an average price of $7.
59, for a total transaction of $263,995.38. Following the completion of the sale, the president now directly owns 1,176,833 shares in the company, valued at approximately $8,932,162.
47. This trade represents a 2.87 % decrease in their ownership of the stock.
The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link . Also, 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 transaction of $446,906.79. Following the sale, the chief executive officer now directly owns 11,164,737 shares of the company’s stock, valued at $84,740,353.
83. This represents a 0.52 % decrease in their ownership of the stock.
The disclosure for this sale can be found here . Insiders sold 125,866 shares of company stock worth $955,323 over the last 90 days. Company insiders own 10.
40% of the company’s stock. AvidXchange Profile ( Free Report ) 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.
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