136,510 Shares in AvidXchange Holdings, Inc. (NASDAQ:AVDX) Purchased by Marshall Wace LLP

Marshall Wace LLP purchased a new position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 136,510 shares of the company's stock, valued at approximately $1,412,000. Marshall Wace LLP owned about 0.07% of AvidXchange as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Barclays PLC raised its holdings in AvidXchange by 239.8% in the 3rd quarter. Barclays PLC now owns 285,768 shares of the company's stock valued at $2,318,000 after acquiring an additional 201,679 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in AvidXchange by 480.2% in the 4th quarter. Assenagon Asset Management S.A. now owns 178,483 shares of the company's stock valued at $1,846,000 after acquiring an additional 147,719 shares during the last quarter. Blue Trust Inc. raised its holdings in AvidXchange by 90.1% in the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company's stock valued at $28,000 after acquiring an additional 1,278 shares during the last quarter. KBC Group NV raised its holdings in AvidXchange by 60.9% in the 4th 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 last quarter. Finally, R Squared Ltd acquired a new stake in AvidXchange in the 4th quarter valued at about $41,000. Institutional investors and hedge funds own 80.58% of the company's stock.

Insider Buying and Selling at AvidXchange

In related news, CEO Michael Praeger sold 58,881 shares of the stock in a transaction on Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $446,906.79. Following the transaction, the chief executive officer now 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 transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, President Daniel Drees sold 34,782 shares of AvidXchange stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $263,995.38. Following the sale, the president now directly owns 1,176,833 shares of the company's stock, valued at $8,932,162.47. This trade represents a 2.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 125,866 shares of company stock valued at $955,323 in the last 90 days. Company insiders own 10.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on AVDX. Wolfe Research downgraded shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a report on Thursday, February 27th. Wells Fargo & Company cut their price objective on shares of AvidXchange from $10.00 to $8.00 and set an "equal weight" rating for the company in a report on Thursday, February 27th. Piper Sandler cut their price target on shares of AvidXchange from $10.00 to $8.00 and set a "neutral" rating for the company in a report on Friday, February 28th. JPMorgan Chase & Co. cut their price target on shares of AvidXchange from $10.00 to $9.00 and set a "neutral" rating for the company in a report on Thursday, February 27th. Finally, Morgan Stanley cut 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. Two analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, AvidXchange currently has an average rating of "Hold" and a consensus target price of $10.07.

AvidXchange Stock Performance

Shares of AVDX stock opened at $7.90 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. AvidXchange Holdings, Inc. has a 52 week low of $6.61 and a 52 week high of $12.93. The stock has a market capitalization of $1.62 billion, a PE ratio of 197.50 and a beta of 1.14. The firm has a 50 day moving average of $7.93 and a two-hundred day moving average of $9.39.

AvidXchange (NASDAQ:AVDX - Get Free Report) 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). AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. The business had revenue of $115.44 million during the quarter, compared to analysts' expectations of $114.98 million. On average, research analysts predict that AvidXchange Holdings, Inc. will post 0.02 EPS for the current fiscal year.

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.

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