682,015 Shares in AvidXchange Holdings, Inc. (NASDAQ:AVDX) Acquired by BNP Paribas Financial Markets

BNP Paribas Financial Markets purchased a new stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 682,015 shares of the company's stock, valued at approximately $7,052,000. BNP Paribas Financial Markets owned about 0.33% of AvidXchange as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in AVDX. Blue Trust Inc. boosted its holdings in shares of AvidXchange by 90.1% during 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 during the period. R Squared Ltd bought a new position in AvidXchange during the 4th quarter valued at approximately $41,000. Quarry LP lifted its holdings in AvidXchange by 126.6% in the 4th quarter. Quarry LP now owns 5,518 shares of the company's stock worth $57,000 after buying an additional 3,083 shares during the period. KBC Group NV grew its position in shares of AvidXchange by 60.9% in the 4th quarter. KBC Group NV now owns 8,836 shares of the company's stock worth $91,000 after buying an additional 3,344 shares during the last quarter. Finally, Bragg Financial Advisors Inc purchased a new position in shares of AvidXchange during the fourth quarter valued at approximately $113,000. Hedge funds and other institutional investors own 80.58% of the company's stock.

Insider Activity

In other AvidXchange news, CEO Michael Praeger sold 58,881 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 value of $446,906.79. Following the completion of the sale, the chief executive officer now 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Daniel Drees sold 34,782 shares of the company's stock in a transaction on Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $263,995.38. Following the transaction, the president now directly owns 1,176,833 shares in the company, valued at approximately $8,932,162.47. The trade was a 2.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 125,866 shares of company stock worth $955,323 over the last 90 days. 11.10% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts recently commented on AVDX shares. BTIG Research lowered AvidXchange from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 7th. Piper Sandler raised their target price on shares of AvidXchange from $8.00 to $10.00 and gave the stock a "neutral" rating in a research report on Thursday, May 8th. Wells Fargo & Company lifted their target price on shares of AvidXchange from $8.00 to $10.00 and gave the company an "equal weight" rating in a research note on Thursday, May 8th. Baird R W cut shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 8th. Finally, Morgan Stanley raised their price objective on shares of AvidXchange from $8.00 to $10.00 and gave the stock an "equal weight" rating in a report on Thursday, May 8th. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, AvidXchange currently has an average rating of "Hold" and an average price target of $10.30.

AvidXchange Stock Down 0.1%

Shares of NASDAQ AVDX traded down $0.01 during trading on Friday, reaching $9.73. The company had a trading volume of 3,961,083 shares, compared to its average volume of 2,478,385. AvidXchange Holdings, Inc. has a 12-month low of $6.61 and a 12-month high of $12.93. 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's 50-day moving average is $8.23 and its 200 day moving average is $9.43. The stock has a market cap of $2.01 billion, a PE ratio of 243.25 and a beta of 1.14.

AvidXchange (NASDAQ:AVDX - Get Free Report) last announced its quarterly earnings data 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 analysts' expectations of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. As a group, equities analysts forecast that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current fiscal year.

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.