Rockefeller Capital Management L.P. Reduces Stock Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Rockefeller Capital Management L.P. reduced its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 27.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,673,858 shares of the company's stock after selling 640,795 shares during the quarter. Rockefeller Capital Management L.P. owned about 0.81% of AvidXchange worth $17,312,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new position in shares of AvidXchange during the 4th quarter valued at approximately $115,000. Invesco Ltd. increased its position in AvidXchange by 4.6% during the fourth quarter. Invesco Ltd. now owns 156,682 shares of the company's stock valued at $1,620,000 after acquiring an additional 6,823 shares during the last quarter. FMR LLC increased its position in AvidXchange by 8.4% during the fourth quarter. FMR LLC now owns 14,889,282 shares of the company's stock valued at $153,955,000 after acquiring an additional 1,155,513 shares during the last quarter. Russell Investments Group Ltd. raised its stake in shares of AvidXchange by 5.1% in the fourth quarter. Russell Investments Group Ltd. now owns 171,255 shares of the company's stock valued at $1,771,000 after acquiring an additional 8,330 shares during the period. Finally, Envestnet Asset Management Inc. lifted its holdings in shares of AvidXchange by 4.6% in the 4th quarter. Envestnet Asset Management Inc. now owns 465,163 shares of the company's stock worth $4,810,000 after acquiring an additional 20,479 shares during the last quarter. 80.58% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at AvidXchange

In other AvidXchange news, CEO Michael Praeger sold 58,881 shares of AvidXchange stock in a transaction on Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $446,906.79. Following the transaction, the chief executive officer now directly owns 11,164,737 shares of the company's stock, valued at approximately $84,740,353.83. The trade was a 0.52 % 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 the SEC website. Also, insider Joel Wilhite sold 32,203 shares of the company's stock in a transaction on Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $244,420.77. Following the transaction, the insider now directly owns 843 shares in the company, valued at approximately $6,398.37. The trade was a 97.45 % 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 valued at $955,323 in the last 90 days. Insiders own 10.40% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on AVDX. The Goldman Sachs Group reduced their price objective on shares of AvidXchange from $9.50 to $7.00 and set a "sell" rating on the stock in a research report on Thursday, February 27th. Barclays lowered 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. KeyCorp downgraded AvidXchange from an "overweight" rating to a "sector weight" rating in a research report on Thursday, February 27th. JPMorgan Chase & Co. decreased their target price on AvidXchange from $10.00 to $9.00 and set a "neutral" rating for the company in a research report on Thursday, February 27th. Finally, BMO Capital Markets cut their price target on shares of AvidXchange from $11.00 to $7.50 and set a "market perform" rating on the stock in a report on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $10.07.

AvidXchange Stock Down 1.9 %

AvidXchange stock traded down $0.15 during mid-day trading on Friday, reaching $7.60. 1,468,796 shares of the company were exchanged, compared to its average volume of 2,015,032. AvidXchange Holdings, Inc. has a 12-month low of $6.61 and a 12-month high of $12.93. The business has a fifty day moving average of $8.19 and a 200 day moving average of $9.39. The firm has a market cap of $1.55 billion, a P/E ratio of 190.00 and a beta of 1.14. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32.

AvidXchange (NASDAQ:AVDX - Get Free Report) last issued its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 earnings per share for the quarter, missing analysts' consensus estimates of $0.06 by ($0.03). The company 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%. Research analysts anticipate that AvidXchange Holdings, Inc. will post 0.02 earnings per share 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.