Canada Pension Plan Investment Board Invests $953,000 in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Canada Pension Plan Investment Board bought a new stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 92,200 shares of the company's stock, valued at approximately $953,000.

Several other hedge funds have also recently added to or reduced their stakes in AVDX. Xponance Inc. increased its holdings in shares of AvidXchange by 9.2% during the fourth quarter. Xponance Inc. now owns 12,459 shares of the company's stock valued at $129,000 after purchasing an additional 1,045 shares during the period. Summit Investment Advisors Inc. increased its stake in AvidXchange by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 18,182 shares of the company's stock valued at $188,000 after buying an additional 1,155 shares during the period. Blue Trust Inc. raised its position in shares of AvidXchange by 90.1% during the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company's stock worth $28,000 after buying an additional 1,278 shares in the last quarter. Rhumbline Advisers lifted its stake in shares of AvidXchange by 1.0% in the 4th quarter. Rhumbline Advisers now owns 234,738 shares of the company's stock worth $2,427,000 after acquiring an additional 2,391 shares during the period. Finally, KBC Group NV boosted its holdings in shares of AvidXchange by 60.9% in 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 in the last quarter. Institutional investors own 80.58% of the company's stock.

AvidXchange Stock Down 0.7 %

NASDAQ:AVDX traded down $0.06 during trading hours on Wednesday, hitting $8.13. 1,182,324 shares of the company's stock traded hands, compared to its average volume of 2,006,801. The stock's fifty day moving average price is $7.88 and its two-hundred day moving average price is $9.37. The firm has a market cap of $1.66 billion, a P/E ratio of 203.25 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 Holdings, Inc. has a twelve month low of $6.61 and a twelve month high of $12.93.

AvidXchange (NASDAQ:AVDX - Get Free Report) last issued its earnings results 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 business had revenue of $115.44 million during the quarter, compared to analyst estimates of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. On average, research analysts expect that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current fiscal year.

Insider Buying and Selling at AvidXchange

In other news, President Daniel Drees sold 34,782 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at $8,932,162.47. This trade represents a 2.87 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Praeger sold 58,881 shares of the business's stock in a transaction that occurred 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 completion of the sale, 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 position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 125,866 shares of company stock worth $955,323. 10.40% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Wells Fargo & Company cut their target price on AvidXchange from $10.00 to $8.00 and set an "equal weight" rating for the company in a research report on Thursday, February 27th. Piper Sandler decreased their target price on AvidXchange from $10.00 to $8.00 and set a "neutral" rating for the company in a research note on Friday, February 28th. Keefe, Bruyette & Woods boosted their price target on shares of AvidXchange from $8.00 to $9.00 and gave the stock a "market perform" rating in a research report on Monday, March 31st. BMO Capital Markets reduced their price objective on shares of AvidXchange from $11.00 to $7.50 and set a "market perform" rating for the company in a research report on Thursday, February 27th. Finally, KeyCorp downgraded shares of AvidXchange from an "overweight" rating to a "sector weight" rating in a report on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, AvidXchange has a consensus rating of "Hold" and a consensus price target of $10.07.

AvidXchange Company 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.