Capital Research Global Investors Has $1.71 Million Stock Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Capital Research Global Investors cut its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 97.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 164,986 shares of the company's stock after selling 5,783,181 shares during the quarter. Capital Research Global Investors owned about 0.08% of AvidXchange worth $1,706,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. FMR LLC raised its position in shares of AvidXchange by 8.4% in the fourth quarter. FMR LLC now owns 14,889,282 shares of the company's stock valued at $153,955,000 after purchasing an additional 1,155,513 shares during the period. Arrowstreet Capital Limited Partnership bought a new position in shares of AvidXchange in the fourth quarter valued at approximately $10,292,000. Jennison Associates LLC raised its position in shares of AvidXchange by 50.9% in the fourth quarter. Jennison Associates LLC now owns 2,176,525 shares of the company's stock valued at $22,505,000 after purchasing an additional 733,860 shares during the period. Alliancebernstein L.P. raised its position in shares of AvidXchange by 199.2% in the fourth quarter. Alliancebernstein L.P. now owns 553,270 shares of the company's stock valued at $5,721,000 after purchasing an additional 368,380 shares during the period. Finally, Trexquant Investment LP raised its position in shares of AvidXchange by 88.5% in the fourth quarter. Trexquant Investment LP now owns 731,394 shares of the company's stock valued at $7,563,000 after purchasing an additional 343,303 shares during the period. 80.58% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on AVDX. JPMorgan Chase & Co. dropped their price target on shares of AvidXchange from $10.00 to $9.00 and set a "neutral" rating on the stock in a research report on Thursday, February 27th. Wolfe Research lowered shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Thursday, February 27th. BMO Capital Markets dropped their target price on shares of AvidXchange from $11.00 to $7.50 and set a "market perform" rating on the stock in a research report on Thursday, February 27th. Piper Sandler dropped their target price on shares of AvidXchange from $10.00 to $8.00 and set a "neutral" rating on the stock in a research report on Friday, February 28th. Finally, Wells Fargo & Company dropped their target price on shares of AvidXchange from $10.00 to $8.00 and set an "equal weight" rating on the stock in a research report on Thursday, February 27th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $10.07.

AvidXchange Stock Performance

AvidXchange stock traded down $0.01 on Friday, hitting $7.86. The company's stock had a trading volume of 1,025,693 shares, compared to its average volume of 2,015,344. AvidXchange Holdings, Inc. has a one year low of $6.61 and a one year 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 company has a fifty day moving average price of $7.96 and a 200-day moving average price of $9.39. The firm has a market cap of $1.61 billion, a P/E ratio of 196.50 and a beta of 1.14.

AvidXchange (NASDAQ:AVDX - Get Free Report) last issued its 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 firm had revenue of $115.44 million during the quarter, compared to analyst estimates of $114.98 million. On average, equities analysts anticipate that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current year.

Insider Activity

In other news, 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 value of $446,906.79. Following the sale, the chief executive officer now owns 11,164,737 shares in the company, valued at approximately $84,740,353.83. The trade was a 0.52 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joel Wilhite sold 32,203 shares of the company'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 $244,420.77. Following the transaction, the insider now owns 843 shares in the company, valued at approximately $6,398.37. This trade represents a 97.45 % 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. Corporate insiders own 10.40% of the company's stock.

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.