Deutsche Bank AG Increases Holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Deutsche Bank AG boosted its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 11.7% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 1,103,646 shares of the company's stock after purchasing an additional 115,416 shares during the period. Deutsche Bank AG owned about 0.54% of AvidXchange worth $11,412,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its stake in 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 acquiring an additional 1,278 shares in the last quarter. R Squared Ltd purchased a new stake in shares of AvidXchange during the fourth quarter worth $41,000. Quarry LP boosted its holdings in AvidXchange by 126.6% in the fourth quarter. Quarry LP now owns 5,518 shares of the company's stock valued at $57,000 after purchasing an additional 3,083 shares during the period. KBC Group NV raised its position 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 purchasing an additional 3,344 shares in the last quarter. Finally, Bragg Financial Advisors Inc acquired a new position in shares of AvidXchange during the fourth quarter worth about $113,000. Hedge funds and other institutional investors own 80.58% of the company's stock.

Analysts Set New Price Targets

Several research firms have commented on AVDX. Susquehanna cut shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 8th. BMO Capital Markets lowered their price objective on AvidXchange from $11.00 to $7.50 and set a "market perform" rating for the company in a research report on Thursday, February 27th. The Goldman Sachs Group lowered their price target on AvidXchange from $9.50 to $7.00 and set a "sell" rating for the company in a report on Thursday, February 27th. KeyCorp lowered shares of AvidXchange from an "overweight" rating to a "sector weight" rating in a research note on Thursday, February 27th. Finally, Wells Fargo & Company lifted their target price on AvidXchange from $8.00 to $10.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 8th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $10.30.

AvidXchange Price Performance

AVDX traded down $0.01 during trading on Wednesday, reaching $9.73. 449,896 shares of the stock were exchanged, compared to its average volume of 2,480,358. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The company has a market capitalization of $2.01 billion, a price-to-earnings ratio of 243.13 and a beta of 1.14. AvidXchange Holdings, Inc. has a 1 year low of $6.61 and a 1 year high of $12.93. The business's 50 day moving average price is $8.38 and its two-hundred day moving average price is $9.47.

AvidXchange (NASDAQ:AVDX - Get Free Report) last issued its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 EPS 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%. As a group, equities research analysts anticipate that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current year.

Insider Activity at AvidXchange

In other AvidXchange news, President Daniel Drees sold 25,972 shares of the business's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $9.74, for a total value of $252,967.28. Following the completion of the transaction, the president now directly owns 1,167,186 shares in the company, valued at approximately $11,368,391.64. The trade was a 2.18% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Joel Wilhite sold 20,914 shares of the stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $9.74, for a total value of $203,702.36. Following the transaction, the insider now owns 808,841 shares in the company, valued at $7,878,111.34. This trade represents a 2.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 221,756 shares of company stock valued at $1,889,292. 11.10% of the stock is owned by corporate insiders.

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.