Ameriprise Financial Inc. Purchases 31,262 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Ameriprise Financial Inc. raised its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 16.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 216,146 shares of the company's stock after purchasing an additional 31,262 shares during the period. Ameriprise Financial Inc. owned 0.11% of AvidXchange worth $2,235,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of AVDX. Xponance Inc. grew its stake in shares of AvidXchange by 9.2% in the fourth quarter. Xponance Inc. now owns 12,459 shares of the company's stock valued at $129,000 after acquiring an additional 1,045 shares in the last quarter. Summit Investment Advisors Inc. grew its stake in shares of AvidXchange by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 18,182 shares of the company's stock valued at $188,000 after acquiring an additional 1,155 shares in the last quarter. Blue Trust Inc. grew its stake in shares of AvidXchange by 90.1% in the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company's stock valued at $28,000 after acquiring an additional 1,278 shares in the last quarter. Rhumbline Advisers grew its stake in shares of AvidXchange by 1.0% in the fourth quarter. Rhumbline Advisers now owns 234,738 shares of the company's stock valued at $2,427,000 after acquiring an additional 2,391 shares in the last quarter. Finally, Quarry LP grew its stake in shares of 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 acquiring an additional 3,083 shares in the last quarter. 80.58% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently commented on AVDX. Barclays downgraded shares of AvidXchange from an "overweight" rating to an "equal weight" rating and decreased their price target for the company from $13.00 to $8.00 in a research note on Tuesday, March 4th. Susquehanna downgraded shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 8th. BMO Capital Markets reduced their price objective on shares of AvidXchange from $11.00 to $7.50 and set a "market perform" rating on the stock in a research note on Thursday, February 27th. BTIG Research downgraded shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 7th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of AvidXchange from $8.00 to $9.00 and gave the stock a "market perform" rating in a research note on Monday, March 31st. Two 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's stock. According to MarketBeat.com, AvidXchange currently has a consensus rating of "Hold" and an average price target of $10.30.

Insider Transactions at AvidXchange

In related news, President Daniel Drees sold 25,972 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The shares were 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 owns 1,167,186 shares in the company, valued at $11,368,391.64. This trade represents a 2.18% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Ryan Stahl sold 8,999 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $9.74, for a total transaction of $87,650.26. Following the completion of the transaction, the insider now owns 667,226 shares of the company's stock, valued at approximately $6,498,781.24. This trade represents a 1.33% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 95,890 shares of company stock valued at $933,969. 11.10% of the stock is currently owned by insiders.

AvidXchange Price Performance

Shares of AVDX stock traded up $0.02 on Friday, reaching $9.80. The company had a trading volume of 4,133,278 shares, compared to its average volume of 2,518,134. The stock has a market capitalization of $2.02 billion, a PE ratio of 245.00 and a beta of 1.14. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange Holdings, Inc. has a one year low of $6.61 and a one year high of $12.93. The business's 50-day moving average is $8.59 and its 200 day moving average is $9.48.

AvidXchange (NASDAQ:AVDX - Get Free Report) last posted its earnings results on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing analysts' consensus estimates of $0.06 by ($0.03). The company had revenue of $115.44 million during the quarter, compared to the consensus estimate of $114.98 million. AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. Equities research analysts forecast that AvidXchange Holdings, Inc. will post 0.02 EPS 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.