Ameriprise Financial Inc. Increases Stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Ameriprise Financial Inc. lifted its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 16.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 216,146 shares of the company's stock after acquiring an additional 31,262 shares during the period. Ameriprise Financial Inc. owned approximately 0.11% of AvidXchange worth $2,235,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also added to or reduced their stakes in AVDX. Blue Trust Inc. lifted its stake in AvidXchange by 90.1% in the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company's stock valued at $28,000 after purchasing an additional 1,278 shares during the last quarter. R Squared Ltd acquired a new stake in shares of AvidXchange during the fourth quarter worth $41,000. Quarry LP increased its position in shares of AvidXchange by 126.6% during the fourth quarter. Quarry LP now owns 5,518 shares of the company's stock worth $57,000 after buying an additional 3,083 shares during the period. KBC Group NV increased its position in shares of AvidXchange by 60.9% during the fourth quarter. KBC Group NV now owns 8,836 shares of the company's stock worth $91,000 after buying an additional 3,344 shares during the period. Finally, Bragg Financial Advisors Inc acquired a new stake in AvidXchange in the fourth quarter worth $113,000. Institutional investors own 80.58% of the company's stock.

Insiders Place Their Bets

In other AvidXchange news, CEO Michael Praeger sold 40,005 shares of the business'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 $389,648.70. Following the completion of the transaction, the chief executive officer now owns 11,037,830 shares of the company's stock, valued at $107,508,464.20. The trade was a 0.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ryan Stahl sold 8,999 shares of the company's stock in a transaction 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 sale, the insider now directly owns 667,226 shares of the company's stock, valued at $6,498,781.24. This trade represents a 1.33% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 95,890 shares of company stock valued at $933,969 in the last quarter. Corporate insiders own 11.10% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Robert W. Baird restated a "neutral" rating and issued a $10.00 price target on shares of AvidXchange in a report on Thursday, May 8th. 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. The Goldman Sachs Group lowered 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. KeyCorp lowered shares of AvidXchange from an "overweight" rating to a "sector weight" rating in a research report on Thursday, February 27th. Finally, UBS Group lifted their target price on shares of AvidXchange from $8.00 to $10.00 and gave the stock a "neutral" rating in a research note on Thursday, May 8th. Two equities research 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 currently has a consensus rating of "Hold" and an average target price of $10.30.

AvidXchange Price Performance

AVDX stock remained flat at $9.77 during midday trading on Tuesday. 2,661,567 shares of the company's stock were exchanged, compared to its average volume of 2,522,898. 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 fifty-two week low of $6.61 and a fifty-two week high of $12.93. The company has a market cap of $2.02 billion, a P/E ratio of 244.25 and a beta of 1.14. The company's 50-day moving average is $8.64 and its 200-day moving average is $9.45.

AvidXchange 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.