ARK Investment Management LLC Sells 101,413 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Key Points

• ARK Investment Management LLC sold 101,413 shares of AvidXchange Holdings, reducing its stake by 9.7%, now holding a total of 943,393 shares valued at approximately $8 million.
• Multiple hedge funds have significantly increased their positions in AvidXchange, with Versant Capital Management Inc and GAMMA Investing LLC boosting their holdings by over 800% in the first quarter.
• AvidXchange's stock has seen mixed ratings from analysts, with a consensus rating of "Hold" and an average price target set at $10.30, up from earlier estimates.

ARK Investment Management LLC trimmed its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 9.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 943,393 shares of the company's stock after selling 101,413 shares during the quarter. ARK Investment Management LLC owned 0.46% of AvidXchange worth $8,000,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Versant Capital Management Inc boosted its holdings in AvidXchange by 801.2% in the first quarter. Versant Capital Management Inc now owns 3,866 shares of the company's stock worth $33,000 after acquiring an additional 3,437 shares in the last quarter. GAMMA Investing LLC boosted its holdings in AvidXchange by 816.6% in the first quarter. GAMMA Investing LLC now owns 4,079 shares of the company's stock worth $35,000 after acquiring an additional 3,634 shares in the last quarter. 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 worth $57,000 after acquiring an additional 3,083 shares in the last quarter. Eastover Investment Advisors LLC bought a new stake in AvidXchange in the first quarter worth $90,000. Finally, 111 Capital purchased a new position in shares of AvidXchange in the fourth quarter worth $111,000. 80.58% of the stock is owned by institutional investors.

Insider Buying and Selling

In other AvidXchange news, insider Ryan Stahl sold 8,999 shares of the company's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $9.74, for a total value of $87,650.26. Following the completion of the sale, the insider owned 667,226 shares in the company, valued at $6,498,781.24. This represents a 1.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, President Daniel Drees sold 25,972 shares of the company's stock in a transaction dated 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 sale, the president owned 1,167,186 shares of the company's stock, valued at approximately $11,368,391.64. The trade was a 2.18% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 95,890 shares of company stock worth $933,969. Company insiders own 11.10% of the company's stock.

Analyst Ratings Changes

AVDX has been the subject of several recent analyst reports. Keefe, Bruyette & Woods boosted their price target on AvidXchange from $8.00 to $9.00 and gave the stock a "market perform" rating in a research note on Monday, March 31st. Susquehanna cut AvidXchange from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 8th. UBS Group boosted their price target on AvidXchange from $8.00 to $10.00 and gave the stock a "neutral" rating in a research note on Thursday, May 8th. Piper Sandler boosted their price target on AvidXchange from $8.00 to $10.00 and gave the stock a "neutral" rating in a research note on Thursday, May 8th. Finally, Morgan Stanley boosted their price target on AvidXchange from $8.00 to $10.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 8th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $10.30.

AvidXchange Stock Up 0.1%

AvidXchange stock opened at $9.87 on Friday. The stock has a market cap of $2.04 billion, a PE ratio of 986.00 and a beta of 1.20. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.32 and a current ratio of 1.32. AvidXchange Holdings, Inc. has a one year low of $6.61 and a one year high of $12.89. The stock has a fifty day moving average of $9.80 and a 200 day moving average of $9.18.

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.

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