ARK Investment Management LLC Reduces Holdings in 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 reduced its holdings in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 9.7% in the 1st quarter, according to its most recent filing with the Securities & 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 approximately 0.46% of AvidXchange worth $8,000,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Azora Capital LP bought a new stake in AvidXchange in the 4th quarter worth approximately $45,067,000. Wells Fargo & Company MN grew its stake in shares of AvidXchange by 17.4% in the fourth quarter. Wells Fargo & Company MN now owns 102,923 shares of the company's stock valued at $1,064,000 after buying an additional 15,243 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in AvidXchange by 5.4% during the 4th quarter. The Manufacturers Life Insurance Company now owns 96,313 shares of the company's stock worth $996,000 after buying an additional 4,953 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in shares of AvidXchange during the 4th quarter worth $372,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of AvidXchange during the fourth quarter valued at about $115,000. Institutional investors own 80.58% of the company's stock.

Insider Buying and Selling

In other news, President Daniel Drees sold 25,972 shares of the firm's stock in a transaction that occurred 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 transaction, the president owned 1,167,186 shares in the company, valued at $11,368,391.64. This trade represents a 2.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Joel Wilhite sold 20,914 shares of the firm's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $9.74, for a total value of $203,702.36. Following the sale, the insider owned 808,841 shares in the company, valued at $7,878,111.34. The trade was a 2.52% decrease in their position. The disclosure for this sale can be found here. Insiders sold 95,890 shares of company stock valued at $933,969 over the last 90 days. 11.10% of the stock is currently owned by insiders.

AvidXchange Stock Performance

Shares of NASDAQ AVDX traded up $0.01 during trading hours on Wednesday, reaching $9.87. The stock had a trading volume of 627,402 shares, compared to its average volume of 2,899,156. The business's fifty day moving average is $9.81 and its two-hundred day moving average is $9.18. AvidXchange Holdings, Inc. has a twelve month low of $6.61 and a twelve month high of $11.68. The company has a market cap of $2.04 billion, a price-to-earnings ratio of 986.00 and a beta of 1.20. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.32 and a quick ratio of 1.32.

Analyst Ratings Changes

AVDX has been the topic of several research reports. Wells Fargo & Company boosted their price objective on shares of AvidXchange from $8.00 to $10.00 and gave the stock an "equal weight" rating in a report on Thursday, May 8th. Baird R W cut AvidXchange from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 8th. Robert W. Baird restated a "neutral" rating and issued a $10.00 target price on shares of AvidXchange in a report on Thursday, May 8th. Susquehanna downgraded AvidXchange from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 8th. Finally, BTIG Research cut AvidXchange from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 7th. Two 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 stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $10.30.

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.