Bank of New York Mellon Corp Sells 179,563 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Bank of New York Mellon Corp lowered its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 5.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,868,823 shares of the company's stock after selling 179,563 shares during the period. Bank of New York Mellon Corp owned approximately 1.40% of AvidXchange worth $24,328,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Versant Capital Management Inc increased its holdings in AvidXchange by 801.2% during the 1st 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 during the period. GAMMA Investing LLC increased its holdings in AvidXchange by 816.6% during the 1st quarter. GAMMA Investing LLC now owns 4,079 shares of the company's stock worth $35,000 after acquiring an additional 3,634 shares during the period. Quarry LP increased its holdings in AvidXchange by 126.6% during the 4th quarter. Quarry LP now owns 5,518 shares of the company's stock worth $57,000 after acquiring an additional 3,083 shares during the period. Eastover Investment Advisors LLC bought a new stake in AvidXchange during the 1st quarter worth approximately $90,000. Finally, 111 Capital bought a new stake in AvidXchange during the 4th quarter worth approximately $111,000. Institutional investors own 80.58% of the company's stock.

Insider Buying and Selling at AvidXchange

In other AvidXchange news, insider Ryan Stahl sold 8,999 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 transaction of $87,650.26. Following the completion of the sale, the insider directly owned 667,226 shares in the company, valued at approximately $6,498,781.24. This trade represents a 1.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Daniel Drees sold 25,972 shares of the 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 $252,967.28. Following the sale, the president owned 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 disclosure for this sale can be found here. Insiders have sold 95,890 shares of company stock valued at $933,969 in the last quarter. 11.10% of the stock is owned by insiders.

AvidXchange Stock Up 0.1%

Shares of AvidXchange stock traded up $0.01 during trading on Friday, hitting $9.85. The company's stock had a trading volume of 947,071 shares, compared to its average volume of 2,644,364. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.32 and a current ratio of 1.32. The company has a fifty day simple moving average of $9.79 and a two-hundred day simple moving average of $9.18. The company has a market capitalization of $2.03 billion, a PE ratio of 985.00 and a beta of 1.20. AvidXchange Holdings, Inc. has a 52 week low of $6.61 and a 52 week high of $12.93.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. BTIG Research cut shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 7th. UBS Group increased their price target on shares of AvidXchange from $8.00 to $10.00 and gave the company a "neutral" rating in a research report on Thursday, May 8th. Susquehanna cut shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 8th. Morgan Stanley increased their price target on shares of AvidXchange from $8.00 to $10.00 and gave the company an "equal weight" rating in a research report on Thursday, May 8th. Finally, Wells Fargo & Company increased their price target on shares of AvidXchange from $8.00 to $10.00 and gave the company an "equal weight" rating in a research report on Thursday, May 8th. 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. Based on data from MarketBeat, AvidXchange currently has a consensus rating of "Hold" and a consensus 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.