AvidXchange Holdings, Inc. (NASDAQ:AVDX) Shares Acquired by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 10.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 465,690 shares of the company's stock after purchasing an additional 42,993 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.23% of AvidXchange worth $4,815,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Xponance Inc. raised its stake in AvidXchange by 9.2% during the 4th quarter. Xponance Inc. now owns 12,459 shares of the company's stock worth $129,000 after acquiring an additional 1,045 shares in the last quarter. Captrust Financial Advisors increased its position in shares of AvidXchange by 6.2% during the fourth quarter. Captrust Financial Advisors now owns 18,434 shares of the company's stock worth $191,000 after purchasing an additional 1,084 shares in the last quarter. Summit Investment Advisors Inc. lifted its holdings in shares of AvidXchange by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 18,182 shares of the company's stock valued at $188,000 after purchasing an additional 1,155 shares during the last quarter. Blue Trust Inc. increased its position in AvidXchange by 90.1% during the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company's stock worth $28,000 after buying an additional 1,278 shares during the period. Finally, Rhumbline Advisers boosted its holdings 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 during the period. Institutional investors and hedge funds own 80.58% of the company's stock.

Insiders Place Their Bets

In related news, CEO Michael Praeger sold 40,005 shares of the firm's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $9.74, for a total transaction of $389,648.70. Following the sale, the chief executive officer now directly owns 11,037,830 shares in the company, valued at approximately $107,508,464.20. This trade represents a 0.36% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 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 completion of the sale, the president now directly owns 1,167,186 shares of the company's stock, valued at $11,368,391.64. This trade represents a 2.18% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 95,890 shares of company stock worth $933,969 over the last quarter. 11.10% of the stock is owned by corporate insiders.

AvidXchange Trading Down 0.1%

AVDX traded down $0.01 on Friday, reaching $9.78. 358,098 shares of the company's stock were exchanged, compared to its average volume of 2,579,967. The company has a market cap of $2.02 billion, a price-to-earnings ratio of 244.38 and a beta of 1.22. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. AvidXchange Holdings, Inc. has a twelve month low of $6.61 and a twelve month high of $12.93. The company's 50 day moving average is $8.70 and its 200-day moving average is $9.45.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on AVDX shares. Susquehanna cut AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 8th. Piper Sandler increased their price target on shares of AvidXchange from $8.00 to $10.00 and gave the company a "neutral" rating in a report on Thursday, May 8th. Barclays lowered shares of AvidXchange from an "overweight" rating to an "equal weight" rating and lowered their target price for the stock from $13.00 to $8.00 in a research report on Tuesday, March 4th. Wolfe Research downgraded shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Thursday, February 27th. Finally, Baird R W cut AvidXchange from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 8th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, AvidXchange currently has an average rating of "Hold" and an average price target 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.