Assenagon Asset Management S.A. Grows Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Assenagon Asset Management S.A. lifted its holdings in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 305.0% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 722,907 shares of the company's stock after purchasing an additional 544,424 shares during the quarter. Assenagon Asset Management S.A. owned about 0.35% of AvidXchange worth $6,130,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in AvidXchange by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 18,110,051 shares of the company's stock valued at $187,258,000 after purchasing an additional 116,410 shares during the period. FMR LLC boosted its stake in shares of AvidXchange by 8.4% in the 4th quarter. FMR LLC now owns 14,889,282 shares of the company's stock valued at $153,955,000 after buying an additional 1,155,513 shares during the period. North Reef Capital Management LP grew its position in shares of AvidXchange by 2.5% during the fourth quarter. North Reef Capital Management LP now owns 7,994,000 shares of the company's stock worth $82,658,000 after buying an additional 194,000 shares in the last quarter. Azora Capital LP purchased a new stake in shares of AvidXchange during the fourth quarter worth approximately $45,067,000. Finally, Jacobs Levy Equity Management Inc. raised its holdings in AvidXchange by 8.7% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 3,397,658 shares of the company's stock valued at $35,132,000 after acquiring an additional 273,194 shares in the last quarter. 80.58% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently commented on AVDX shares. Baird R W lowered AvidXchange from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 8th. KeyCorp cut shares of AvidXchange from an "overweight" rating to a "sector weight" rating in a report on Thursday, February 27th. UBS Group raised 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. Susquehanna lowered shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 8th. Finally, The Goldman Sachs Group reduced their price objective on shares of AvidXchange from $9.50 to $7.00 and set a "sell" rating for the company in a research report on Thursday, February 27th. Two 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. Based on data from MarketBeat, AvidXchange has an average rating of "Hold" and a consensus target price of $10.30.

AvidXchange Price Performance

AvidXchange stock traded up $0.03 during trading hours on Wednesday, hitting $9.80. The stock had a trading volume of 1,793,757 shares, compared to its average volume of 2,631,876. AvidXchange Holdings, Inc. has a 1-year low of $6.61 and a 1-year high of $12.93. The stock has a market capitalization of $2.02 billion, a price-to-earnings ratio of 244.88 and a beta of 1.22. The stock's fifty day moving average is $9.01 and its two-hundred day moving average is $9.36. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.32 and a quick ratio of 1.32.

Insider Buying and Selling at AvidXchange

In related 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 sale, the chief executive officer now directly owns 11,037,830 shares in the company, valued at approximately $107,508,464.20. The trade was a 0.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ryan Stahl sold 8,999 shares of the stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $9.74, for a total transaction of $87,650.26. Following the transaction, the insider now directly owns 667,226 shares in the company, valued at approximately $6,498,781.24. This represents a 1.33% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 95,890 shares of company stock worth $933,969. 11.10% of the stock is owned by corporate insiders.

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.