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

Assenagon Asset Management S.A. increased its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 305.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm 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 approximately 0.35% of AvidXchange worth $6,130,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Xponance Inc. raised its holdings in shares of AvidXchange by 9.2% in the 4th quarter. Xponance Inc. now owns 12,459 shares of the company's stock worth $129,000 after purchasing an additional 1,045 shares during the period. Captrust Financial Advisors raised its holdings in shares of AvidXchange by 6.2% in the 4th quarter. Captrust Financial Advisors now owns 18,434 shares of the company's stock worth $191,000 after purchasing an additional 1,084 shares during the period. Summit Investment Advisors Inc. raised 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 worth $188,000 after purchasing an additional 1,155 shares during the period. Blue Trust Inc. raised its holdings in shares of AvidXchange by 90.1% in the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company's stock worth $28,000 after purchasing an additional 1,278 shares during the period. Finally, Rhumbline Advisers raised its holdings in shares of AvidXchange by 1.0% in the 4th quarter. Rhumbline Advisers now owns 234,738 shares of the company's stock worth $2,427,000 after purchasing an additional 2,391 shares during the period. Institutional investors own 80.58% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on AVDX shares. Piper Sandler lifted their price objective on shares of AvidXchange from $8.00 to $10.00 and gave the company 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 report on Thursday, May 8th. BTIG Research lowered shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 7th. BMO Capital Markets reduced their price target on shares of AvidXchange from $11.00 to $7.50 and set a "market perform" rating for the company in a research report on Thursday, February 27th. Finally, Robert W. Baird reiterated a "neutral" rating and issued a $10.00 target price on shares of AvidXchange in a research report on Thursday, May 8th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat.com, AvidXchange presently has an average rating of "Hold" and a consensus price target of $10.30.

Insider Activity

In other AvidXchange news, insider Joel Wilhite sold 20,914 shares of the company'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 now owns 808,841 shares in the company, valued at approximately $7,878,111.34. This represents a 2.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Praeger sold 40,005 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 $389,648.70. Following the sale, the chief executive officer now owns 11,037,830 shares in the company, valued at approximately $107,508,464.20. The trade was a 0.36% 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 valued at $933,969. Insiders own 11.10% of the company's stock.

AvidXchange Trading Down 0.3%

AvidXchange stock traded down $0.03 during mid-day trading on Friday, hitting $9.75. The company's stock had a trading volume of 7,066,646 shares, compared to its average volume of 2,631,089. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The stock has a market cap of $2.01 billion, a price-to-earnings ratio of 243.75 and a beta of 1.22. The business has a 50 day moving average price of $8.92 and a 200-day moving average price of $9.38. AvidXchange Holdings, Inc. has a 12 month low of $6.61 and a 12 month high of $12.93.

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.