Bank of America Corp DE Increases Holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Bank of America Corp DE grew its position in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 5.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 754,586 shares of the company's stock after acquiring an additional 38,835 shares during the quarter. Bank of America Corp DE owned 0.37% of AvidXchange worth $7,802,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the company. US Bancorp DE increased its stake in shares of AvidXchange by 11.6% in the 4th quarter. US Bancorp DE now owns 58,350 shares of the company's stock valued at $603,000 after buying an additional 6,079 shares during the period. Wells Fargo & Company MN grew its stake in shares of AvidXchange by 17.4% during the fourth quarter. Wells Fargo & Company MN now owns 102,923 shares of the company's stock worth $1,064,000 after purchasing an additional 15,243 shares during the period. Barclays PLC grew its stake in shares of AvidXchange by 239.8% during the third quarter. Barclays PLC now owns 285,768 shares of the company's stock worth $2,318,000 after purchasing an additional 201,679 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of AvidXchange by 5.4% during the fourth quarter. The Manufacturers Life Insurance Company now owns 96,313 shares of the company's stock worth $996,000 after purchasing an additional 4,953 shares during the period. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of AvidXchange during the fourth quarter worth $372,000. Institutional investors own 80.58% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. BMO Capital Markets reduced their target price on AvidXchange from $11.00 to $7.50 and set a "market perform" rating on the stock in a report on Thursday, February 27th. Susquehanna downgraded shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 8th. KeyCorp downgraded AvidXchange from an "overweight" rating to a "sector weight" rating in a research report on Thursday, February 27th. Wells Fargo & Company upped their target price on AvidXchange from $8.00 to $10.00 and gave the company an "equal weight" rating in a research report on Thursday, May 8th. Finally, Piper Sandler upped their target price on AvidXchange from $8.00 to $10.00 and gave the company a "neutral" rating in a research report on Thursday, May 8th. Two equities research 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 MarketBeat.com, AvidXchange has an average rating of "Hold" and a consensus target price of $10.30.

AvidXchange Stock Up 0.2%

Shares of AVDX traded up $0.02 on Friday, hitting $9.80. 117,857 shares of the stock traded hands, compared to its average volume of 2,497,451. The company has a market capitalization of $2.02 billion, a PE ratio of 244.88 and a beta of 1.14. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. The business has a 50 day simple moving average of $8.57 and a 200 day simple moving average of $9.48. AvidXchange Holdings, Inc. has a one year low of $6.61 and a one year high of $12.93.

AvidXchange (NASDAQ:AVDX - Get Free Report) last announced its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.03). The firm had revenue of $115.44 million for the quarter, compared to the consensus estimate of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. As a group, equities analysts forecast that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current fiscal year.

Insider Activity at AvidXchange

In other news, insider Ryan Stahl sold 8,999 shares of AvidXchange stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $9.74, for a total transaction of $87,650.26. Following the transaction, the insider now owns 667,226 shares in the company, valued at $6,498,781.24. This trade represents a 1.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, President Daniel Drees sold 25,972 shares of AvidXchange stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $9.74, for a total transaction of $252,967.28. Following the transaction, the president now owns 1,167,186 shares in the company, valued at $11,368,391.64. This represents a 2.18% 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. Corporate insiders own 11.10% of the company's stock.

AvidXchange 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.