Nikko Asset Management Americas Inc. Sells 35,134 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Key Points

• Nikko Asset Management Americas Inc. reduced its position in AvidXchange Holdings by 2.2%, owning 1,554,952 shares worth approximately $13.2 million as of the latest SEC filing.
• Insider selling occurred on May 15th, with CEO Michael Praeger selling 40,005 shares valued at about $389,648, representing a 0.36% decrease in his ownership.
• As of recent analyst ratings, AvidXchange holds an average "Hold" rating, with a consensus target price of $10.30, amidst mixed evaluations from various brokerages.

Nikko Asset Management Americas Inc. decreased its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 2.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,554,952 shares of the company's stock after selling 35,134 shares during the quarter. Nikko Asset Management Americas Inc. owned about 0.75% of AvidXchange worth $13,186,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Azora Capital LP purchased a new position in shares of AvidXchange in the fourth quarter valued at $45,067,000. FMR LLC increased its position in AvidXchange by 8.4% during the 4th quarter. FMR LLC now owns 14,889,282 shares of the company's stock worth $153,955,000 after purchasing an additional 1,155,513 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in AvidXchange during the 4th quarter worth about $10,292,000. Jennison Associates LLC increased its position in AvidXchange by 45.7% during the 1st quarter. Jennison Associates LLC now owns 3,171,634 shares of the company's stock worth $26,895,000 after purchasing an additional 995,109 shares in the last quarter. Finally, Point72 Asset Management L.P. increased its position in AvidXchange by 74.1% during the 4th quarter. Point72 Asset Management L.P. now owns 1,700,334 shares of the company's stock worth $17,581,000 after purchasing an additional 723,724 shares in the last quarter. Hedge funds and other institutional investors own 80.58% of the company's stock.

Insider Activity

In other AvidXchange news, insider Ryan Stahl sold 8,999 shares of the stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $9.74, for a total value of $87,650.26. Following the transaction, the insider owned 667,226 shares of the company's stock, valued at approximately $6,498,781.24. This represents a 1.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Daniel Drees sold 25,972 shares of the stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $9.74, for a total value of $252,967.28. Following the completion of the transaction, the president directly owned 1,167,186 shares in the company, valued at approximately $11,368,391.64. This represents a 2.18% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 95,890 shares of company stock valued at $933,969. Company insiders own 11.10% of the company's stock.

AvidXchange Stock Down 0.1%

Shares of AVDX traded down $0.01 on Monday, reaching $9.86. The stock had a trading volume of 975,277 shares, compared to its average volume of 1,457,001. AvidXchange Holdings, Inc. has a 12-month low of $6.61 and a 12-month high of $12.85. 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 firm has a market capitalization of $2.04 billion, a price-to-earnings ratio of 987.00 and a beta of 1.20. The company has a 50-day simple moving average of $9.80 and a 200-day simple moving average of $9.17.

Analysts Set New Price Targets

A number of analysts have issued reports on AVDX shares. Morgan Stanley raised their price target on AvidXchange from $8.00 to $10.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 8th. Piper Sandler raised their price target on AvidXchange from $8.00 to $10.00 and gave the stock a "neutral" rating in a research note on Thursday, May 8th. Baird R W lowered AvidXchange from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 8th. UBS Group raised their price target on AvidXchange from $8.00 to $10.00 and gave the stock a "neutral" rating in a research note on Thursday, May 8th. Finally, Susquehanna lowered AvidXchange from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 8th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average 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.