Nikko Asset Management Americas Inc. Trims Stake in 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. lessened its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 2.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,554,952 shares of the company's stock after selling 35,134 shares during the period. Nikko Asset Management Americas Inc. owned about 0.75% of AvidXchange worth $13,186,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. Versant Capital Management Inc lifted its position in AvidXchange by 801.2% in the first quarter. Versant Capital Management Inc now owns 3,866 shares of the company's stock valued at $33,000 after purchasing an additional 3,437 shares during the last quarter. GAMMA Investing LLC raised its holdings in AvidXchange by 816.6% in the 1st quarter. GAMMA Investing LLC now owns 4,079 shares of the company's stock worth $35,000 after purchasing an additional 3,634 shares in the last quarter. Quarry LP increased its stake in shares of AvidXchange by 126.6% in the 4th quarter. Quarry LP now owns 5,518 shares of the company's stock worth $57,000 after acquiring an additional 3,083 shares in the last quarter. Eastover Investment Advisors LLC bought a new stake in AvidXchange during the first quarter worth about $90,000. Finally, 111 Capital bought a new position in shares of AvidXchange during the fourth quarter valued at approximately $111,000. 80.58% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at AvidXchange

In related news, insider Ryan Stahl sold 8,999 shares of the company's 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 sale, the insider owned 667,226 shares of the company's stock, valued at $6,498,781.24. This represents a 1.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael Praeger sold 40,005 shares of the company's stock in a transaction 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 directly owned 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. Insiders sold 95,890 shares of company stock worth $933,969 in the last ninety days. Company insiders own 11.10% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Piper Sandler raised their price objective on AvidXchange from $8.00 to $10.00 and gave the company a "neutral" rating in a research report on Thursday, May 8th. BTIG Research downgraded shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 7th. UBS Group 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. Morgan Stanley increased their target price on AvidXchange from $8.00 to $10.00 and gave the company an "equal weight" rating in a research note on Thursday, May 8th. Finally, Susquehanna cut AvidXchange from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 8th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $10.30.

AvidXchange Price Performance

Shares of NASDAQ:AVDX traded up $0.01 during midday trading on Wednesday, reaching $9.87. 573,254 shares of the company were exchanged, compared to its average volume of 2,898,945. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.10. The business's fifty day moving average is $9.81 and its two-hundred day moving average is $9.18. AvidXchange Holdings, Inc. has a one year low of $6.61 and a one year high of $11.68. The stock has a market cap of $2.04 billion, a PE ratio of 986.00 and a beta of 1.20.

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.