Nuveen Asset Management LLC Boosts Holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Nuveen Asset Management LLC lifted its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 25.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 627,001 shares of the company's stock after purchasing an additional 126,665 shares during the period. Nuveen Asset Management LLC owned 0.30% of AvidXchange worth $6,483,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of AVDX. Barclays PLC increased its stake in shares of AvidXchange by 239.8% in the 3rd quarter. Barclays PLC now owns 285,768 shares of the company's stock worth $2,318,000 after purchasing an additional 201,679 shares in the last quarter. Blue Trust Inc. increased its stake 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 in the last quarter. KBC Group NV increased its stake in shares of AvidXchange by 60.9% in the 4th quarter. KBC Group NV now owns 8,836 shares of the company's stock worth $91,000 after purchasing an additional 3,344 shares in the last quarter. R Squared Ltd purchased a new stake in shares of AvidXchange in the 4th quarter worth $41,000. Finally, Jennison Associates LLC increased its stake in shares of AvidXchange by 50.9% in the 4th quarter. Jennison Associates LLC now owns 2,176,525 shares of the company's stock worth $22,505,000 after purchasing an additional 733,860 shares in the last quarter. 80.58% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on AVDX. Barclays lowered AvidXchange from an "overweight" rating to an "equal weight" rating and cut their price target for the stock from $13.00 to $8.00 in a research note on Tuesday, March 4th. Susquehanna downgraded shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 8th. Wells Fargo & Company increased their price target on shares of AvidXchange from $8.00 to $10.00 and gave the company an "equal weight" rating in a report on Thursday, May 8th. Morgan Stanley increased their price target on shares of AvidXchange from $8.00 to $10.00 and gave the company an "equal weight" rating in a report on Thursday, May 8th. Finally, Baird R W downgraded shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 8th. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $10.30.

AvidXchange Trading Up 0.1%

NASDAQ AVDX traded up $0.01 during trading on Wednesday, hitting $9.78. The stock had a trading volume of 16,305,632 shares, compared to its average volume of 2,578,766. The stock has a market capitalization of $2.02 billion, a price-to-earnings ratio of 244.50 and a beta of 1.14. The stock has a 50 day simple moving average of $8.67 and a 200 day simple moving average of $9.46. AvidXchange Holdings, Inc. has a one year low of $6.61 and a one year high of $12.93. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32.

Insider Activity at AvidXchange

In related news, CEO Michael Praeger sold 40,005 shares of AvidXchange 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 transaction, the chief executive officer now directly owns 11,037,830 shares of the company's stock, valued at $107,508,464.20. This trade represents a 0.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Ryan Stahl sold 8,999 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 $87,650.26. Following the completion of the transaction, the insider now directly owns 667,226 shares in the company, valued at $6,498,781.24. This represents a 1.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 95,890 shares of company stock valued at $933,969 over the last ninety days. 11.10% of the stock is owned by company insiders.

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.