Nuveen LLC purchased a new stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 630,814 shares of the company's stock, valued at approximately $5,349,000. Nuveen LLC owned approximately 0.31% of AvidXchange as of its most recent SEC filing.
Several other hedge funds also recently made changes to their positions in AVDX. Wells Fargo & Company MN boosted its position 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 valued at $1,064,000 after purchasing an additional 15,243 shares in the last quarter. Invesco Ltd. boosted its position in shares of AvidXchange by 4.6% during the fourth quarter. Invesco Ltd. now owns 156,682 shares of the company's stock valued at $1,620,000 after purchasing an additional 6,823 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of AvidXchange during the fourth quarter valued at approximately $115,000. Barclays PLC boosted its position in shares of AvidXchange by 8.6% during the fourth quarter. Barclays PLC now owns 310,430 shares of the company's stock valued at $3,210,000 after purchasing an additional 24,662 shares in the last quarter. Finally, Marshall Wace LLP bought a new stake in shares of AvidXchange during the fourth quarter valued at approximately $1,412,000. 80.58% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
A number of research analysts have issued reports on AVDX shares. Robert W. Baird reiterated a "neutral" rating and set a $10.00 price objective on shares of AvidXchange in a research note on Thursday, May 8th. BTIG Research cut AvidXchange from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 7th. Morgan Stanley lifted their price objective on AvidXchange from $8.00 to $10.00 and gave the company an "equal weight" rating in a research note on Thursday, May 8th. Wells Fargo & Company lifted their price objective 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, Piper Sandler lifted their price objective on AvidXchange from $8.00 to $10.00 and gave the company a "neutral" rating in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, AvidXchange has an average rating of "Reduce" and an average target price of $10.04.
Read Our Latest Analysis on AVDX
AvidXchange Stock Performance
Shares of AVDX traded up $0.01 during trading hours on Friday, hitting $9.94. The stock had a trading volume of 1,195,219 shares, compared to its average volume of 2,053,510. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.33 and a quick ratio of 1.33. AvidXchange Holdings, Inc. has a 12 month low of $6.61 and a 12 month high of $11.68. The firm has a market capitalization of $2.06 billion, a PE ratio of -198.76 and a beta of 1.20. The stock has a fifty day moving average price of $9.86 and a 200 day moving average price of $9.11.
AvidXchange (NASDAQ:AVDX - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.01). The firm had revenue of $110.57 million during the quarter, compared to the consensus estimate of $110.18 million. AvidXchange had a positive return on equity of 1.15% and a negative net margin of 1.80%.The business's revenue was up 5.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.05 EPS. Analysts anticipate that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.
AvidXchange Profile
(
Free Report)
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.
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