Nuveen LLC Takes Position in AvidXchange Holdings, Inc. $AVDX

Key Points

• Nuveen LLC acquired a new stake in AvidXchange Holdings, Inc., purchasing 630,814 shares valued at approximately $5.35 million, representing about 0.31% ownership.
• Multiple institutional investors, including Versant Capital Management and GAMMA Investing, significantly increased their stakes in AvidXchange during the 1st quarter, showcasing growing institutional interest.
• Analysts have mixed views on AvidXchange, with ratings varying from a "strong-buy" to a "hold," and an average target price now set at $10.04.

Nuveen LLC acquired a new position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 630,814 shares of the company's stock, valued at approximately $5,349,000. Nuveen LLC owned 0.31% of AvidXchange at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Azora Capital LP bought a new position in AvidXchange during the 4th quarter worth $45,067,000. Wells Fargo & Company MN increased its position in shares of AvidXchange by 17.4% in 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. The Manufacturers Life Insurance Company lifted its stake in 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 last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in AvidXchange by 25.9% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 16,629 shares of the company's stock worth $172,000 after purchasing an additional 3,418 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in AvidXchange by 8.3% during the fourth quarter. Northern Trust Corp now owns 1,653,173 shares of the company's stock worth $17,094,000 after purchasing an additional 127,396 shares during the last quarter. Institutional investors own 80.58% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. BTIG Research cut AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 7th. Piper Sandler lifted their price target on AvidXchange from $8.00 to $10.00 and gave the company 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. Morgan Stanley lifted their price objective on AvidXchange from $8.00 to $10.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 8th. Finally, UBS Group lifted their price objective on AvidXchange from $8.00 to $10.00 and gave the stock 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 assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, AvidXchange presently has a consensus rating of "Reduce" and an average target price of $10.04.

AvidXchange Stock Up 0.1%

Shares of NASDAQ AVDX traded up $0.01 during midday trading on Friday, hitting $9.94. 1,195,219 shares of the stock traded hands, compared to its average volume of 2,072,469. The business has a 50 day moving average price of $9.86 and a two-hundred day moving average price of $9.10. AvidXchange Holdings, Inc. has a one year low of $6.61 and a one year high of $11.68. The company has a market cap of $2.06 billion, a PE ratio of -198.76 and a beta of 1.20. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.33 and a current ratio of 1.33.

AvidXchange (NASDAQ:AVDX - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.01). AvidXchange had a negative net margin of 1.80% and a positive return on equity of 1.15%. The company had revenue of $110.57 million for the quarter, compared to the consensus estimate of $110.18 million. During the same quarter last year, the business posted $0.05 earnings per share. AvidXchange's revenue was up 5.2% on a year-over-year basis. On average, equities analysts predict that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

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.