Janus Henderson Group PLC Cuts Holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Janus Henderson Group PLC lessened its position in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 9.9% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 2,199,833 shares of the company's stock after selling 242,460 shares during the period. Janus Henderson Group PLC owned approximately 1.07% of AvidXchange worth $22,747,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. US Bancorp DE raised its holdings in AvidXchange by 11.6% during the fourth quarter. US Bancorp DE now owns 58,350 shares of the company's stock worth $603,000 after purchasing an additional 6,079 shares in the last quarter. Azora Capital LP purchased a new position in shares of AvidXchange during the 4th quarter worth approximately $45,067,000. Barclays PLC raised its stake in shares of AvidXchange by 239.8% during the 3rd quarter. Barclays PLC now owns 285,768 shares of the company's stock worth $2,318,000 after buying an additional 201,679 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in shares of AvidXchange by 17.4% in the 4th quarter. Wells Fargo & Company MN now owns 102,923 shares of the company's stock valued at $1,064,000 after buying an additional 15,243 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of AvidXchange by 5.4% in the fourth quarter. The Manufacturers Life Insurance Company now owns 96,313 shares of the company's stock valued at $996,000 after buying an additional 4,953 shares in the last quarter. Hedge funds and other institutional investors own 80.58% of the company's stock.

Insider Activity

In related news, President Daniel Drees sold 34,782 shares of the company's stock in a transaction on Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $263,995.38. Following the completion of the transaction, the president now directly owns 1,176,833 shares in the company, valued at approximately $8,932,162.47. This represents a 2.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Michael Praeger sold 58,881 shares of AvidXchange stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $446,906.79. Following the completion of the sale, the chief executive officer now owns 11,164,737 shares of the company's stock, valued at $84,740,353.83. This trade represents a 0.52% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 221,756 shares of company stock valued at $1,889,292 over the last 90 days. Insiders own 11.10% of the company's stock.

AvidXchange Price Performance

Shares of NASDAQ AVDX traded down $0.01 during trading on Wednesday, reaching $9.73. The company had a trading volume of 869,463 shares, compared to its average volume of 2,480,570. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange Holdings, Inc. has a twelve month low of $6.61 and a twelve month high of $12.93. The stock has a 50-day moving average price of $8.38 and a two-hundred day moving average price of $9.47. The stock has a market capitalization of $2.01 billion, a PE ratio of 243.13 and a beta of 1.14.

AvidXchange (NASDAQ:AVDX - Get Free Report) last announced its earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.03). The firm had revenue of $115.44 million during the quarter, compared to analyst estimates of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. As a group, sell-side analysts predict that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on AVDX shares. KeyCorp downgraded AvidXchange from an "overweight" rating to a "sector weight" rating in a report on Thursday, February 27th. Robert W. Baird reiterated a "neutral" rating and issued a $10.00 price target on shares of AvidXchange in a report on Thursday, May 8th. Keefe, Bruyette & Woods boosted their price objective on shares of AvidXchange from $8.00 to $9.00 and gave the stock a "market perform" rating in a report on Monday, March 31st. Morgan Stanley upped their target price on shares of AvidXchange from $8.00 to $10.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 8th. Finally, Piper Sandler lifted their price target on shares of AvidXchange from $8.00 to $10.00 and gave the company a "neutral" rating in a research report on Thursday, May 8th. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target 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.