Citigroup Inc. Has $44,000 Holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Citigroup Inc. lowered its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 95.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,632 shares of the company's stock after selling 92,159 shares during the quarter. Citigroup Inc.'s holdings in AvidXchange were worth $44,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in AvidXchange by 19.5% during the third quarter. Vanguard Group Inc. now owns 13,231,439 shares of the company's stock worth $111,409,000 after buying an additional 2,160,242 shares in the last quarter. Senvest Management LLC boosted its holdings in AvidXchange by 26.3% during the third quarter. Senvest Management LLC now owns 12,298,226 shares of the company's stock worth $116,587,000 after buying an additional 2,563,886 shares in the last quarter. BlackRock Inc. boosted its holdings in AvidXchange by 13.7% during the third quarter. BlackRock Inc. now owns 11,613,485 shares of the company's stock worth $97,786,000 after buying an additional 1,402,183 shares in the last quarter. Millennium Management LLC lifted its holdings in AvidXchange by 63.4% during the fourth quarter. Millennium Management LLC now owns 7,858,752 shares of the company's stock valued at $78,116,000 after purchasing an additional 3,048,717 shares in the last quarter. Finally, Lord Abbett & CO. LLC grew its position in shares of AvidXchange by 29.2% in the third quarter. Lord Abbett & CO. LLC now owns 5,402,784 shares of the company's stock valued at $51,219,000 after purchasing an additional 1,222,044 shares during the period. 80.58% of the stock is owned by hedge funds and other institutional investors.

AvidXchange Trading Down 0.3 %

AVDX stock traded down $0.04 during trading on Wednesday, reaching $12.28. 745,784 shares of the stock were exchanged, compared to its average volume of 1,956,601. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.20. The business has a 50 day moving average price of $12.32 and a 200-day moving average price of $10.93. AvidXchange Holdings, Inc. has a 1 year low of $6.88 and a 1 year high of $13.56. The firm has a market capitalization of $2.51 billion, a price-to-earnings ratio of -53.39 and a beta of 1.04.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on AVDX. The Goldman Sachs Group lifted their target price on shares of AvidXchange from $11.00 to $13.00 and gave the company a "neutral" rating in a research report on Thursday, February 29th. Barclays lifted their target price on shares of AvidXchange from $13.00 to $14.00 and gave the company an "overweight" rating in a research report on Friday, December 22nd. Susquehanna lifted their target price on shares of AvidXchange from $15.00 to $16.00 and gave the company a "positive" rating in a research report on Thursday, February 29th. TheStreet upgraded shares of AvidXchange from a "d+" rating to a "c-" rating in a research report on Friday, December 15th. Finally, BMO Capital Markets lifted their target price on shares of AvidXchange from $11.00 to $13.00 and gave the company a "market perform" rating in a research report on Thursday, February 29th. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $13.29.

Insiders Place Their Bets

In other AvidXchange news, insider Joel Wilhite sold 136,158 shares of AvidXchange stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $12.28, for a total transaction of $1,672,020.24. Following the transaction, the insider now directly owns 454,878 shares of the company's stock, valued at $5,585,901.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Joel Wilhite sold 136,158 shares of the business's stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $12.28, for a total value of $1,672,020.24. Following the sale, the insider now directly owns 454,878 shares of the company's stock, valued at approximately $5,585,901.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael Praeger sold 69,508 shares of the business's stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $13.15, for a total transaction of $914,030.20. Following the completion of the sale, the chief executive officer now directly owns 10,183,941 shares in the company, valued at $133,918,824.15. The disclosure for this sale can be found here. Insiders have sold 3,010,167 shares of company stock valued at $39,077,190 over the last ninety days. Company insiders own 10.30% of the company's stock.

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.