Federated Hermes Inc. Cuts Stock Holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Federated Hermes Inc. decreased its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 23.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 954,730 shares of the company's stock after selling 295,776 shares during the quarter. Federated Hermes Inc. owned about 0.47% of AvidXchange worth $11,829,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new position in shares of AvidXchange during the 3rd quarter worth approximately $159,000. ARK Investment Management LLC purchased a new position in shares of AvidXchange during the third quarter worth about $9,552,000. Coronation Fund Managers Ltd. lifted its position in AvidXchange by 73.7% in the third quarter. Coronation Fund Managers Ltd. now owns 491,755 shares of the company's stock valued at $4,662,000 after purchasing an additional 208,637 shares during the period. Bank of New York Mellon Corp lifted its position in shares of AvidXchange by 32.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 4,621,806 shares of the company's stock valued at $43,815,000 after acquiring an additional 1,134,729 shares during the period. Finally, Brown Advisory Inc. lifted its position in shares of AvidXchange by 1.1% during the 3rd quarter. Brown Advisory Inc. now owns 329,271 shares of the company's stock valued at $3,121,000 after acquiring an additional 3,697 shares during the period. Hedge funds and other institutional investors own 80.58% of the company's stock.

AvidXchange Price Performance

AvidXchange stock traded down $0.16 during trading hours on Wednesday, reaching $11.87. 922,460 shares of the stock were exchanged, compared to its average volume of 1,808,245. The firm's 50 day moving average is $12.41 and its 200 day moving average is $11.20. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.20. AvidXchange Holdings, Inc. has a 52-week low of $6.88 and a 52-week high of $13.56.

Insider Transactions at AvidXchange

In related news, insider Todd Alan Cunningham sold 11,340 shares of AvidXchange stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $13.00, for a total value of $147,420.00. Following the transaction, the insider now owns 173,019 shares of the company's stock, valued at approximately $2,249,247. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Matthew C. Harris sold 2,500,000 shares of the company's stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $13.03, for a total transaction of $32,575,000.00. Following the sale, the director now owns 9,139,898 shares in the company, valued at approximately $119,092,870.94. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Todd Alan Cunningham sold 11,340 shares of the stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $13.00, for a total value of $147,420.00. Following the sale, the insider now directly owns 173,019 shares of the company's stock, valued at $2,249,247. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,010,167 shares of company stock valued at $39,077,190. 10.30% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have recently issued reports on AVDX. The Goldman Sachs Group restated a "sell" rating and issued a $11.50 target price (down previously from $13.00) on shares of AvidXchange in a research note on Monday, April 15th. BMO Capital Markets increased their price target on shares of AvidXchange from $11.00 to $13.00 and gave the stock a "market perform" rating in a research note on Thursday, February 29th. Keefe, Bruyette & Woods began coverage on shares of AvidXchange in a report on Tuesday, April 9th. They issued a "market perform" rating and a $13.50 price target for the company. JPMorgan Chase & Co. raised their price objective on shares of AvidXchange from $14.00 to $15.00 and gave the company an "overweight" rating in a research report on Thursday, February 29th. Finally, Piper Sandler cut their price target on shares of AvidXchange from $14.00 to $12.00 and set a "neutral" rating on the stock in a research note on Friday, April 12th. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, AvidXchange presently has a consensus rating of "Hold" and a consensus price target of $13.07.

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.