Nikko Asset Management Americas Inc. Has $23.28 Million Stock Holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Nikko Asset Management Americas Inc. grew its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 24.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,877,536 shares of the company's stock after buying an additional 372,291 shares during the period. Nikko Asset Management Americas Inc. owned approximately 0.92% of AvidXchange worth $23,281,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of AVDX. Corton Capital Inc. boosted its holdings in AvidXchange by 5.7% in the 3rd quarter. Corton Capital Inc. now owns 30,768 shares of the company's stock valued at $292,000 after purchasing an additional 1,653 shares during the period. Rhumbline Advisers boosted its stake in shares of AvidXchange by 1.8% in the third quarter. Rhumbline Advisers now owns 206,230 shares of the company's stock valued at $1,955,000 after buying an additional 3,667 shares during the period. Arizona State Retirement System increased its stake in AvidXchange by 9.6% during the 3rd quarter. Arizona State Retirement System now owns 42,976 shares of the company's stock worth $407,000 after acquiring an additional 3,758 shares during the period. Victory Capital Management Inc. increased its stake in AvidXchange by 25.5% during the 4th quarter. Victory Capital Management Inc. now owns 20,628 shares of the company's stock worth $256,000 after acquiring an additional 4,189 shares during the period. Finally, National Bank of Canada FI acquired a new position in AvidXchange in the 4th quarter valued at $54,000. Institutional investors and hedge funds own 80.58% of the company's stock.

Insider Buying and Selling at AvidXchange

In related news, insider Todd Alan Cunningham sold 11,340 shares of the business's stock in a transaction 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 owns 173,019 shares of the company's stock, valued at $2,249,247. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other AvidXchange news, 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 transaction of $147,420.00. Following the completion of the sale, the insider now owns 173,019 shares of the company's stock, valued at approximately $2,249,247. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Matthew C. Harris sold 2,500,000 shares of the stock in a transaction on 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 of the company's stock, valued at $119,092,870.94. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,061,710 shares of company stock worth $39,656,533. 10.30% of the stock is currently owned by company insiders.

AvidXchange Trading Up 0.1 %

Shares of AvidXchange stock traded up $0.01 on Friday, hitting $11.29. The stock had a trading volume of 1,640,313 shares, compared to its average volume of 1,856,102. The stock has a 50 day moving average of $12.16 and a 200 day moving average of $11.49. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.34 and a current ratio of 1.34. AvidXchange Holdings, Inc. has a twelve month low of $6.88 and a twelve month high of $13.56. The firm has a market capitalization of $2.33 billion, a P/E ratio of -75.19 and a beta of 1.07.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on AVDX. BMO Capital Markets raised their price target on AvidXchange from $11.00 to $13.00 and gave the stock a "market perform" rating in a research report on Thursday, February 29th. Piper Sandler cut their price target on shares of AvidXchange from $14.00 to $12.00 and set a "neutral" rating for the company in a report on Friday, April 12th. The Goldman Sachs Group reiterated a "sell" rating and set a $11.50 price target (down previously from $13.00) on shares of AvidXchange in a research report on Monday, April 15th. Keefe, Bruyette & Woods initiated coverage on shares of AvidXchange in a research report on Tuesday, April 9th. They set a "market perform" rating and a $13.50 price objective for the company. Finally, Susquehanna raised their target price on AvidXchange from $15.00 to $16.00 and gave the company a "positive" rating in a report on Thursday, February 29th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, AvidXchange has a consensus rating of "Hold" and a consensus price target of $13.14.

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.

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