AvidXchange Holdings, Inc. (NASDAQ:AVDX) Holdings Reduced by Renaissance Technologies LLC

Renaissance Technologies LLC trimmed its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 86.5% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 29,600 shares of the company's stock after selling 189,600 shares during the period. Renaissance Technologies LLC's holdings in AvidXchange were worth $306,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Xponance Inc. raised its position in AvidXchange by 9.2% during the 4th quarter. Xponance Inc. now owns 12,459 shares of the company's stock worth $129,000 after buying an additional 1,045 shares during the last quarter. Blue Trust Inc. increased its stake in shares of AvidXchange by 90.1% during the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company's stock worth $28,000 after acquiring an additional 1,278 shares during the period. Rhumbline Advisers raised its holdings in AvidXchange by 1.0% during the fourth quarter. Rhumbline Advisers now owns 234,738 shares of the company's stock worth $2,427,000 after purchasing an additional 2,391 shares in the last quarter. KBC Group NV lifted its position in AvidXchange by 60.9% in the fourth quarter. KBC Group NV now owns 8,836 shares of the company's stock valued at $91,000 after purchasing an additional 3,344 shares during the period. Finally, R Squared Ltd purchased a new stake in AvidXchange in the 4th quarter valued at approximately $41,000. Hedge funds and other institutional investors own 80.58% of the company's stock.

Analysts Set New Price Targets

AVDX has been the topic of a number of research analyst reports. Wells Fargo & Company boosted their price objective on shares of AvidXchange from $8.00 to $10.00 and gave the stock an "equal weight" rating in a report on Thursday. Keefe, Bruyette & Woods upped their price target on AvidXchange from $8.00 to $9.00 and gave the stock a "market perform" rating in a report on Monday, March 31st. Morgan Stanley lifted their price objective on AvidXchange from $8.00 to $10.00 and gave the stock an "equal weight" rating in a report on Thursday. JPMorgan Chase & Co. lowered their target price on AvidXchange from $10.00 to $9.00 and set a "neutral" rating on the stock in a report on Thursday, February 27th. Finally, Wolfe Research downgraded AvidXchange from a "strong-buy" rating to a "hold" rating in a research note on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $10.30.

Insiders Place Their Bets

In other news, insider Joel Wilhite sold 32,203 shares of the firm's stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $244,420.77. Following the transaction, the insider now directly owns 843 shares in the company, valued at approximately $6,398.37. This trade represents a 97.45 % decrease in their position. The transaction was disclosed in a filing 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 transaction of $446,906.79. Following the completion of the transaction, the chief executive officer now directly 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 125,866 shares of company stock valued at $955,323 in the last ninety days. Corporate insiders own 10.40% of the company's stock.

AvidXchange Stock Up 0.1 %

NASDAQ AVDX traded up $0.01 on Friday, reaching $9.73. The company had a trading volume of 10,784,804 shares, compared to its average volume of 2,374,659. The firm has a market capitalization of $2.01 billion, a PE ratio of 243.25 and a beta of 1.14. The firm has a 50-day moving average of $7.97 and a 200-day moving average of $9.38. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. AvidXchange Holdings, Inc. has a 1 year low of $6.61 and a 1 year high of $12.93.

AvidXchange (NASDAQ:AVDX - Get Free Report) last announced its earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.06 by ($0.03). AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. The business had revenue of $115.44 million for the quarter, compared to analysts' expectations of $114.98 million. On average, equities research analysts anticipate that AvidXchange Holdings, Inc. will post 0.02 EPS for the current fiscal year.

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.