XTX Topco Ltd Purchases New Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

XTX Topco Ltd bought a new position in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm bought 65,732 shares of the company's stock, valued at approximately $680,000.

A number of other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. lifted its stake in AvidXchange by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 18,110,051 shares of the company's stock worth $187,258,000 after purchasing an additional 116,410 shares in the last quarter. FMR LLC lifted its stake in AvidXchange by 8.4% in the 4th quarter. FMR LLC now owns 14,889,282 shares of the company's stock worth $153,955,000 after purchasing an additional 1,155,513 shares in the last quarter. Geode Capital Management LLC lifted its stake in AvidXchange by 5.0% in the 3rd quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company's stock worth $34,607,000 after purchasing an additional 201,847 shares in the last quarter. State Street Corp lifted its stake in AvidXchange by 1.5% in the 3rd quarter. State Street Corp now owns 3,763,694 shares of the company's stock worth $30,524,000 after purchasing an additional 54,403 shares in the last quarter. Finally, Jennison Associates LLC lifted its stake in AvidXchange by 50.9% in the 4th quarter. Jennison Associates LLC now owns 2,176,525 shares of the company's stock worth $22,505,000 after purchasing an additional 733,860 shares in the last quarter. 80.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Robert W. Baird cut their price target on shares of AvidXchange from $14.00 to $12.00 and set an "outperform" rating for the company in a report on Thursday, February 27th. Barclays downgraded shares of AvidXchange from an "overweight" rating to an "equal weight" rating and cut their price target for the stock from $13.00 to $8.00 in a report on Tuesday, March 4th. Piper Sandler cut their price target on shares of AvidXchange from $10.00 to $8.00 and set a "neutral" rating for the company in a report on Friday, February 28th. KeyCorp downgraded shares of AvidXchange from an "overweight" rating to a "sector weight" rating in a report on Thursday, February 27th. Finally, BMO Capital Markets cut their price target on shares of AvidXchange from $11.00 to $7.50 and set a "market perform" rating for the company in a report on Thursday, February 27th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, AvidXchange currently has a consensus rating of "Hold" and an average target price of $10.07.

Insider Transactions at AvidXchange

In other news, CEO Michael Praeger sold 58,881 shares of AvidXchange stock in a transaction on 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 sale, the chief executive officer now directly owns 11,164,737 shares of the company's stock, valued at approximately $84,740,353.83. The trade was a 0.52 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Daniel Drees sold 34,782 shares of AvidXchange stock in a transaction on Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $263,995.38. Following the sale, the president now directly owns 1,176,833 shares of the company's stock, valued at approximately $8,932,162.47. This trade represents a 2.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 125,866 shares of company stock valued at $955,323. Insiders own 10.40% of the company's stock.

AvidXchange Stock Up 0.9 %

Shares of NASDAQ:AVDX traded up $0.07 during trading on Wednesday, hitting $7.73. The company's stock had a trading volume of 318,086 shares, compared to its average volume of 1,806,569. The business has a 50 day moving average price of $8.10 and a two-hundred day moving average price of $9.37. The company has a market capitalization of $1.58 billion, a PE ratio of 193.25 and a beta of 1.14. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. AvidXchange Holdings, Inc. has a fifty-two week low of $6.61 and a fifty-two week high of $12.93.

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

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.