Swiss National Bank Boosts Stock Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Swiss National Bank boosted its holdings in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 1.4% during the fourth quarter, Holdings Channel reports. The firm owned 327,000 shares of the company’s stock after acquiring an additional 4,400 shares during the quarter. Swiss National Bank’s holdings in AvidXchange were worth $3,381,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of AVDX. 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 valued at $28,000 after buying an additional 1,278 shares during the period. Point72 DIFC Ltd purchased a new position in AvidXchange during the 3rd quarter valued at $37,000. R Squared Ltd bought a new position in AvidXchange in the 4th quarter worth $41,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of AvidXchange in the 3rd quarter worth about $86,000. Finally, KBC Group NV boosted its stake in shares of AvidXchange by 60.9% during the 4th 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 in the last quarter. Institutional investors own 80.58% of the company’s stock.

AvidXchange Trading Down 0.8 %

Shares of NASDAQ AVDX opened at $8.59 on Thursday. The company has a market cap of $1.76 billion, a PE ratio of 214.75 and a beta of 1.28. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. The firm’s 50 day moving average price is $9.18 and its 200-day moving average price is $9.39. AvidXchange Holdings, Inc. has a 52-week low of $6.61 and a 52-week high of $13.50.

AvidXchange (NASDAQ:AVDX) last issued its 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). AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. The business had revenue of $115.44 million for the quarter, compared to analysts’ expectations of $114.98 million. On average, equities research analysts expect that AvidXchange Holdings, Inc. will post 0.02 EPS for the current fiscal year.

Analysts Set New Price Targets

AVDX has been the subject of a number of research reports. Robert W. Baird decreased their price target on shares of AvidXchange from $14.00 to $12.00 and set an “outperform” rating for the company in a research note on Thursday, February 27th. BMO Capital Markets lowered their target price on AvidXchange from $11.00 to $7.50 and set a “market perform” rating for the company in a research note on Thursday, February 27th. Barclays cut AvidXchange from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $13.00 to $8.00 in a research note on Tuesday, March 4th. Wells Fargo & Company lowered their price objective on AvidXchange from $10.00 to $8.00 and set an “equal weight” rating for the company in a research report on Thursday, February 27th. Finally, Morgan Stanley reduced their target price on shares of AvidXchange from $11.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $10.00.

Insider Buying and Selling

In other news, CEO Michael Praeger sold 58,881 shares of the firm’s stock in a transaction on Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $446,906.79. Following the transaction, the chief executive officer now directly owns 11,164,737 shares in the company, valued at $84,740,353.83. This trade represents a 0.52 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, President Daniel Drees sold 34,782 shares of the company’s stock in a transaction on Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $263,995.38. Following the sale, the president now 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 position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 125,866 shares of company stock worth $955,323. 10.40% of the stock is owned by corporate insiders.

About AvidXchange

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.