Intech Investment Management LLC Raises Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Intech Investment Management LLC lifted its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 26.8% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 61,923 shares of the company’s stock after buying an additional 13,105 shares during the quarter. Intech Investment Management LLC’s holdings in AvidXchange were worth $640,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. US Bancorp DE grew its position in AvidXchange by 11.6% in the fourth quarter. US Bancorp DE now owns 58,350 shares of the company’s stock valued at $603,000 after acquiring an additional 6,079 shares in the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in AvidXchange during the 3rd quarter worth $25,339,000. Barclays PLC lifted its holdings in AvidXchange by 239.8% in the 3rd quarter. Barclays PLC now owns 285,768 shares of the company’s stock worth $2,318,000 after buying an additional 201,679 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in AvidXchange by 8.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,528,875 shares of the company’s stock valued at $12,399,000 after buying an additional 114,763 shares during the last quarter. Finally, FMR LLC grew its stake in shares of AvidXchange by 272.5% during the third quarter. FMR LLC now owns 13,733,769 shares of the company’s stock valued at $111,381,000 after acquiring an additional 10,046,893 shares in the last quarter. 80.58% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently commented on AVDX shares. BTIG Research started coverage on AvidXchange in a report on Wednesday, December 11th. They issued a “buy” rating and a $14.00 price target for the company. JPMorgan Chase & Co. decreased their price target on shares of AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. The Goldman Sachs Group reduced their price objective on shares of AvidXchange from $9.50 to $7.00 and set a “sell” rating on the stock in a research note on Thursday, February 27th. BMO Capital Markets dropped their target price on shares of AvidXchange from $11.00 to $7.50 and set a “market perform” rating for the company in a research report on Thursday, February 27th. Finally, Barclays cut shares of 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 report on Tuesday, March 4th. 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’s stock. According to MarketBeat.com, AvidXchange presently has an average rating of “Hold” and a consensus target price of $10.00.

AvidXchange Stock Performance

AVDX stock opened at $8.48 on Monday. AvidXchange Holdings, Inc. has a 1 year low of $6.61 and a 1 year high of $13.50. The stock has a market capitalization of $1.73 billion, a price-to-earnings ratio of 212.00 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 stock’s fifty day moving average is $9.25 and its two-hundred day moving average is $9.39.

AvidXchange (NASDAQ:AVDX) last posted 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 negative net margin of 0.23% and a positive return on equity of 0.74%. The firm had revenue of $115.44 million for the quarter, compared to analyst estimates of $114.98 million. On average, research analysts predict that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

Insider Buying and Selling

In related news, CEO Michael Praeger sold 58,881 shares of the company’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 $446,906.79. Following the completion of the sale, the chief executive officer now owns 11,164,737 shares of the company’s stock, valued at $84,740,353.83. This represents a 0.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, President Daniel Drees sold 34,782 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 transaction of $263,995.38. Following the transaction, the president now directly owns 1,176,833 shares in the company, valued at approximately $8,932,162.47. The trade was a 2.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 125,866 shares of company stock valued at $955,323 in the last three months. 10.40% of the stock is currently owned by corporate insiders.

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.