AvidXchange Holdings, Inc. (NASDAQ:AVDX) Shares Bought by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. raised its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 305.0% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 722,907 shares of the company’s stock after acquiring an additional 544,424 shares during the period. Assenagon Asset Management S.A. owned 0.35% of AvidXchange worth $6,130,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Blue Trust Inc. boosted its holdings in AvidXchange by 90.1% in the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after acquiring an additional 1,278 shares during the last quarter. Rhumbline Advisers lifted its position in shares of 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 during the last quarter. New York State Common Retirement Fund lifted its holdings in AvidXchange by 26.8% in the fourth quarter. New York State Common Retirement Fund now owns 53,873 shares of the company’s stock worth $557,000 after acquiring an additional 11,400 shares during the last quarter. Olympiad Research LP bought a new position in AvidXchange in the fourth quarter worth about $340,000. Finally, Y Intercept Hong Kong Ltd lifted its holdings in AvidXchange by 610.5% in the fourth quarter. Y Intercept Hong Kong Ltd now owns 75,010 shares of the company’s stock worth $776,000 after acquiring an additional 64,452 shares during the last quarter. 80.58% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have issued reports on AVDX shares. Susquehanna cut shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 8th. Keefe, Bruyette & Woods raised their target price on shares of AvidXchange from $8.00 to $9.00 and gave the stock a “market perform” rating in a report on Monday, March 31st. Robert W. Baird reissued a “neutral” rating and issued a $10.00 target price on shares of AvidXchange in a report on Thursday, May 8th. BMO Capital Markets cut their target price on shares of AvidXchange from $11.00 to $7.50 and set a “market perform” rating on the stock in a report on Thursday, February 27th. Finally, Morgan Stanley raised their price target on shares of AvidXchange from $8.00 to $10.00 and gave the company an “equal weight” rating in a research note on Thursday, May 8th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $10.30.

Insider Activity at AvidXchange

In related news, CEO Michael Praeger sold 40,005 shares of the firm’s stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $9.74, for a total transaction of $389,648.70. Following the completion of the sale, the chief executive officer now directly owns 11,037,830 shares in the company, valued at approximately $107,508,464.20. This trade represents a 0.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Daniel Drees sold 25,972 shares of the firm’s stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $9.74, for a total transaction of $252,967.28. Following the sale, the president now owns 1,167,186 shares of the company’s stock, valued at $11,368,391.64. The trade was a 2.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 95,890 shares of company stock worth $933,969 over the last quarter. 11.10% of the stock is currently owned by company insiders.

AvidXchange Price Performance

NASDAQ AVDX opened at $9.75 on Friday. AvidXchange Holdings, Inc. has a 12 month low of $6.61 and a 12 month high of $12.93. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The firm has a market capitalization of $2.01 billion, a PE ratio of 243.75 and a beta of 1.22. The company’s 50 day simple moving average is $8.92 and its 200 day simple moving average is $9.38.

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.