AvidXchange Holdings, Inc. (NASDAQ:AVDX) Shares Sold by Nikko Asset Management Americas Inc.

Nikko Asset Management Americas Inc. cut its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 14.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,590,086 shares of the company’s stock after selling 272,139 shares during the period. Nikko Asset Management Americas Inc. owned 0.77% of AvidXchange worth $16,441,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its stake in 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 purchasing an additional 1,278 shares in the last quarter. Captrust Financial Advisors lifted its stake in AvidXchange by 9.2% during the third quarter. Captrust Financial Advisors now owns 17,350 shares of the company’s stock worth $141,000 after purchasing an additional 1,465 shares in the last quarter. Rhumbline Advisers lifted its stake 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 stake in AvidXchange by 60.9% during the fourth quarter. KBC Group NV now owns 8,836 shares of the company’s stock worth $91,000 after purchasing an additional 3,344 shares in the last quarter. Finally, R Squared Ltd acquired a new position in AvidXchange during the fourth quarter worth $41,000. 80.58% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other AvidXchange news, CEO Michael Praeger sold 58,881 shares of the firm’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $446,906.79. Following the transaction, the chief executive officer now owns 11,164,737 shares of the company’s stock, valued at approximately $84,740,353.83. This trade represents a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Daniel Drees sold 34,782 shares of the firm’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $7.59, for a total value 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. Over the last 90 days, insiders have sold 125,866 shares of company stock valued at $955,323. 10.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts have commented on AVDX shares. Keefe, Bruyette & Woods decreased their price target on AvidXchange from $11.00 to $8.00 and set a “market perform” rating on the stock in a research note on Thursday, February 27th. BMO Capital Markets reduced their price objective on AvidXchange from $11.00 to $7.50 and set a “market perform” rating on the stock in a research note on Thursday, February 27th. JPMorgan Chase & Co. reduced their price objective on AvidXchange from $10.00 to $9.00 and set a “neutral” rating on the stock in a research note on Thursday, February 27th. KeyCorp cut AvidXchange from an “overweight” rating to a “sector weight” rating in a research note on Thursday, February 27th. Finally, Morgan Stanley reduced their price objective on AvidXchange from $11.00 to $8.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, AvidXchange presently has an average rating of “Hold” and a consensus price target of $10.00.

AvidXchange Stock Performance

NASDAQ:AVDX opened at $7.92 on Monday. The firm has a market capitalization of $1.62 billion, a PE ratio of 198.00 and a beta of 1.28. The business’s fifty day moving average price is $9.41 and its 200 day moving average price is $9.37. 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 12 month low of $6.61 and a 12 month high of $13.49.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.03). The firm had revenue of $115.44 million for the quarter, compared to analysts’ expectations of $114.98 million. AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. On average, sell-side analysts anticipate that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current fiscal year.

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.