XTX Topco Ltd Invests $680,000 in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

XTX Topco Ltd acquired a new stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 65,732 shares of the company’s stock, valued at approximately $680,000.

Several other large investors also recently added to or reduced their stakes in the business. State Street Corp raised its holdings in shares of AvidXchange by 1.5% in the 3rd quarter. State Street Corp now owns 3,763,694 shares of the company’s stock valued at $30,524,000 after acquiring an additional 54,403 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of AvidXchange in the third quarter worth approximately $86,000. Barclays PLC raised its stake in AvidXchange by 239.8% in the third quarter. Barclays PLC now owns 285,768 shares of the company’s stock valued at $2,318,000 after purchasing an additional 201,679 shares in the last quarter. Geode Capital Management LLC lifted its position in AvidXchange by 5.0% during the third quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company’s stock valued at $34,607,000 after purchasing an additional 201,847 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its stake in AvidXchange by 480.2% in the 4th quarter. Assenagon Asset Management S.A. now owns 178,483 shares of the company’s stock worth $1,846,000 after buying an additional 147,719 shares in the last quarter. Institutional investors own 80.58% of the company’s stock.

Insiders Place Their Bets

In other AvidXchange news, insider Joel Wilhite sold 32,203 shares of the business’s stock in a transaction on Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $244,420.77. Following the transaction, the insider now directly owns 843 shares of the company’s stock, valued at approximately $6,398.37. The trade was a 97.45 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Praeger sold 58,881 shares of the business’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 $446,906.79. Following the transaction, the chief executive officer now owns 11,164,737 shares in the company, valued at $84,740,353.83. This represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 125,866 shares of company stock worth $955,323. 10.40% of the stock is currently owned by company insiders.

AvidXchange Trading Down 1.9 %

Shares of AVDX opened at $7.60 on Friday. The stock has a market capitalization of $1.55 billion, a P/E ratio of 190.00 and a beta of 1.14. AvidXchange Holdings, Inc. has a twelve month low of $6.61 and a twelve month high of $12.93. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The firm has a fifty day simple moving average of $8.24 and a two-hundred day simple moving average of $9.37.

AvidXchange (NASDAQ:AVDX) last posted its earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates 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, research analysts anticipate that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

Analyst Ratings Changes

AVDX has been the subject of a number of research analyst reports. Wolfe Research downgraded shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 27th. Robert W. Baird dropped their price target on AvidXchange from $14.00 to $12.00 and set an “outperform” rating for the company 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 report on Thursday, February 27th. Piper Sandler dropped their target price on AvidXchange from $10.00 to $8.00 and set a “neutral” rating for the company in a research report on Friday, February 28th. Finally, KeyCorp cut shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a research report on Thursday, February 27th. Two 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 stock. According to MarketBeat, AvidXchange presently has a consensus rating of “Hold” and an average target price of $10.07.

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.