AvidXchange Holdings, Inc. (NASDAQ:AVDX) Shares Sold by Biltmore Family Office LLC

Biltmore Family Office LLC cut its holdings in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 4.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,984,149 shares of the company’s stock after selling 139,998 shares during the period. AvidXchange comprises about 5.2% of Biltmore Family Office LLC’s portfolio, making the stock its 3rd biggest position. Biltmore Family Office LLC owned about 1.45% of AvidXchange worth $30,856,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in AVDX. Charles Schwab Investment Management Inc. raised its stake in shares of AvidXchange by 8.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,528,875 shares of the company’s stock valued at $12,399,000 after acquiring an additional 114,763 shares in the last quarter. FMR LLC grew its stake in AvidXchange by 272.5% during the 3rd quarter. FMR LLC now owns 13,733,769 shares of the company’s stock worth $111,381,000 after purchasing an additional 10,046,893 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in AvidXchange by 5.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 422,697 shares of the company’s stock worth $3,428,000 after purchasing an additional 20,665 shares during the period. Captrust Financial Advisors raised its position in AvidXchange by 9.2% in the 3rd quarter. Captrust Financial Advisors now owns 17,350 shares of the company’s stock valued at $141,000 after purchasing an additional 1,465 shares in the last quarter. Finally, Verition Fund Management LLC purchased a new position in shares of AvidXchange in the 3rd quarter valued at about $804,000. Institutional investors and hedge funds own 80.58% of the company’s stock.

AvidXchange Trading Up 1.4 %

NASDAQ AVDX opened at $8.64 on Thursday. AvidXchange Holdings, Inc. has a one year low of $6.61 and a one year high of $12.93. The firm has a market cap of $1.77 billion, a PE ratio of 216.00 and a beta of 1.28. The firm’s fifty day moving average is $8.99 and its two-hundred day moving average is $9.42. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings results 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). AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. The company had revenue of $115.44 million during the quarter, compared to analyst estimates of $114.98 million. Analysts expect that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms recently weighed in on AVDX. BTIG Research assumed coverage on shares of AvidXchange in a research note on Wednesday, December 11th. They set a “buy” rating and a $14.00 target price on the stock. Morgan Stanley reduced their price objective on shares of AvidXchange from $11.00 to $8.00 and set an “equal weight” rating on the stock in a report on Thursday, February 27th. JPMorgan Chase & Co. decreased their price objective 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. Keefe, Bruyette & Woods increased their target price on AvidXchange from $8.00 to $9.00 and gave the company a “market perform” rating in a report on Monday. Finally, KeyCorp downgraded AvidXchange from an “overweight” rating to a “sector weight” rating in a report on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, AvidXchange currently has a consensus rating of “Hold” and an average price target of $10.07.

Insider Buying and Selling

In other news, President Daniel Drees sold 34,782 shares of the firm’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 completion of the sale, the president now owns 1,176,833 shares in the company, valued at approximately $8,932,162.47. This trade represents a 2.87 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Joel Wilhite sold 32,203 shares of AvidXchange stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $244,420.77. Following the completion of the sale, the insider now directly owns 843 shares in the company, valued at approximately $6,398.37. The trade was a 97.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 125,866 shares of company stock valued at $955,323 over the last three months. 10.40% of the stock is currently owned by company 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.