AvidXchange Holdings, Inc. (NASDAQ:AVDX) Stock Holdings Reduced by Biltmore Family Office LLC

Biltmore Family Office LLC reduced its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 4.5% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 2,984,149 shares of the company’s stock after selling 139,998 shares during the quarter. AvidXchange comprises 5.2% of Biltmore Family Office LLC’s portfolio, making the stock its 3rd biggest holding. Biltmore Family Office LLC’s holdings in AvidXchange were worth $30,856,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of AVDX. Blue Trust Inc. increased its stake in AvidXchange by 90.1% in the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after purchasing an additional 1,278 shares in the last quarter. Point72 DIFC Ltd purchased a new position in shares of AvidXchange in the third quarter valued at $37,000. R Squared Ltd acquired a new position in shares of AvidXchange during the 4th quarter worth $41,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of AvidXchange in the 3rd quarter worth about $86,000. Finally, KBC Group NV grew its stake in AvidXchange by 60.9% in the 4th quarter. KBC Group NV now owns 8,836 shares of the company’s stock valued at $91,000 after acquiring an additional 3,344 shares during the last quarter. 80.58% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at AvidXchange

In other news, President Daniel Drees sold 34,782 shares of the 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 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Praeger sold 58,881 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $446,906.79. Following the completion of 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 represents a 0.52 % 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 over the last 90 days. Corporate insiders own 10.40% of the company’s stock.

AvidXchange Price Performance

Shares of AvidXchange stock opened at $8.64 on Thursday. The stock has a market capitalization of $1.77 billion, a P/E ratio of 216.00 and a beta of 1.28. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The business’s fifty day moving average price is $8.99 and its 200 day moving average price is $9.42. AvidXchange Holdings, Inc. has a twelve month low of $6.61 and a twelve month high of $12.93.

AvidXchange (NASDAQ:AVDX) last issued 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 positive return on equity of 0.74% and a negative net margin of 0.23%. The firm had revenue of $115.44 million for the quarter, compared to analysts’ expectations of $114.98 million. As a group, research analysts anticipate that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have issued reports on AVDX. BTIG Research assumed coverage on shares of AvidXchange in a research report on Wednesday, December 11th. They set a “buy” rating and a $14.00 target price for the company. Wells Fargo & Company reduced their target price on AvidXchange from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research note 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 report on Thursday, February 27th. 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 report on Thursday, February 27th. Finally, BMO Capital Markets dropped their price objective on AvidXchange from $11.00 to $7.50 and set a “market perform” rating for the company in a research report on Thursday, February 27th. Two investment 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. Based on data from MarketBeat.com, AvidXchange has an average rating of “Hold” and a consensus price target of $10.07.

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.