Deutsche Bank AG Raises Holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Deutsche Bank AG increased its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 11.7% in the fourth quarter, HoldingsChannel reports. The firm owned 1,103,646 shares of the company’s stock after buying an additional 115,416 shares during the period. Deutsche Bank AG’s holdings in AvidXchange were worth $11,412,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Azora Capital LP purchased a new stake in AvidXchange in the fourth quarter valued at about $45,067,000. FMR LLC grew its holdings in AvidXchange by 8.4% in the fourth quarter. FMR LLC now owns 14,889,282 shares of the company’s stock valued at $153,955,000 after purchasing an additional 1,155,513 shares during the period. Arrowstreet Capital Limited Partnership acquired a new stake in shares of AvidXchange in the fourth quarter worth approximately $10,292,000. Jennison Associates LLC boosted its stake in shares of AvidXchange by 50.9% in the fourth quarter. Jennison Associates LLC now owns 2,176,525 shares of the company’s stock worth $22,505,000 after acquiring an additional 733,860 shares during the last quarter. Finally, BNP Paribas Financial Markets purchased a new position in AvidXchange during the fourth quarter worth approximately $7,052,000. 80.58% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Michael Praeger sold 58,881 shares of the company’s stock in a transaction on 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 $84,740,353.83. This represents a 0.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, President Daniel Drees sold 34,782 shares of the company’s stock in a transaction on 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 $8,932,162.47. This represents a 2.87% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 125,866 shares of company stock worth $955,323 over the last 90 days. 11.10% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on AVDX shares. Susquehanna downgraded AvidXchange from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 8th. Barclays downgraded AvidXchange from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $13.00 to $8.00 in a research report on Tuesday, March 4th. Piper Sandler raised their price objective on AvidXchange from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Thursday, May 8th. Wolfe Research downgraded AvidXchange from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 27th. Finally, UBS Group raised their price objective on AvidXchange from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Thursday, May 8th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $10.30.

AvidXchange Price Performance

AVDX stock opened at $9.74 on Friday. The business has a 50 day moving average price of $8.23 and a 200 day moving average price of $9.43. The stock has a market cap of $2.01 billion, a price-to-earnings ratio of 243.50 and a beta of 1.14. AvidXchange Holdings, Inc. has a fifty-two week low of $6.61 and a fifty-two week 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.

AvidXchange (NASDAQ:AVDX) last posted its earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.03). The business 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%. Equities research 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.