Nikko Asset Management Americas Inc. Reduces Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Nikko Asset Management Americas Inc. trimmed its holdings in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 2.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,554,952 shares of the company’s stock after selling 35,134 shares during the quarter. Nikko Asset Management Americas Inc. owned 0.75% of AvidXchange worth $13,186,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Versant Capital Management Inc increased its holdings in AvidXchange by 801.2% in the first quarter. Versant Capital Management Inc now owns 3,866 shares of the company’s stock valued at $33,000 after buying an additional 3,437 shares during the last quarter. GAMMA Investing LLC increased its holdings in AvidXchange by 816.6% in the first quarter. GAMMA Investing LLC now owns 4,079 shares of the company’s stock valued at $35,000 after buying an additional 3,634 shares during the last quarter. Quarry LP increased its holdings in AvidXchange by 126.6% in the fourth quarter. Quarry LP now owns 5,518 shares of the company’s stock valued at $57,000 after buying an additional 3,083 shares during the last quarter. Eastover Investment Advisors LLC bought a new stake in AvidXchange in the first quarter valued at about $90,000. Finally, 111 Capital bought a new stake in AvidXchange in the fourth quarter valued at about $111,000. 80.58% of the stock is owned by institutional investors.

Insider Transactions at AvidXchange

In other AvidXchange news, insider Joel Wilhite sold 20,914 shares of the company’s stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $9.74, for a total value of $203,702.36. Following the completion of the sale, the insider directly owned 808,841 shares in the company, valued at $7,878,111.34. This represents a 2.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael Praeger sold 40,005 shares of the company’s stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $9.74, for a total value of $389,648.70. Following the completion of the sale, the chief executive officer owned 11,037,830 shares of the company’s stock, valued at $107,508,464.20. This trade represents a 0.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 95,890 shares of company stock valued at $933,969. 11.10% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on AVDX. BTIG Research lowered AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 7th. Morgan Stanley lifted their target price on AvidXchange from $8.00 to $10.00 and gave the company an “equal weight” rating in a research note on Thursday, May 8th. Robert W. Baird restated a “neutral” rating and issued a $10.00 target price on shares of AvidXchange in a research note on Thursday, May 8th. Baird R W downgraded AvidXchange from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 8th. Finally, UBS Group lifted their target price on AvidXchange from $8.00 to $10.00 and gave the company a “neutral” rating in a research note on Thursday, May 8th. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, AvidXchange currently has an average rating of “Hold” and a consensus target price of $10.30.

AvidXchange Stock Performance

AVDX opened at $9.87 on Friday. The company has a market capitalization of $2.04 billion, a price-to-earnings ratio of 986.00 and a beta of 1.20. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.32 and a quick ratio of 1.32. AvidXchange Holdings, Inc. has a 1-year low of $6.61 and a 1-year high of $12.89. The business has a 50 day moving average price of $9.80 and a two-hundred day moving average price of $9.18.

AvidXchange 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.