AvidXchange Holdings, Inc. (NASDAQ:AVDX) Shares Sold by ARK Investment Management LLC

ARK Investment Management LLC lowered its position in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 10.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,044,806 shares of the company’s stock after selling 117,192 shares during the period. ARK Investment Management LLC owned about 0.51% of AvidXchange worth $10,803,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the company. FMR LLC lifted its position in AvidXchange by 272.5% in the third quarter. FMR LLC now owns 13,733,769 shares of the company’s stock valued at $111,381,000 after purchasing an additional 10,046,893 shares during the period. Geode Capital Management LLC lifted its position in AvidXchange by 5.0% in 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 period. State Street Corp lifted its position in AvidXchange by 1.5% in the third quarter. State Street Corp now owns 3,763,694 shares of the company’s stock valued at $30,524,000 after purchasing an additional 54,403 shares during the period. Jacobs Levy Equity Management Inc. purchased a new position in AvidXchange in the third quarter valued at about $25,339,000. Finally, Rockefeller Capital Management L.P. increased its holdings in AvidXchange by 30.4% in the third quarter. Rockefeller Capital Management L.P. now owns 2,314,653 shares of the company’s stock valued at $18,779,000 after buying an additional 538,956 shares in the last quarter. Institutional investors and hedge funds own 80.58% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on AVDX. Piper Sandler increased their target price on shares of AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Keefe, Bruyette & Woods dropped their target price on shares of AvidXchange from $12.00 to $11.00 and set a “market perform” rating for the company in a report on Monday, January 6th. KeyCorp increased their target price on shares of AvidXchange from $12.00 to $13.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. BMO Capital Markets increased their target price on shares of AvidXchange from $10.00 to $11.00 and gave the company a “market perform” rating in a report on Friday, November 8th. Finally, Wells Fargo & Company increased their target price on shares of AvidXchange from $9.00 to $10.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Two analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, AvidXchange currently has a consensus rating of “Hold” and an average target price of $11.61.

AvidXchange Stock Up 0.3 %

AVDX stock opened at $9.15 on Wednesday. The stock has a market capitalization of $1.88 billion, a P/E ratio of 461.00 and a beta of 1.22. 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 Holdings, Inc. has a one year low of $7.38 and a one year high of $13.56. The company has a 50 day moving average price of $10.23 and a two-hundred day moving average price of $9.44.

Insiders Place Their Bets

In other AvidXchange news, Director James E. Hausman sold 25,000 shares of AvidXchange stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $11.25, for a total value of $281,250.00. Following the completion of the sale, the director now directly owns 2,112,232 shares of the company’s stock, valued at approximately $23,762,610. The trade was a 1.17 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael Praeger sold 42,377 shares of AvidXchange stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $11.40, for a total transaction of $483,097.80. Following the completion of the sale, the chief executive officer now directly owns 10,381,033 shares of the company’s stock, valued at $118,343,776.20. The trade was a 0.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 80,693 shares of company stock valued at $916,683. Company insiders own 10.40% of the company’s stock.

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.