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

Deutsche Bank AG grew its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 11.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,103,646 shares of the company’s stock after purchasing an additional 115,416 shares during the quarter. Deutsche Bank AG owned approximately 0.54% of AvidXchange worth $11,412,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in AVDX. Barclays PLC boosted its stake in shares of AvidXchange by 239.8% during the third quarter. Barclays PLC now owns 285,768 shares of the company’s stock valued at $2,318,000 after purchasing an additional 201,679 shares during the period. Assenagon Asset Management S.A. raised its holdings in shares of AvidXchange by 480.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 178,483 shares of the company’s stock valued at $1,846,000 after acquiring an additional 147,719 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of AvidXchange by 90.1% during the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after acquiring an additional 1,278 shares in the last quarter. KBC Group NV raised its holdings in shares of AvidXchange by 60.9% during the fourth 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 in the last quarter. Finally, R Squared Ltd bought a new position in shares of AvidXchange during the fourth quarter valued at approximately $41,000. Hedge funds and other institutional investors own 80.58% of the company’s stock.

Wall Street Analyst Weigh In

AVDX has been the subject of a number of recent analyst reports. Piper Sandler upped their target price on AvidXchange from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Thursday, May 8th. BMO Capital Markets decreased their target price on AvidXchange from $11.00 to $7.50 and set a “market perform” rating for the company in a report on Thursday, February 27th. Susquehanna downgraded AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 8th. Morgan Stanley upped their target price on AvidXchange from $8.00 to $10.00 and gave the company an “equal weight” rating in a report on Thursday, May 8th. Finally, Barclays downgraded AvidXchange from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $13.00 to $8.00 in a report on Tuesday, March 4th. 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. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $10.30.

Insider Buying and Selling

In other news, CEO Michael Praeger sold 58,881 shares of AvidXchange stock in a transaction dated 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 directly owns 11,164,737 shares of the company’s stock, valued at $84,740,353.83. The trade was a 0.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Daniel Drees sold 34,782 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 value of $263,995.38. Following the transaction, the president now directly owns 1,176,833 shares in the company, valued at approximately $8,932,162.47. The trade was a 2.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 125,866 shares of company stock worth $955,323. 11.10% of the stock is owned by corporate insiders.

AvidXchange Trading Up 0.1%

NASDAQ AVDX opened at $9.74 on Friday. AvidXchange Holdings, Inc. has a 12 month low of $6.61 and a 12 month high of $12.93. The stock has a market cap of $2.01 billion, a P/E ratio of 243.50 and a beta of 1.14. The stock’s fifty day moving average price is $8.23 and its 200-day moving average price is $9.43. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11.

AvidXchange (NASDAQ:AVDX) last released its earnings results on Wednesday, February 26th. The company reported $0.03 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 company had revenue of $115.44 million during the quarter, compared to analysts’ expectations of $114.98 million. As a group, equities analysts forecast that AvidXchange Holdings, Inc. will post 0.02 EPS for the current fiscal year.

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.