Federated Hermes Inc. Trims Stock Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Federated Hermes Inc. lessened its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 23.7% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 954,730 shares of the company’s stock after selling 295,776 shares during the quarter. Federated Hermes Inc. owned about 0.47% of AvidXchange worth $11,829,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in AVDX. Senvest Management LLC raised its position in AvidXchange by 26.3% in the third quarter. Senvest Management LLC now owns 12,298,226 shares of the company’s stock valued at $116,587,000 after purchasing an additional 2,563,886 shares during the period. North Reef Capital Management LP raised its position in AvidXchange by 64.5% in the third quarter. North Reef Capital Management LP now owns 4,510,000 shares of the company’s stock valued at $42,755,000 after purchasing an additional 1,768,120 shares during the period. Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in AvidXchange in the third quarter valued at approximately $14,270,000. Massachusetts Financial Services Co. MA purchased a new stake in AvidXchange in the third quarter valued at approximately $13,563,000. Finally, American Century Companies Inc. purchased a new stake in AvidXchange in the third quarter valued at approximately $11,884,000. Hedge funds and other institutional investors own 80.58% of the company’s stock.

Insider Activity at AvidXchange

In related news, insider Angelic Gibson sold 40,000 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $13.00, for a total value of $520,000.00. Following the completion of the sale, the insider now directly owns 430,606 shares of the company’s stock, valued at $5,597,878. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, insider Angelic Gibson sold 40,000 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $13.00, for a total value of $520,000.00. Following the completion of the sale, the insider now directly owns 430,606 shares of the company’s stock, valued at $5,597,878. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, President Daniel Drees sold 38,900 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $13.15, for a total transaction of $511,535.00. Following the completion of the sale, the president now directly owns 501,394 shares of the company’s stock, valued at $6,593,331.10. The disclosure for this sale can be found here. Insiders sold a total of 3,010,167 shares of company stock valued at $39,077,190 over the last ninety days. Insiders own 10.30% of the company’s stock.

AvidXchange Stock Performance

Shares of AVDX stock opened at $12.03 on Wednesday. AvidXchange Holdings, Inc. has a 12 month low of $6.88 and a 12 month high of $13.56. The company has a market cap of $2.46 billion, a P/E ratio of -52.30 and a beta of 1.04. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.20. The firm has a fifty day moving average price of $12.41 and a 200 day moving average price of $11.20.

Analysts Set New Price Targets

AVDX has been the topic of a number of research analyst reports. JPMorgan Chase & Co. boosted their target price on AvidXchange from $14.00 to $15.00 and gave the company an “overweight” rating in a research report on Thursday, February 29th. Piper Sandler dropped their price target on shares of AvidXchange from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Friday, April 12th. BMO Capital Markets boosted their price target on shares of AvidXchange from $11.00 to $13.00 and gave the stock a “market perform” rating in a research note on Thursday, February 29th. Keefe, Bruyette & Woods began coverage on shares of AvidXchange in a research note on Tuesday, April 9th. They issued a “market perform” rating and a $13.50 price target for the company. Finally, Susquehanna boosted their price target on shares of AvidXchange from $15.00 to $16.00 and gave the stock a “positive” rating in a research note on Thursday, February 29th. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, AvidXchange currently has a consensus rating of “Hold” and an average target price of $13.07.

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.