Assenagon Asset Management S.A. Increases Stock Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Assenagon Asset Management S.A. grew its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 480.2% during the 4th quarter, HoldingsChannel.com reports. The firm owned 178,483 shares of the company’s stock after buying an additional 147,719 shares during the quarter. Assenagon Asset Management S.A.’s holdings in AvidXchange were worth $1,846,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in AVDX. US Bancorp DE boosted its stake in shares of AvidXchange by 111,114.9% during the third quarter. US Bancorp DE now owns 52,271 shares of the company’s stock worth $424,000 after buying an additional 52,224 shares during the period. Jacobs Levy Equity Management Inc. purchased a new stake in AvidXchange during the 3rd quarter valued at approximately $25,339,000. Entropy Technologies LP acquired a new stake in AvidXchange during the 3rd quarter worth approximately $447,000. State of New Jersey Common Pension Fund D grew its stake in shares of AvidXchange by 39.3% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company’s stock valued at $2,011,000 after purchasing an additional 69,971 shares during the last quarter. Finally, Barclays PLC grew its stake in shares of AvidXchange by 239.8% in the 3rd 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 last quarter. Institutional investors and hedge funds own 80.58% of the company’s stock.

AvidXchange Stock Performance

Shares of AVDX stock opened at $10.42 on Friday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. The stock has a market cap of $2.14 billion, a PE ratio of 520.50 and a beta of 1.22. AvidXchange Holdings, Inc. has a 1 year low of $7.38 and a 1 year high of $13.56. The stock has a fifty day moving average price of $10.70 and a 200 day moving average price of $9.59.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on AVDX. Barclays increased their price target on AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. Wells Fargo & Company lifted 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. Keefe, Bruyette & Woods cut their price target 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. BTIG Research started coverage on AvidXchange in a report on Wednesday, December 11th. They issued a “buy” rating and a $14.00 price objective on the stock. Finally, KeyCorp boosted their target price on AvidXchange from $12.00 to $13.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $11.61.

Insider Activity

In other news, CEO Michael Praeger sold 42,377 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $11.40, for a total transaction of $483,097.80. Following the completion of the transaction, the chief executive officer now directly owns 10,381,033 shares of the company’s stock, valued at $118,343,776.20. This trade represents a 0.41 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director James E. Hausman sold 25,000 shares of AvidXchange stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $11.25, for a total value of $281,250.00. Following the transaction, the director now owns 2,112,232 shares of the company’s stock, valued at $23,762,610. This represents a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 80,693 shares of company stock worth $916,683 over the last 90 days. 10.40% of the stock is currently owned by corporate insiders.

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.