KBC Group NV Grows Stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

KBC Group NV grew its position in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 60.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,836 shares of the company’s stock after purchasing an additional 3,344 shares during the quarter. KBC Group NV’s holdings in AvidXchange were worth $91,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of AVDX. FMR LLC grew its holdings in shares of AvidXchange by 272.5% during the third quarter. FMR LLC now owns 13,733,769 shares of the company’s stock valued at $111,381,000 after buying an additional 10,046,893 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of AvidXchange by 5.0% during the third quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company’s stock valued at $34,607,000 after buying an additional 201,847 shares during the last quarter. State Street Corp grew its holdings in shares of AvidXchange by 1.5% during the third quarter. State Street Corp now owns 3,763,694 shares of the company’s stock valued at $30,524,000 after buying an additional 54,403 shares during the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in AvidXchange in the third quarter valued at $25,339,000. Finally, Rockefeller Capital Management L.P. boosted 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 purchasing an additional 538,956 shares during the last quarter. 80.58% of the stock is owned by hedge funds and other institutional investors.

AvidXchange Stock Down 5.1 %

AVDX stock opened at $10.14 on Monday. The firm has a 50-day moving average of $10.59 and a two-hundred day moving average of $9.44. AvidXchange Holdings, Inc. has a 12 month low of $7.38 and a 12 month high of $13.56. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The company has a market cap of $2.09 billion, a price-to-earnings ratio of 534.50 and a beta of 1.22.

Insider Activity

In related news, Director Teresa Mackintosh sold 13,316 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $11.44, for a total transaction of $152,335.04. Following the completion of the transaction, the director now owns 47,388 shares of the company’s stock, valued at approximately $542,118.72. This trade represents a 21.94 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director James E. Hausman sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $11.25, for a total transaction of $281,250.00. Following the completion of the transaction, the director now directly owns 2,112,232 shares of the company’s stock, valued at $23,762,610. This represents a 1.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 80,693 shares of company stock valued at $916,683 in the last 90 days. Company insiders own 10.40% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on AVDX shares. BTIG Research started coverage on shares of AvidXchange in a report on Wednesday, December 11th. They issued a “buy” rating and a $14.00 price target on the stock. Compass Point raised shares of AvidXchange from a “neutral” rating to a “buy” rating and upped their price target for the company from $8.00 to $15.00 in a report on Thursday, November 7th. BMO Capital Markets upped their price objective on shares of AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a research report on Friday, November 8th. Piper Sandler upped their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Finally, Wells Fargo & Company upped their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Two equities research 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $11.61.

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.