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

ARK Investment Management LLC lessened its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 10.1% during the fourth quarter, Holdings Channel reports. The firm owned 1,044,806 shares of the company’s stock after selling 117,192 shares during the period. ARK Investment Management LLC’s holdings in AvidXchange were worth $10,803,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Y Intercept Hong Kong Ltd boosted its holdings in shares of AvidXchange by 610.5% in the 4th quarter. Y Intercept Hong Kong Ltd now owns 75,010 shares of the company’s stock valued at $776,000 after purchasing an additional 64,452 shares during the last quarter. Olympiad Research LP acquired a new position in shares of AvidXchange during the 4th quarter valued at $340,000. New York State Common Retirement Fund lifted its holdings in shares of AvidXchange by 26.8% during the 4th quarter. New York State Common Retirement Fund now owns 53,873 shares of the company’s stock valued at $557,000 after acquiring an additional 11,400 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of AvidXchange by 1.0% during the 4th quarter. Rhumbline Advisers now owns 234,738 shares of the company’s stock valued at $2,427,000 after acquiring an additional 2,391 shares in the last quarter. Finally, Blue Trust Inc. lifted its holdings in shares of AvidXchange by 90.1% during the 4th 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. Institutional investors and hedge funds own 80.58% of the company’s stock.

AvidXchange Price Performance

AVDX opened at $9.15 on Wednesday. The company has a 50-day moving average of $10.23 and a 200-day moving average of $9.44. The company has a market capitalization of $1.88 billion, a P/E ratio of 461.00 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 company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32.

Insider Transactions at AvidXchange

In related news, Director James E. Hausman sold 25,000 shares of the business’s stock in a transaction dated 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 sale, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Teresa Mackintosh sold 13,316 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $11.44, for a total transaction of $152,335.04. Following the sale, the director now directly owns 47,388 shares of the company’s stock, valued at approximately $542,118.72. This represents a 21.94 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 80,693 shares of company stock valued at $916,683. Insiders own 10.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on AVDX shares. Piper Sandler lifted 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. 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 reduced their target price on shares of AvidXchange from $12.00 to $11.00 and set a “market perform” rating on the stock in a report on Monday, January 6th. UBS Group lifted their target price on shares of AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a report on Thursday, November 7th. Finally, BMO Capital Markets boosted their price objective on shares of AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a report on Friday, November 8th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, AvidXchange has an average rating of “Hold” and a consensus price target of $11.61.

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.