Janus Henderson Group PLC Has $32.03 Million Stock Holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Janus Henderson Group PLC decreased its holdings in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 1.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,435,793 shares of the company’s stock after selling 27,840 shares during the quarter. Janus Henderson Group PLC owned approximately 1.18% of AvidXchange worth $32,029,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. Kodai Capital Management LP increased its holdings in shares of AvidXchange by 872.9% during the 1st quarter. Kodai Capital Management LP now owns 1,581,667 shares of the company’s stock valued at $20,799,000 after acquiring an additional 1,419,099 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of AvidXchange by 6.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 97,054 shares of the company’s stock worth $1,277,000 after buying an additional 5,563 shares during the period. Tremblant Capital Group grew its stake in AvidXchange by 14.7% in the 1st quarter. Tremblant Capital Group now owns 2,164,143 shares of the company’s stock valued at $28,458,000 after buying an additional 277,109 shares during the last quarter. Lazard Asset Management LLC bought a new position in AvidXchange in the 1st quarter worth $7,621,000. Finally, Advisors Asset Management Inc. lifted its position in AvidXchange by 96.3% during the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock worth $57,000 after acquiring an additional 2,114 shares during the last quarter. 80.58% of the stock is currently owned by institutional investors.

AvidXchange Stock Down 21.3 %

Shares of NASDAQ:AVDX traded down $2.71 on Wednesday, hitting $10.01. The stock had a trading volume of 5,701,080 shares, compared to its average volume of 1,857,983. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.20. The firm’s 50 day moving average price is $11.58 and its 200-day moving average price is $11.83. AvidXchange Holdings, Inc. has a twelve month low of $6.88 and a twelve month high of $13.56.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings results on Wednesday, May 8th. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.04. The firm had revenue of $105.60 million for the quarter, compared to analyst estimates of $101.33 million. AvidXchange had a negative net margin of 8.10% and a negative return on equity of 1.75%. Research analysts forecast that AvidXchange Holdings, Inc. will post 0.01 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on AVDX. Piper Sandler dropped their price objective on AvidXchange from $14.00 to $12.00 and set a “neutral” rating on the stock in a research note on Friday, April 12th. Keefe, Bruyette & Woods assumed coverage on AvidXchange in a report on Tuesday, April 9th. They set a “market perform” rating and a $13.50 price target for the company. Barclays lowered their price objective on shares of AvidXchange from $16.00 to $14.00 and set an “overweight” rating on the stock in a research note on Monday, May 13th. Finally, The Goldman Sachs Group reiterated a “sell” rating and issued a $11.50 target price (down previously from $13.00) on shares of AvidXchange in a research note on Monday, April 15th. One analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $12.86.

Insider Transactions at AvidXchange

In other AvidXchange news, CEO Michael Praeger sold 29,192 shares of AvidXchange stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $10.85, for a total value of $316,733.20. Following the completion of the transaction, the chief executive officer now owns 10,440,510 shares in the company, valued at approximately $113,279,533.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Michael Praeger sold 29,192 shares of the stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $10.85, for a total transaction of $316,733.20. Following the sale, the chief executive officer now owns 10,440,510 shares in the company, valued at $113,279,533.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Joel Wilhite sold 12,363 shares of AvidXchange stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $11.24, for a total value of $138,960.12. Following the completion of the transaction, the insider now directly owns 466,491 shares of the company’s stock, valued at $5,243,358.84. The disclosure for this sale can be found here. Insiders have sold 152,897 shares of company stock valued at $1,695,238 in the last three months. 10.30% of the stock is owned by corporate insiders.

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.