The Vanguard Group, Inc. has recently announced that it has increased stake in AvidXchange Holdings Inc (NASDAQ:AVDX) by 5.05%. After grabbing 18.07 million shares, the institutional investor is now in possession of 0.87 million shares of the Technology Company. The new investment brought the stake of investor firm to 8.90% having worth around $192.84 million. Moreover, Senvest Management LLC increased its share by 2.56 million to have a control over 12.3 million shares. And BlackRock Fund Advisors raised its holdings to 0.64 million shares by acquiring 9.58 million shares or 4.71% of the stake.
AvidXchange Holdings Inc (AVDX) concluded trading on 01/04/24 at a closing price of $11.47, with 3.39 million shares of worth about $38.86 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 9.87% during that period and on Thursday the price saw a loss of about -0.95%. Currently the company’s common shares owned by public are about 199.43M shares, out of which, 152.97M shares are available for trading.
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According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 189 times over the past 12 months. They bought 2,536,775 shares in 92 of the transactions. In 97 selling transactions, insiders dumped 7,765,708 shares.
Vanguard Total Stock Market ETF, Vanguard Small Cap Index Fund, and iShares Russell 2000 ETF are the top 3 mutual funds which are holding stakes in AvidXchange Holdings Inc Vanguard Total Stock Market ETF is currently holding 4.9 million shares of worth totaling $52.33 million. The company recently came buying 8791.0 shares which brought its stake up to 2.41% of the company’s outstanding shares. Vanguard Small Cap Index Fund bought 12047.0 shares, after which its hold over company’s outstanding shares expand to 1.93%, leaving 3.92 million shares with the mutual fund that have a worth of about $41.88 million. iShares Russell 2000 ETF, after buying 3.67 million shares, have now control over 1.81% of the stake in the company. It holds 1803.0 shares of worth $39.13 million.
AvidXchange Holdings Inc (NASDAQ: AVDX) started trading at $11.61, above $0.03 from concluding price of the previous day. However, the stock later moved at a day high price of 11.69, or with a loss of -0.95%. Stock saw a price change of -7.57% in past 5 days and over the past one month there was a price change of 3.89%. Year-to-date (YTD), AVDX shares are showing a performance of -7.43% which increased to 24.13% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $6.88 but also hit the highest price of $12.75 during that period. The average intraday trading volume for AvidXchange Holdings Inc shares is 2.04 million. The stock is currently trading -2.52% below its 20-day simple moving average (SMA20), while that difference is up 10.99% for SMA50 and it goes to 17.79% higher than SMA200.
The Vanguard Group, Inc. acquired 18.07 million shares of AvidXchange Holdings Inc having value of about $192.84 million. Data submitted at the U.S SEC by The Vanguard Group, Inc. revealed that the firm now holds 0.87 million shares in the company valued at close to $9967980.56, or have control over 5.05% stake in the company. AvidXchange Holdings Inc (NASDAQ: AVDX) currently have 199.43M outstanding shares and institutions hold larger chunk of about 64.13% of that. Holding of mutual funds in the company is about 29.33% while other institutional holders and individual stake holders have control over 35.00% and 15.66% of the stake respectively.
The stock has a current market capitalization of $2.33B and its 3Y-monthly beta is at 0.97. It has posted earnings per share of -$0.34 in the same period. It has Quick Ratio of 1.32 while making debt-to-equity ratio of 0.23. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for AVDX, volatility over the week remained 2.79% while standing at 2.81% over the month.
Analysts are in expectations that AvidXchange Holdings Inc (AVDX) stock would likely to be making an EPS of $0.01 in the current quarter, while forecast for next quarter EPS is $0.01 and it is $0.16 for next year. For the current quarter EPS, analysts have given the company a lowest target -$0.03 which is $0.04 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of -$0.04 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 111.12% while it is estimated to increase by 397.61% in next year.
Analysts at 14 brokerage firms have issued recommendations for the AvidXchange Holdings Inc (AVDX)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.07. Out of those 14 Wall Street analysts, 6 recommended a “Buy” rating, while 5 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Piper Sandler on January 02, 2024 offering a Neutral rating for the stock and assigned a target price range of between $12 and $13 to it.
