GSA Capital Partners LLP Increases Stock Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

GSA Capital Partners LLP lifted its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 31.0% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 78,672 shares of the company’s stock after purchasing an additional 18,612 shares during the period. GSA Capital Partners LLP’s holdings in AvidXchange were worth $1,035,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AVDX. Gillson Capital LP lifted its stake in AvidXchange by 871.2% in the fourth quarter. Gillson Capital LP now owns 619,893 shares of the company’s stock worth $7,680,000 after acquiring an additional 556,066 shares during the last quarter. SG Capital Management LLC acquired a new stake in shares of AvidXchange during the 4th quarter worth about $1,975,000. Trexquant Investment LP boosted its position in shares of AvidXchange by 350.6% in the fourth quarter. Trexquant Investment LP now owns 269,669 shares of the company’s stock worth $3,341,000 after acquiring an additional 209,828 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of AvidXchange by 24.7% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,877,536 shares of the company’s stock worth $23,263,000 after acquiring an additional 372,291 shares during the last quarter. Finally, ARK Investment Management LLC raised its holdings in AvidXchange by 10.1% in the fourth quarter. ARK Investment Management LLC now owns 1,109,512 shares of the company’s stock valued at $13,747,000 after buying an additional 101,878 shares during the period. 80.58% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, President Daniel Drees sold 13,762 shares of the company’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $11.24, for a total transaction of $154,684.88. Following the sale, the president now directly owns 758,406 shares in the company, valued at $8,524,483.44. The sale was disclosed in a document filed with the SEC, which is available at this link. In other AvidXchange news, insider Joel Wilhite sold 12,363 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $11.24, for a total value of $138,960.12. Following the completion of the sale, the insider now owns 466,491 shares of the company’s stock, valued at $5,243,358.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Daniel Drees sold 13,762 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $11.24, for a total value of $154,684.88. Following the completion of the sale, the president now directly owns 758,406 shares of the company’s stock, valued at approximately $8,524,483.44. The disclosure for this sale can be found here. Insiders have sold a total of 152,897 shares of company stock worth $1,695,238 over the last ninety days. Company insiders own 10.30% of the company’s stock.

Analysts Set New Price Targets

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

AvidXchange Stock Down 2.7 %

Shares of NASDAQ:AVDX traded down $0.33 during midday trading on Wednesday, reaching $12.09. The company had a trading volume of 471,495 shares, compared to its average volume of 1,841,438. The company’s 50 day moving average price is $11.29 and its 200 day moving average price is $11.76. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.34 and a quick ratio of 1.34. AvidXchange Holdings, Inc. has a 52-week low of $6.88 and a 52-week high of $13.56.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings data on Wednesday, May 8th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.04. The business had revenue of $105.60 million for the quarter, compared to the consensus estimate of $101.33 million. AvidXchange had a negative net margin of 8.10% and a negative return on equity of 1.75%. On average, equities analysts expect that AvidXchange Holdings, Inc. will post 0.01 earnings per share for the current year.

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.