Natixis Buys New Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Natixis bought a new stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 15,324 shares of the company’s stock, valued at approximately $203,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of AVDX. Jennison Associates LLC bought a new position in shares of AvidXchange during the 1st quarter worth approximately $23,800,000. Intrinsic Edge Capital Management LLC raised its position in shares of AvidXchange by 79.9% during the fourth quarter. Intrinsic Edge Capital Management LLC now owns 2,785,445 shares of the company’s stock worth $34,512,000 after purchasing an additional 1,237,508 shares during the period. Vanguard Group Inc. raised its position in shares of AvidXchange by 5.2% during the third quarter. Vanguard Group Inc. now owns 18,482,011 shares of the company’s stock worth $175,209,000 after purchasing an additional 907,305 shares during the period. Dimensional Fund Advisors LP raised its position in shares of AvidXchange by 17.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,864,725 shares of the company’s stock worth $47,885,000 after purchasing an additional 587,692 shares during the period. Finally, Gillson Capital LP raised its position in shares of AvidXchange by 871.2% during the fourth quarter. Gillson Capital LP now owns 619,893 shares of the company’s stock worth $7,680,000 after purchasing an additional 556,066 shares during the period. 80.58% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

AVDX has been the topic of a number of research reports. The Goldman Sachs Group reaffirmed a “sell” rating and set a $11.50 target price (down from $13.00) on shares of AvidXchange in a research report on Monday, April 15th. Keefe, Bruyette & Woods started coverage on AvidXchange in a research report on Tuesday, April 9th. They issued a “market perform” rating and a $13.50 price target for the company. Piper Sandler lowered their price target 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 target 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 assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $12.86.

AvidXchange Stock Performance

AVDX stock opened at $12.43 on Friday. AvidXchange Holdings, Inc. has a fifty-two week low of $6.88 and a fifty-two week high of $13.56. The stock has a fifty day moving average of $11.51 and a 200-day moving average of $11.80. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.20.

AvidXchange (NASDAQ:AVDX) last issued its earnings results on Wednesday, May 8th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.04. AvidXchange had a negative return on equity of 1.75% and a negative net margin of 8.10%. The business had revenue of $105.60 million during the quarter, compared to the consensus estimate of $101.33 million. As a group, sell-side analysts forecast that AvidXchange Holdings, Inc. will post 0.01 EPS for the current fiscal year.

Insiders Place Their Bets

In other AvidXchange news, CEO Michael Praeger sold 29,192 shares of the firm’s stock in a transaction dated 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 can be accessed through the SEC website. In other news, CEO Michael Praeger sold 29,192 shares of AvidXchange stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $10.85, for a total transaction of $316,733.20. Following the completion of the sale, 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 accessible through this hyperlink. Also, insider Todd Alan Cunningham sold 28,424 shares of AvidXchange stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $11.02, for a total value of $313,232.48. Following the sale, the insider now owns 336,017 shares of the company’s stock, valued at approximately $3,702,907.34. The disclosure for this sale can be found here. Insiders sold a total of 152,897 shares of company stock worth $1,695,238 in the last quarter. 10.30% of the stock is owned by company insiders.

AvidXchange 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.