AlphaQuest LLC Acquires 48,778 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

AlphaQuest LLC lifted its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 218.8% during the 4th quarter, Holdings Channel.com reports. The firm owned 71,067 shares of the company’s stock after buying an additional 48,778 shares during the period. AlphaQuest LLC’s holdings in AvidXchange were worth $735,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in AVDX. FMR LLC lifted its stake in shares of AvidXchange by 272.5% in the 3rd quarter. FMR LLC now owns 13,733,769 shares of the company’s stock worth $111,381,000 after purchasing an additional 10,046,893 shares during the period. Jacobs Levy Equity Management Inc. bought a new position in shares of AvidXchange in the 3rd quarter worth approximately $25,339,000. Point72 Asset Management L.P. bought a new position in shares of AvidXchange in the 3rd quarter worth approximately $7,920,000. Jennison Associates LLC lifted its stake in shares of AvidXchange by 50.9% in the 4th quarter. Jennison Associates LLC now owns 2,176,525 shares of the company’s stock worth $22,505,000 after purchasing an additional 733,860 shares during the period. Finally, Providence Capital Advisors LLC lifted its stake in shares of AvidXchange by 709.6% in the 3rd quarter. Providence Capital Advisors LLC now owns 649,565 shares of the company’s stock worth $5,268,000 after purchasing an additional 569,328 shares during the period. Institutional investors own 80.58% of the company’s stock.

Wall Street Analyst Weigh In

AVDX has been the topic of several recent research reports. Wells Fargo & Company lowered their price objective on shares of AvidXchange from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 27th. KeyCorp cut shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a research note on Thursday, February 27th. BTIG Research assumed coverage on shares of AvidXchange in a research note on Wednesday, December 11th. They set a “buy” rating and a $14.00 target price on the stock. The Goldman Sachs Group decreased their target price on shares of AvidXchange from $9.50 to $7.00 and set a “sell” rating on the stock in a research note on Thursday, February 27th. Finally, Barclays cut shares of AvidXchange from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $13.00 to $8.00 in a research note on Tuesday, March 4th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $10.00.

Insiders Place Their Bets

In other AvidXchange news, CEO Michael Praeger sold 58,881 shares of AvidXchange stock in a transaction on Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $446,906.79. Following the completion of the transaction, the chief executive officer now directly owns 11,164,737 shares of the company’s stock, valued at $84,740,353.83. The trade was a 0.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Daniel Drees sold 34,782 shares of AvidXchange stock in a transaction on Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $263,995.38. Following the transaction, the president now directly owns 1,176,833 shares of the company’s stock, valued at $8,932,162.47. The trade was a 2.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 125,866 shares of company stock valued at $955,323 over the last three months. 10.40% of the stock is owned by company insiders.

AvidXchange Trading Down 1.8 %

AVDX stock opened at $6.90 on Wednesday. The firm has a fifty day moving average price of $9.58 and a 200 day moving average price of $9.38. AvidXchange Holdings, Inc. has a fifty-two week low of $6.83 and a fifty-two week high of $13.49. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. The firm has a market cap of $1.41 billion, a PE ratio of 172.50 and a beta of 1.28.

AvidXchange (NASDAQ:AVDX) last posted its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.03). The firm had revenue of $115.44 million for the quarter, compared to analysts’ expectations of $114.98 million. AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. Sell-side analysts anticipate that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current fiscal 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.