Dark Forest Capital Management LP Invests $332,000 in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Dark Forest Capital Management LP purchased a new stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 27,506 shares of the company’s stock, valued at approximately $332,000.

A number of other institutional investors have also recently bought and sold shares of the stock. Gillson Capital LP increased its position in shares of 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 in the last quarter. TimesSquare Capital Management LLC raised its stake in AvidXchange by 6.8% during the 1st quarter. TimesSquare Capital Management LLC now owns 1,970,837 shares of the company’s stock valued at $25,917,000 after purchasing an additional 124,988 shares during the period. Lisanti Capital Growth LLC raised its stake in AvidXchange by 58.3% during the 1st quarter. Lisanti Capital Growth LLC now owns 167,715 shares of the company’s stock valued at $2,205,000 after purchasing an additional 61,795 shares during the period. SG Capital Management LLC purchased a new stake in shares of AvidXchange in the fourth quarter valued at $1,975,000. Finally, Lazard Asset Management LLC acquired a new stake in shares of AvidXchange in the first quarter worth $7,621,000. Hedge funds and other institutional investors own 80.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on AVDX. KeyCorp reduced their price objective on AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. Keefe, Bruyette & Woods decreased their price target on shares of AvidXchange from $13.50 to $11.00 and set a “market perform” rating for the company in a report on Thursday, August 1st. BMO Capital Markets dropped their price objective on shares of AvidXchange from $13.00 to $10.00 and set a “market perform” rating on the stock in a research note on Thursday, August 1st. Wells Fargo & Company decreased their target price on shares of AvidXchange from $13.00 to $10.00 and set an “equal weight” rating for the company in a research note on Thursday, August 1st. Finally, Robert W. Baird dropped their price target on shares of AvidXchange from $16.00 to $14.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, AvidXchange presently has an average rating of “Hold” and a consensus target price of $11.00.

AvidXchange Stock Up 0.7 %

AVDX opened at $8.14 on Friday. The firm has a market cap of $1.68 billion, a P/E ratio of -54.27 and a beta of 1.01. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.36 and a current ratio of 1.36. The business has a 50 day moving average price of $8.61 and a 200 day moving average price of $10.67. AvidXchange Holdings, Inc. has a twelve month low of $6.88 and a twelve month high of $13.56.

AvidXchange (NASDAQ:AVDX) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.01. The business had revenue of $105.30 million during the quarter, compared to the consensus estimate of $107.13 million. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. AvidXchange’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.05) EPS. Research analysts forecast that AvidXchange Holdings, Inc. will post 0.03 EPS for the current year.

Insider Transactions at AvidXchange

In related news, President Daniel Drees sold 20,069 shares of the stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total transaction of $160,150.62. Following the completion of the sale, the president now owns 753,644 shares in the company, valued at approximately $6,014,079.12. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, President Daniel Drees sold 20,069 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total transaction of $160,150.62. Following the completion of the transaction, the president now directly owns 753,644 shares in the company, valued at $6,014,079.12. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Ryan Stahl sold 7,621 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $8.13, for a total transaction of $61,958.73. Following the completion of the sale, the insider now owns 377,030 shares in the company, valued at approximately $3,065,253.90. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 158,959 shares of company stock worth $1,279,321. Company insiders own 10.30% of the company’s stock.

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.