AvidXchange Holdings, Inc. (NASDAQ:AVDX) Shares Sold by Algert Global LLC

Algert Global LLC reduced its position in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 53.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 29,317 shares of the company’s stock after selling 33,530 shares during the period. Algert Global LLC’s holdings in AvidXchange were worth $354,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of AVDX. The Manufacturers Life Insurance Company boosted its holdings in AvidXchange by 14.8% in the second quarter. The Manufacturers Life Insurance Company now owns 102,804 shares of the company’s stock valued at $1,240,000 after purchasing an additional 13,229 shares during the last quarter. Millennium Management LLC raised its position in shares of AvidXchange by 9.8% in the 2nd quarter. Millennium Management LLC now owns 2,770,662 shares of the company’s stock valued at $33,414,000 after purchasing an additional 246,462 shares in the last quarter. Dark Forest Capital Management LP purchased a new position in shares of AvidXchange during the 2nd quarter valued at approximately $332,000. Squarepoint Ops LLC acquired a new stake in shares of AvidXchange during the second quarter worth approximately $2,423,000. Finally, Tremblant Capital Group increased its stake in shares of AvidXchange by 0.3% in the second quarter. Tremblant Capital Group now owns 2,170,114 shares of the company’s stock worth $26,172,000 after buying an additional 5,971 shares during the last quarter. 80.58% of the stock is currently owned by institutional investors and hedge funds.

AvidXchange Trading Up 1.2 %

Shares of NASDAQ:AVDX opened at $7.75 on Wednesday. AvidXchange Holdings, Inc. has a fifty-two week low of $6.88 and a fifty-two week high of $13.56. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.19. The company has a market cap of $1.60 billion, a PE ratio of -52.00 and a beta of 1.01. The company’s 50-day moving average price is $8.04 and its 200 day moving average price is $10.43.

AvidXchange (NASDAQ:AVDX) last issued 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. AvidXchange had a negative return on equity of 0.23% and a negative net margin of 3.18%. The business had revenue of $105.30 million during the quarter, compared to the consensus estimate of $107.13 million. During the same period in the previous year, the firm posted ($0.05) earnings per share. The business’s revenue was up 15.6% on a year-over-year basis. Sell-side analysts anticipate that AvidXchange Holdings, Inc. will post 0.03 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on AVDX shares. KeyCorp reduced their price objective on shares of AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, August 1st. Robert W. Baird decreased their price target on AvidXchange from $16.00 to $14.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. Compass Point started coverage on AvidXchange in a research note on Wednesday, September 4th. They set a “neutral” rating and a $8.00 price objective on the stock. The Goldman Sachs Group reduced their target price on AvidXchange from $11.50 to $9.00 and set a “sell” rating on the stock in a report on Thursday, August 1st. Finally, Susquehanna lowered their price target on AvidXchange from $16.00 to $14.00 and set a “positive” rating for the company in a report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $11.00.

Insider Activity

In related news, insider Joel Wilhite sold 47,308 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $8.10, for a total value of $383,194.80. Following the completion of the sale, the insider now owns 413,687 shares of the company’s stock, valued at $3,350,864.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other AvidXchange news, insider Joel Wilhite sold 47,308 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $8.10, for a total transaction of $383,194.80. Following the sale, the insider now directly owns 413,687 shares in the company, valued at approximately $3,350,864.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ryan Stahl sold 7,621 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $8.13, for a total transaction of $61,958.73. Following the completion of the transaction, the insider now owns 377,030 shares of the company’s stock, valued at $3,065,253.90. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 158,959 shares of company stock valued at $1,279,321. Company insiders own 10.30% of the company’s stock.

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.