Edgestream Partners L.P. Has $1.12 Million Stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Edgestream Partners L.P. increased its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 457.5% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 92,515 shares of the company’s stock after acquiring an additional 75,921 shares during the period. Edgestream Partners L.P.’s holdings in AvidXchange were worth $1,116,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Gillson Capital LP increased its holdings in shares of AvidXchange by 871.2% during the 4th quarter. Gillson Capital LP now owns 619,893 shares of the company’s stock valued at $7,680,000 after acquiring an additional 556,066 shares during the last quarter. TimesSquare Capital Management LLC grew its holdings in AvidXchange by 6.8% in the 1st quarter. TimesSquare Capital Management LLC now owns 1,970,837 shares of the company’s stock valued at $25,917,000 after buying an additional 124,988 shares during the last quarter. Lisanti Capital Growth LLC grew its holdings in AvidXchange by 58.3% in the 1st quarter. Lisanti Capital Growth LLC now owns 167,715 shares of the company’s stock valued at $2,205,000 after buying an additional 61,795 shares during the last quarter. SG Capital Management LLC acquired a new stake in AvidXchange in the 4th quarter valued at approximately $1,975,000. Finally, Trexquant Investment LP grew its holdings in AvidXchange by 350.6% in the 4th quarter. Trexquant Investment LP now owns 269,669 shares of the company’s stock valued at $3,341,000 after buying an additional 209,828 shares during the last quarter. Institutional investors and hedge funds own 80.58% of the company’s stock.

AvidXchange Price Performance

AvidXchange stock opened at $8.08 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.36 and a quick ratio of 1.36. The company has a market capitalization of $1.67 billion, a PE ratio of -53.87 and a beta of 1.01. AvidXchange Holdings, Inc. has a one year low of $6.88 and a one year high of $13.56. The business has a 50 day simple moving average of $9.04 and a 200 day simple moving average of $10.83.

AvidXchange (NASDAQ:AVDX) last posted its earnings results on Wednesday, July 31st. The company reported $0.05 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 return on equity of 0.23% and a negative net margin of 3.18%. AvidXchange’s revenue was up 15.6% on a year-over-year basis. During the same quarter last year, the company earned ($0.05) EPS. On average, sell-side analysts forecast that AvidXchange Holdings, Inc. will post 0.03 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Michael Praeger sold 6,701 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $8.17, for a total transaction of $54,747.17. Following the completion of the transaction, the chief executive officer now owns 10,410,983 shares in the company, valued at approximately $85,057,731.11. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other AvidXchange news, CEO Michael Praeger sold 6,701 shares of AvidXchange stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $8.17, for a total value of $54,747.17. Following the completion of the transaction, the chief executive officer now owns 10,410,983 shares in the company, valued at approximately $85,057,731.11. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Joel Wilhite sold 47,308 shares of AvidXchange stock in a transaction on 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 transaction, the insider now owns 413,687 shares of the company’s stock, valued at approximately $3,350,864.70. The disclosure for this sale can be found here. Insiders sold 151,338 shares of company stock worth $1,217,362 in the last 90 days. 10.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. JPMorgan Chase & Co. lowered AvidXchange from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $11.00 to $9.00 in a report on Tuesday, August 20th. Robert W. Baird lowered their target price on AvidXchange from $16.00 to $14.00 and set an “outperform” rating on the stock in a report on Thursday, August 1st. BMO Capital Markets lowered their target price on AvidXchange from $13.00 to $10.00 and set a “market perform” rating on the stock in a report on Thursday, August 1st. The Goldman Sachs Group lowered 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, Compass Point started coverage on AvidXchange in a report on Wednesday, September 4th. They issued a “neutral” rating and a $8.00 target price on the stock. One investment 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $11.00.

About AvidXchange

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.