Interval Partners LP Takes Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Interval Partners LP purchased a new position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 152,021 shares of the company’s stock, valued at approximately $1,833,000. Interval Partners LP owned approximately 0.07% of AvidXchange at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Advisors Asset Management Inc. lifted its position in shares of AvidXchange by 96.3% during the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock valued at $57,000 after buying an additional 2,114 shares in the last quarter. nVerses Capital LLC purchased a new position in AvidXchange during the second quarter valued at $66,000. Xponance Inc. acquired a new stake in shares of AvidXchange in the second quarter valued at about $133,000. Cardinal Capital Management acquired a new stake in shares of AvidXchange in the first quarter valued at about $190,000. Finally, Natixis purchased a new stake in shares of AvidXchange during the first quarter worth about $203,000. 80.58% of the stock is owned by institutional investors and hedge funds.

AvidXchange Stock Up 2.1 %

AVDX stock opened at $8.25 on Tuesday. AvidXchange Holdings, Inc. has a one year low of $6.88 and a one year high of $13.56. The firm has a market cap of $1.70 billion, a PE ratio of -55.00 and a beta of 1.01. The firm’s 50 day moving average price is $8.95 and its 200-day moving average price is $10.77. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.36 and a current ratio of 1.36.

AvidXchange (NASDAQ:AVDX) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $0.05 EPS for the quarter, beating the consensus estimate of $0.04 by $0.01. The business had revenue of $105.30 million for the quarter, compared to analyst estimates of $107.13 million. AvidXchange had a negative return on equity of 0.23% and a negative net margin of 3.18%. The company’s quarterly revenue was up 15.6% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.05) EPS. On average, equities research analysts anticipate that AvidXchange Holdings, Inc. will post 0.03 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on AVDX shares. BMO Capital Markets lowered their price objective on AvidXchange from $13.00 to $10.00 and set a “market perform” rating on the stock in a report on Thursday, August 1st. KeyCorp dropped their price target on AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. The Goldman Sachs Group decreased their price objective on AvidXchange from $11.50 to $9.00 and set a “sell” rating on the stock in a report on Thursday, August 1st. Wells Fargo & Company dropped their target price on shares of AvidXchange from $13.00 to $10.00 and set an “equal weight” rating for the company in a report on Thursday, August 1st. Finally, JPMorgan Chase & Co. downgraded shares of AvidXchange from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $11.00 to $9.00 in a research note on Tuesday, August 20th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $11.00.

Insiders Place Their Bets

In other news, insider Joel Wilhite sold 18,028 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total value of $143,863.44. Following the sale, the insider now directly owns 419,636 shares of the company’s stock, valued at approximately $3,348,695.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other AvidXchange news, CEO Michael Praeger sold 37,225 shares of AvidXchange stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total value of $297,055.50. Following the completion of the transaction, the chief executive officer now directly owns 10,453,786 shares of the company’s stock, valued at approximately $83,421,212.28. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Joel Wilhite sold 18,028 shares of the business’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total transaction of $143,863.44. Following the sale, the insider now owns 419,636 shares in the company, valued at $3,348,695.28. The disclosure for this sale can be found here. Insiders sold a total of 151,338 shares of company stock valued at $1,217,362 over the last 90 days. 10.30% of the stock is owned by company insiders.

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.