Tremblant Capital Group Boosts Stock Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Tremblant Capital Group boosted its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 0.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,170,114 shares of the company’s stock after purchasing an additional 5,971 shares during the period. AvidXchange comprises 2.8% of Tremblant Capital Group’s holdings, making the stock its 17th largest position. Tremblant Capital Group owned approximately 1.05% of AvidXchange worth $26,172,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. American Century Companies Inc. lifted its position in shares of AvidXchange by 54.2% during the 2nd quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock valued at $54,460,000 after buying an additional 1,586,510 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of AvidXchange by 5.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,317,134 shares of the company’s stock valued at $52,062,000 after purchasing an additional 230,777 shares during the last quarter. Intrinsic Edge Capital Management LLC boosted its holdings in AvidXchange by 79.9% during the 4th quarter. Intrinsic Edge Capital Management LLC now owns 2,785,445 shares of the company’s stock valued at $34,512,000 after acquiring an additional 1,237,508 shares during the period. Par Capital Management Inc. boosted its holdings in AvidXchange by 10.0% during the 4th quarter. Par Capital Management Inc. now owns 2,750,000 shares of the company’s stock valued at $34,072,000 after acquiring an additional 250,000 shares during the period. Finally, TimesSquare Capital Management LLC boosted its holdings 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 acquiring an additional 124,988 shares during the period. Hedge funds and other institutional investors own 80.58% of the company’s stock.

AvidXchange Price Performance

NASDAQ AVDX opened at $8.25 on Tuesday. The company has a market capitalization of $1.70 billion, a PE ratio of -55.00 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’s fifty day moving average is $8.95 and its 200 day moving average is $10.77. AvidXchange Holdings, Inc. has a fifty-two week low of $6.88 and a fifty-two week high of $13.56.

AvidXchange (NASDAQ:AVDX) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.05 EPS for the quarter, beating 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 for the quarter, compared to the consensus estimate of $107.13 million. During the same period in the previous year, the business earned ($0.05) earnings per share. The business’s revenue was up 15.6% on a year-over-year basis. Sell-side analysts predict that AvidXchange Holdings, Inc. will post 0.03 earnings per share for the current year.

Insider Transactions at AvidXchange

In other news, insider Joel Wilhite sold 47,308 shares of AvidXchange stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $8.10, for a total value of $383,194.80. Following the sale, the insider now directly owns 413,687 shares of the company’s stock, valued at $3,350,864.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other 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 value of $160,150.62. Following the sale, the president now directly owns 753,644 shares in the company, valued at $6,014,079.12. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Joel Wilhite sold 47,308 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was 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 in the company, valued at $3,350,864.70. The disclosure for this sale can be found here. Over the last three months, insiders have sold 151,338 shares of company stock valued at $1,217,362. 10.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms have weighed in on AVDX. UBS Group cut AvidXchange from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $15.00 to $10.00 in a report on Thursday, August 1st. Robert W. Baird reduced their price objective on AvidXchange from $16.00 to $14.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Wells Fargo & Company reduced their price objective on AvidXchange from $13.00 to $10.00 and set an “equal weight” rating for the company in a research report on Thursday, August 1st. Compass Point assumed coverage on AvidXchange in a report on Wednesday, September 4th. They issued a “neutral” rating and a $8.00 target price for the company. Finally, Keefe, Bruyette & Woods reduced their target price on AvidXchange from $13.50 to $11.00 and set a “market perform” rating for the company in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, AvidXchange presently has an average rating of “Hold” and a consensus 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.