Advantage Alpha Capital Partners LP Buys 104,379 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Advantage Alpha Capital Partners LP boosted its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 13.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 854,661 shares of the company's stock after buying an additional 104,379 shares during the quarter. AvidXchange makes up 2.1% of Advantage Alpha Capital Partners LP's holdings, making the stock its biggest position. Advantage Alpha Capital Partners LP owned about 0.42% of AvidXchange worth $8,837,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. FMR LLC increased its position in shares of AvidXchange by 272.5% in the third quarter. FMR LLC now owns 13,733,769 shares of the company's stock valued at $111,381,000 after buying an additional 10,046,893 shares in the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in AvidXchange in the 3rd quarter worth $25,339,000. Point72 Asset Management L.P. purchased a new stake in AvidXchange in the 3rd quarter worth $7,920,000. Jennison Associates LLC raised its position in AvidXchange by 50.9% during the fourth quarter. Jennison Associates LLC now owns 2,176,525 shares of the company's stock worth $22,505,000 after acquiring an additional 733,860 shares during the period. Finally, Providence Capital Advisors LLC lifted its holdings in AvidXchange by 709.6% during the third quarter. Providence Capital Advisors LLC now owns 649,565 shares of the company's stock valued at $5,268,000 after purchasing an additional 569,328 shares in the last quarter. Hedge funds and other institutional investors own 80.58% of the company's stock.

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Insider Activity at AvidXchange

In related news, President Daniel Drees sold 34,782 shares of the company's stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $263,995.38. Following the sale, the president now directly owns 1,176,833 shares of the company's stock, valued at $8,932,162.47. This represents a 2.87 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael Praeger sold 58,881 shares of the stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $446,906.79. Following the sale, the chief executive officer now owns 11,164,737 shares in the company, valued at approximately $84,740,353.83. This trade represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 125,866 shares of company stock worth $955,323 in the last three months. 10.40% of the stock is owned by company insiders.

AvidXchange Trading Down 2.1 %

Shares of NASDAQ:AVDX traded down $0.18 during mid-day trading on Friday, reaching $8.37. 1,262,039 shares of the company were exchanged, compared to its average volume of 1,979,030. AvidXchange Holdings, Inc. has a 1 year low of $6.61 and a 1 year high of $13.27. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The firm's 50-day simple moving average is $9.10 and its 200 day simple moving average is $9.39. The firm has a market cap of $1.71 billion, a price-to-earnings ratio of 209.25 and a beta of 1.28.

AvidXchange (NASDAQ:AVDX - Get Free Report) last released its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.03). The firm had revenue of $115.44 million for the quarter, compared to analysts' expectations of $114.98 million. AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. Equities research analysts forecast that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Barclays cut shares of AvidXchange from an "overweight" rating to an "equal weight" rating and cut their target price for the stock from $13.00 to $8.00 in a research note on Tuesday, March 4th. Wolfe Research lowered AvidXchange from a "strong-buy" rating to a "hold" rating in a research note on Thursday, February 27th. BTIG Research started coverage on AvidXchange in a research report on Wednesday, December 11th. They issued a "buy" rating and a $14.00 target price on the stock. Wells Fargo & Company dropped their price target on AvidXchange from $10.00 to $8.00 and set an "equal weight" rating for the company in a research report on Thursday, February 27th. Finally, The Goldman Sachs Group decreased their price objective on AvidXchange from $9.50 to $7.00 and set a "sell" rating on the stock in a report on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, AvidXchange currently has an average rating of "Hold" and an average target price of $10.00.

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.