AlphaQuest LLC Purchases 48,778 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

AlphaQuest LLC boosted its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 218.8% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 71,067 shares of the company's stock after buying an additional 48,778 shares during the quarter. AlphaQuest LLC's holdings in AvidXchange were worth $735,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AVDX. Wealth Enhancement Advisory Services LLC raised its holdings in AvidXchange by 29.6% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company's stock valued at $107,000 after buying an additional 3,019 shares during the last quarter. US Bancorp DE raised its holdings in AvidXchange by 111,114.9% in the 3rd quarter. US Bancorp DE now owns 52,271 shares of the company's stock worth $424,000 after purchasing an additional 52,224 shares in the last quarter. State of New Jersey Common Pension Fund D raised its holdings in AvidXchange by 39.3% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company's stock worth $2,011,000 after purchasing an additional 69,971 shares in the last quarter. Versor Investments LP bought a new position in AvidXchange in the 3rd quarter worth $216,000. Finally, Entropy Technologies LP bought a new position in AvidXchange in the 3rd quarter worth $447,000. 80.58% of the stock is currently owned by institutional investors.

AvidXchange Stock Performance

Shares of AVDX stock opened at $6.90 on Wednesday. AvidXchange Holdings, Inc. has a one year low of $6.83 and a one year high of $13.49. The company's 50-day moving average is $9.58 and its 200 day moving average is $9.38. The company has a market capitalization of $1.41 billion, a price-to-earnings ratio of 172.50 and a beta of 1.28. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32.

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

Analyst Upgrades and Downgrades

AVDX has been the subject of several research reports. Robert W. Baird decreased their price objective on shares of AvidXchange from $14.00 to $12.00 and set an "outperform" rating for the company in a report on Thursday, February 27th. BTIG Research initiated coverage on shares of AvidXchange in a report on Wednesday, December 11th. They issued a "buy" rating and a $14.00 price objective for the company. Keefe, Bruyette & Woods decreased their price objective on shares of AvidXchange from $11.00 to $8.00 and set a "market perform" rating for the company in a report on Thursday, February 27th. Wolfe Research lowered shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a report on Thursday, February 27th. Finally, Barclays lowered shares of AvidXchange from an "overweight" rating to an "equal weight" rating and decreased their price objective for the stock from $13.00 to $8.00 in a report on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $10.00.

Insider Activity at AvidXchange

In other news, insider Joel Wilhite sold 32,203 shares of the firm's stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $244,420.77. Following the sale, the insider now owns 843 shares of the company's stock, valued at $6,398.37. This trade represents a 97.45 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, President Daniel Drees sold 34,782 shares of the firm's stock in a transaction dated 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 in the company, valued at approximately $8,932,162.47. The trade was a 2.87 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 125,866 shares of company stock valued at $955,323. 10.40% of the stock is owned by insiders.

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.

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