Arrowstreet Capital Limited Partnership Buys Shares of 995,395 AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Arrowstreet Capital Limited Partnership purchased a new position in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 995,395 shares of the company's stock, valued at approximately $10,292,000. Arrowstreet Capital Limited Partnership owned approximately 0.48% of AvidXchange at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of AVDX. Blue Trust Inc. boosted its stake in AvidXchange by 90.1% in the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company's stock worth $28,000 after purchasing an additional 1,278 shares in the last quarter. Point72 DIFC Ltd bought a new position in AvidXchange in the 3rd quarter worth about $37,000. R Squared Ltd bought a new position in AvidXchange in the 4th quarter worth about $41,000. Y Intercept Hong Kong Ltd bought a new position in AvidXchange in the 3rd quarter worth about $86,000. Finally, KBC Group NV boosted its stake in AvidXchange by 60.9% in the 4th quarter. KBC Group NV now owns 8,836 shares of the company's stock worth $91,000 after purchasing an additional 3,344 shares in the last quarter. Institutional investors own 80.58% of the company's stock.

Insider Activity

In other AvidXchange news, insider Joel Wilhite sold 32,203 shares of AvidXchange stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $244,420.77. Following the transaction, the insider now owns 843 shares in the company, valued at $6,398.37. The trade was a 97.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Praeger sold 58,881 shares of AvidXchange stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $446,906.79. Following the completion of the transaction, the chief executive officer now owns 11,164,737 shares in the company, valued at $84,740,353.83. This trade represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 125,866 shares of company stock worth $955,323. Company insiders own 10.40% of the company's stock.

AvidXchange Trading Down 2.5 %

AVDX traded down $0.20 during trading on Thursday, reaching $7.68. The company had a trading volume of 59,860 shares, compared to its average volume of 2,004,300. The stock has a market cap of $1.57 billion, a P/E ratio of 192.00 and a beta of 1.14. The business has a 50 day simple moving average of $8.58 and a 200-day simple moving average of $9.40. AvidXchange Holdings, Inc. has a 52 week low of $6.61 and a 52 week high of $12.93. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11.

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

Analysts Set New Price Targets

Several research firms have issued reports on AVDX. The Goldman Sachs Group lowered their target price on shares of AvidXchange from $9.50 to $7.00 and set a "sell" rating on the stock in a research note on Thursday, February 27th. Piper Sandler lowered their target price on shares of AvidXchange from $10.00 to $8.00 and set a "neutral" rating on the stock in a research note on Friday, February 28th. Wolfe Research cut shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research note on Thursday, February 27th. Keefe, Bruyette & Woods upped their target price on shares of AvidXchange from $8.00 to $9.00 and gave the company a "market perform" rating in a research note on Monday, March 31st. Finally, Robert W. Baird lowered their target price on shares of AvidXchange from $14.00 to $12.00 and set an "outperform" rating on the stock in a research note on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $10.07.

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.