North Reef Capital Management LP Buys 194,000 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

North Reef Capital Management LP lifted its position in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 2.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,994,000 shares of the company's stock after buying an additional 194,000 shares during the quarter. AvidXchange comprises approximately 3.7% of North Reef Capital Management LP's holdings, making the stock its 10th largest position. North Reef Capital Management LP owned 3.89% of AvidXchange worth $82,658,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of AVDX. Blue Trust Inc. lifted its stake in shares of AvidXchange by 90.1% in the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company's stock worth $28,000 after buying an additional 1,278 shares during the last quarter. R Squared Ltd acquired a new stake in shares of AvidXchange in the fourth quarter worth $41,000. KBC Group NV lifted its stake in shares of AvidXchange by 60.9% in the fourth quarter. KBC Group NV now owns 8,836 shares of the company's stock worth $91,000 after buying an additional 3,344 shares during the last quarter. Bragg Financial Advisors Inc acquired a new stake in shares of AvidXchange in the fourth quarter worth $113,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of AvidXchange in the fourth quarter worth $115,000. 80.58% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Robert W. Baird reduced their price objective on shares of AvidXchange from $14.00 to $12.00 and set an "outperform" rating for the company in a research note on Thursday, February 27th. Piper Sandler cut their target price on shares of AvidXchange from $10.00 to $8.00 and set a "neutral" rating for the company in a research note on Friday, February 28th. Barclays cut shares of AvidXchange from an "overweight" rating to an "equal weight" rating and cut their target price for the company from $13.00 to $8.00 in a research note on Tuesday, March 4th. Wolfe Research cut shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research note on Thursday, February 27th. Finally, KeyCorp cut shares of AvidXchange from an "overweight" rating to a "sector weight" rating in a research note on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, AvidXchange has an average rating of "Hold" and a consensus price target of $10.07.

AvidXchange Price Performance

Shares of AVDX traded up $0.04 during trading hours on Monday, hitting $7.90. The stock had a trading volume of 914,288 shares, compared to its average volume of 2,010,940. The company's fifty day moving average is $7.96 and its two-hundred day moving average is $9.39. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. AvidXchange Holdings, Inc. has a 52 week low of $6.61 and a 52 week high of $12.93. The stock has a market capitalization of $1.62 billion, a price-to-earnings ratio of 197.50 and a beta of 1.14.

AvidXchange (NASDAQ:AVDX - Get Free Report) last posted 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 firm had revenue of $115.44 million during the quarter, compared to the consensus estimate of $114.98 million. On average, analysts anticipate that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

Insider Transactions at AvidXchange

In related news, insider Joel Wilhite sold 32,203 shares of the company'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 transaction, the insider now owns 843 shares in the company, valued at $6,398.37. This represents a 97.45 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Daniel Drees sold 34,782 shares of the company's stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $263,995.38. Following the transaction, the president now owns 1,176,833 shares in the company, valued at approximately $8,932,162.47. This trade represents a 2.87 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 125,866 shares of company stock valued at $955,323. 10.40% of the stock is owned by insiders.

AvidXchange 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.