AvidXchange Holdings, Inc. (NASDAQ:AVDX) Stock Holdings Boosted by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd boosted its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 610.5% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 75,010 shares of the company's stock after buying an additional 64,452 shares during the period. Y Intercept Hong Kong Ltd's holdings in AvidXchange were worth $776,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in AVDX. FMR LLC increased its holdings in AvidXchange by 272.5% in the 3rd quarter. FMR LLC now owns 13,733,769 shares of the company's stock valued at $111,381,000 after purchasing an additional 10,046,893 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in shares of AvidXchange in the third quarter valued at about $25,339,000. Point72 Asset Management L.P. purchased a new stake in shares of AvidXchange during the 3rd quarter valued at about $7,920,000. Jennison Associates LLC lifted its position in AvidXchange by 50.9% during the 4th 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 in the last quarter. Finally, Providence Capital Advisors LLC boosted its holdings in AvidXchange by 709.6% in the 3rd quarter. Providence Capital Advisors LLC now owns 649,565 shares of the company's stock worth $5,268,000 after acquiring an additional 569,328 shares during the period. Hedge funds and other institutional investors own 80.58% of the company's stock.

Insider Buying and Selling

In related news, Director Teresa Mackintosh sold 13,316 shares of AvidXchange stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $11.44, for a total transaction of $152,335.04. Following the sale, the director now directly owns 47,388 shares in the company, valued at $542,118.72. The trade was a 21.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James E. Hausman sold 25,000 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $11.25, for a total transaction of $281,250.00. Following the completion of the transaction, the director now owns 2,112,232 shares of the company's stock, valued at $23,762,610. This represents a 1.17 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 10.40% of the company's stock.

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Wall Street Analysts Forecast Growth

A number of research firms have recently commented on AVDX. The Goldman Sachs Group reduced their target price on shares of AvidXchange from $9.50 to $7.00 and set a "sell" rating on the stock in a research report on Thursday, February 27th. UBS Group boosted their price objective on shares of AvidXchange from $10.00 to $10.50 and gave the stock a "neutral" rating in a report on Thursday, November 7th. Barclays cut shares of AvidXchange from an "overweight" rating to an "equal weight" rating and decreased their price objective for the company from $13.00 to $8.00 in a research report on Tuesday. Wells Fargo & Company cut their price target on AvidXchange from $10.00 to $8.00 and set an "equal weight" rating on the stock in a research note on Thursday, February 27th. Finally, Keefe, Bruyette & Woods lowered their price objective on AvidXchange from $11.00 to $8.00 and set a "market perform" rating for the company 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 stock. According to MarketBeat.com, AvidXchange presently has an average rating of "Hold" and a consensus price target of $10.00.

AvidXchange Stock Performance

AVDX traded down $0.23 during trading on Tuesday, reaching $7.20. 1,183,145 shares of the company were exchanged, compared to its average volume of 1,651,594. AvidXchange Holdings, Inc. has a 52 week low of $6.89 and a 52 week high of $13.49. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The firm has a 50 day moving average of $9.97 and a 200 day moving average of $9.42. The stock has a market cap of $1.48 billion, a P/E ratio of 180.38 and a beta of 1.22.

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

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.