Connor Clark & Lunn Investment Management Ltd. Decreases Holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Connor Clark & Lunn Investment Management Ltd. lessened its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 5.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 753,893 shares of the company's stock after selling 47,194 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.37% of AvidXchange worth $7,795,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. State of New Jersey Common Pension Fund D lifted its position in shares of AvidXchange by 39.3% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company's stock valued at $2,011,000 after acquiring an additional 69,971 shares during the period. Versor Investments LP acquired a new stake in shares of AvidXchange during the 3rd quarter valued at approximately $216,000. Entropy Technologies LP acquired a new stake in shares of AvidXchange during the 3rd quarter valued at approximately $447,000. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of AvidXchange by 9.1% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,862,225 shares of the company's stock valued at $15,103,000 after acquiring an additional 155,008 shares during the period. Finally, Quest Partners LLC lifted its position in shares of AvidXchange by 46.0% during the 3rd quarter. Quest Partners LLC now owns 22,289 shares of the company's stock valued at $181,000 after acquiring an additional 7,027 shares during the period. Hedge funds and other institutional investors own 80.58% of the company's stock.

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AvidXchange Price Performance

AVDX remained flat at $8.42 during trading on Wednesday. The company's stock had a trading volume of 1,299,680 shares, compared to its average volume of 1,907,361. The business has a fifty day simple moving average of $9.33 and a 200 day simple moving average of $9.38. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. The stock has a market cap of $1.72 billion, a PE ratio of 210.50 and a beta of 1.28. AvidXchange Holdings, Inc. has a 52 week low of $6.61 and a 52 week high of $13.50.

AvidXchange (NASDAQ:AVDX - Get Free Report) last announced its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 earnings per share (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 company had revenue of $115.44 million for the quarter, compared to analysts' expectations of $114.98 million. Equities analysts anticipate that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current year.

Insider Activity

In other news, insider Joel Wilhite sold 32,203 shares of the business's stock in a transaction on Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $244,420.77. Following the completion of the sale, the insider now directly owns 843 shares of the company's stock, valued at $6,398.37. The trade was a 97.45 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, President Daniel Drees sold 34,782 shares of the business's stock in a transaction 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 125,866 shares of company stock valued at $955,323 in the last ninety days. Company insiders own 10.40% of the company's stock.

Wall Street Analyst Weigh In

AVDX has been the subject of a number of research reports. BTIG Research initiated coverage on shares of AvidXchange in a research report on Wednesday, December 11th. They set a "buy" rating and a $14.00 price target for the company. BMO Capital Markets cut their price objective on AvidXchange from $11.00 to $7.50 and set a "market perform" rating for the company in a research report on Thursday, February 27th. The Goldman Sachs Group cut their price objective on AvidXchange from $9.50 to $7.00 and set a "sell" rating for the company in a research report on Thursday, February 27th. Wells Fargo & Company cut their price objective 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, Keefe, Bruyette & Woods cut their price objective on AvidXchange from $11.00 to $8.00 and set a "market perform" rating for the company in a research report on Thursday, February 27th. Two investment 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's stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $10.00.

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.