ExodusPoint Capital Management LP Sells 191,504 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

ExodusPoint Capital Management LP cut its position in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 45.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 228,969 shares of the company's stock after selling 191,504 shares during the quarter. ExodusPoint Capital Management LP owned about 0.11% of AvidXchange worth $2,368,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in AVDX. Blue Trust Inc. lifted its position in shares of AvidXchange by 90.1% in the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company's stock valued at $28,000 after buying an additional 1,278 shares during the last quarter. Point72 DIFC Ltd acquired a new stake in AvidXchange during the 3rd quarter valued at $37,000. R Squared Ltd bought a new position in AvidXchange during the fourth quarter worth $41,000. Y Intercept Hong Kong Ltd acquired a new position in shares of AvidXchange in the third quarter valued at $86,000. Finally, KBC Group NV increased its holdings in shares of AvidXchange by 60.9% in the fourth quarter. KBC Group NV now owns 8,836 shares of the company's stock valued at $91,000 after purchasing an additional 3,344 shares during the last quarter. 80.58% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at AvidXchange

In other news, President Daniel Drees sold 34,782 shares of the business's stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $7.59, for a total value 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. The trade was a 2.87 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael Praeger sold 58,881 shares of the stock in a transaction on Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $446,906.79. Following the sale, the chief executive officer now owns 11,164,737 shares of the company's stock, valued at approximately $84,740,353.83. This trade represents a 0.52 % decrease in their ownership of the stock. 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 Price Performance

Shares of AVDX traded up $0.13 during trading hours on Friday, reaching $7.69. The stock had a trading volume of 1,213,172 shares, compared to its average volume of 2,013,554. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. AvidXchange Holdings, Inc. has a 12 month low of $6.61 and a 12 month high of $12.93. The stock has a market capitalization of $1.57 billion, a PE ratio of 192.25 and a beta of 1.14. The company's 50-day moving average is $8.46 and its two-hundred day moving average is $9.39.

AvidXchange (NASDAQ:AVDX - Get Free Report) last released its quarterly 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). The firm had revenue of $115.44 million for the quarter, compared to the consensus estimate of $114.98 million. AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. Research analysts expect that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently commented on AVDX shares. JPMorgan Chase & Co. reduced their target price on shares of AvidXchange from $10.00 to $9.00 and set a "neutral" rating for the company in a report on Thursday, February 27th. Wolfe Research downgraded AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Thursday, February 27th. Robert W. Baird lowered their target price on AvidXchange from $14.00 to $12.00 and set an "outperform" rating on the stock in a research note on Thursday, February 27th. Piper Sandler reduced their price target on AvidXchange from $10.00 to $8.00 and set a "neutral" rating for the company in a research note on Friday, February 28th. Finally, Keefe, Bruyette & Woods increased their price objective on AvidXchange from $8.00 to $9.00 and gave the stock a "market perform" rating in a research report on Monday, March 31st. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price 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.