Great Lakes Advisors LLC Invests $1.09 Million in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Great Lakes Advisors LLC bought a new stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 105,393 shares of the company's stock, valued at approximately $1,090,000. Great Lakes Advisors LLC owned approximately 0.05% of AvidXchange as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of AVDX. State of New Jersey Common Pension Fund D grew its stake in AvidXchange by 39.3% during the third 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 in the last quarter. Versor Investments LP bought a new position in AvidXchange during the third quarter valued at $216,000. Entropy Technologies LP bought a new position in AvidXchange during the third quarter valued at $447,000. Sumitomo Mitsui Trust Group Inc. lifted its position in AvidXchange by 9.1% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,862,225 shares of the company's stock valued at $15,103,000 after purchasing an additional 155,008 shares during the last quarter. Finally, Quest Partners LLC lifted its position in AvidXchange by 46.0% during the third quarter. Quest Partners LLC now owns 22,289 shares of the company's stock valued at $181,000 after purchasing an additional 7,027 shares during the last quarter. 80.58% of the stock is owned by hedge funds and other institutional investors.

AvidXchange Price Performance

AVDX stock remained flat at $8.42 during trading on Wednesday. 1,299,680 shares of the company traded hands, compared to its average volume of 1,907,361. The stock has a market cap of $1.72 billion, a price-to-earnings 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. The firm has a 50-day moving average of $9.33 and a 200 day moving average of $9.38. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32.

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

Insider Buying and Selling at AvidXchange

In other AvidXchange news, President Daniel Drees sold 34,782 shares of the firm'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 $263,995.38. Following the transaction, the president now owns 1,176,833 shares of the company's stock, valued at approximately $8,932,162.47. This trade represents a 2.87 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael Praeger sold 58,881 shares of the firm'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 $446,906.79. Following the transaction, the chief executive officer now directly 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. In the last quarter, insiders have sold 125,866 shares of company stock valued at $955,323. Company insiders own 10.40% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on AVDX shares. KeyCorp lowered shares of AvidXchange from an "overweight" rating to a "sector weight" rating in a research report on Thursday, February 27th. JPMorgan Chase & Co. lowered their price objective on shares of AvidXchange from $10.00 to $9.00 and set a "neutral" rating for the company in a research report on Thursday, February 27th. Piper Sandler lowered their price objective on shares of AvidXchange from $10.00 to $8.00 and set a "neutral" rating for the company in a research report on Friday, February 28th. Robert W. Baird lowered their price objective on shares of AvidXchange from $14.00 to $12.00 and set an "outperform" rating for the company in a research report on Thursday, February 27th. Finally, The Goldman Sachs Group lowered their target price on shares of AvidXchange from $9.50 to $7.00 and set a "sell" rating for the company in a report on Thursday, February 27th. Two research 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 data from MarketBeat.com, AvidXchange currently has an average rating of "Hold" and an average target price 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.