AvidXchange Holdings, Inc. (NASDAQ:AVDX) is Greenhouse Funds LLLP's 9th Largest Position

Greenhouse Funds LLLP lowered its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 20.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,498,322 shares of the company's stock after selling 2,176,812 shares during the quarter. AvidXchange accounts for 3.7% of Greenhouse Funds LLLP's holdings, making the stock its 9th largest holding. Greenhouse Funds LLLP owned 4.13% of AvidXchange worth $87,873,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Blue Trust Inc. raised its holdings in AvidXchange by 90.1% in the 4th 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 period. R Squared Ltd purchased a new stake in shares of AvidXchange in the 4th quarter valued at approximately $41,000. KBC Group NV raised its stake in shares of AvidXchange by 60.9% in the 4th quarter. KBC Group NV now owns 8,836 shares of the company's stock valued at $91,000 after acquiring an additional 3,344 shares during the period. Bragg Financial Advisors Inc acquired a new position in shares of AvidXchange in the 4th quarter worth approximately $113,000. Finally, Raymond James Financial Inc. purchased a new position in shares of AvidXchange during the 4th quarter worth approximately $115,000. Institutional investors and hedge funds own 80.58% of the company's stock.

AvidXchange Stock Down 0.1 %

Shares of AVDX stock traded down $0.01 on Friday, reaching $7.86. 1,025,693 shares of the stock were exchanged, compared to its average volume of 2,009,816. The company has a market capitalization of $1.61 billion, a price-to-earnings ratio of 196.50 and a beta of 1.14. The business's 50 day moving average price is $8.00 and its 200 day moving average price is $9.36. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange Holdings, Inc. has a twelve month low of $6.61 and a twelve month high of $12.93.

AvidXchange (NASDAQ:AVDX - Get Free Report) last released 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 positive return on equity of 0.74% and a negative net margin of 0.23%. The business had revenue of $115.44 million for the quarter, compared to analyst estimates of $114.98 million. As a group, sell-side analysts expect that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current fiscal year.

Insider Buying and Selling at AvidXchange

In other AvidXchange news, CEO Michael Praeger sold 58,881 shares of the company's stock in a transaction on Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $446,906.79. Following the completion of the transaction, the chief executive officer now owns 11,164,737 shares in the company, valued at $84,740,353.83. This represents a 0.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, President Daniel Drees sold 34,782 shares of AvidXchange stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $263,995.38. Following the sale, the president now owns 1,176,833 shares in the company, valued at $8,932,162.47. This trade represents a 2.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 125,866 shares of company stock worth $955,323 over the last three months. Insiders own 10.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on AVDX. Wells Fargo & Company cut their target price on AvidXchange from $10.00 to $8.00 and set an "equal weight" rating on the stock 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 on the stock in a report on Thursday, February 27th. Keefe, Bruyette & Woods increased their target price on AvidXchange from $8.00 to $9.00 and gave the stock a "market perform" rating in a research note on Monday, March 31st. JPMorgan Chase & Co. dropped their target price on AvidXchange from $10.00 to $9.00 and set a "neutral" rating for the company in a research report on Thursday, February 27th. Finally, Barclays cut shares of AvidXchange from an "overweight" rating to an "equal weight" rating and reduced their price target for the stock from $13.00 to $8.00 in a research report on Tuesday, March 4th. 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 company's stock. Based on data from MarketBeat, AvidXchange currently has a consensus rating of "Hold" and an average 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.