AvidXchange Holdings, Inc. (NASDAQ:AVDX) Stake Decreased by Providence Capital Advisors LLC

Providence Capital Advisors LLC cut its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 12.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 569,565 shares of the company's stock after selling 80,000 shares during the quarter. Providence Capital Advisors LLC owned approximately 0.28% of AvidXchange worth $5,889,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of AVDX. Blue Trust Inc. grew 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 AvidXchange in the fourth quarter valued at approximately $41,000. Point72 DIFC Ltd acquired a new position in AvidXchange during the third quarter worth approximately $37,000. KBC Group NV boosted its holdings 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 purchasing an additional 3,344 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new stake in shares of AvidXchange during the 3rd quarter valued at $86,000. Institutional investors and hedge funds own 80.58% of the company's stock.

AvidXchange Stock Up 2.6 %

NASDAQ AVDX traded up $0.22 on Tuesday, hitting $8.70. 388,734 shares of the stock traded hands, compared to its average volume of 1,971,402. 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 stock has a 50-day moving average of $9.07 and a 200 day moving average of $9.42. AvidXchange Holdings, Inc. has a twelve month low of $6.61 and a twelve month high of $13.27. The company has a market capitalization of $1.78 billion, a P/E ratio of 217.33 and a beta of 1.28.

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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). 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%. As a group, analysts expect that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Joel Wilhite sold 32,203 shares of the company's stock in a transaction on Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $244,420.77. Following the completion of the transaction, the insider now directly owns 843 shares in the company, valued at $6,398.37. This represents a 97.45 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 value of $446,906.79. Following the completion of the sale, the chief executive officer now directly 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 disclosure for this sale can be found here. In the last three months, insiders sold 125,866 shares of company stock valued at $955,323. Company insiders own 10.40% of the company's stock.

Analyst Ratings Changes

AVDX has been the topic of several research reports. Wolfe Research lowered AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Thursday, February 27th. BMO Capital Markets reduced their price objective on AvidXchange from $11.00 to $7.50 and set a "market perform" rating on the stock in a research note on Thursday, February 27th. Barclays downgraded shares of AvidXchange from an "overweight" rating to an "equal weight" rating and dropped their target price for the stock from $13.00 to $8.00 in a research report on Tuesday, March 4th. KeyCorp downgraded shares of AvidXchange from an "overweight" rating to a "sector weight" rating in a research note on Thursday, February 27th. Finally, Robert W. Baird cut their target price on shares of AvidXchange from $14.00 to $12.00 and set an "outperform" rating on the stock in a research note on Thursday, February 27th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, AvidXchange presently has an average rating of "Hold" and a consensus price target 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.