Healthcare of Ontario Pension Plan Trust Fund Boosts Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Healthcare of Ontario Pension Plan Trust Fund raised its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 37.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 372,595 shares of the company’s stock after buying an additional 100,595 shares during the period. Healthcare of Ontario Pension Plan Trust Fund owned about 0.18% of AvidXchange worth $4,616,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in the stock. Senvest Management LLC boosted its holdings in shares of AvidXchange by 26.3% in the third quarter. Senvest Management LLC now owns 12,298,226 shares of the company’s stock valued at $116,587,000 after purchasing an additional 2,563,886 shares during the period. North Reef Capital Management LP raised its position in AvidXchange by 64.5% during the 3rd quarter. North Reef Capital Management LP now owns 4,510,000 shares of the company’s stock valued at $42,755,000 after purchasing an additional 1,768,120 shares in the last quarter. American Century Companies Inc. purchased a new stake in shares of AvidXchange in the 3rd quarter worth $11,884,000. Intrinsic Edge Capital Management LLC grew its position in shares of AvidXchange by 79.9% during the 4th quarter. Intrinsic Edge Capital Management LLC now owns 2,785,445 shares of the company’s stock worth $34,512,000 after buying an additional 1,237,508 shares in the last quarter. Finally, TimesSquare Capital Management LLC increased its stake in shares of AvidXchange by 102.9% during the third quarter. TimesSquare Capital Management LLC now owns 2,002,000 shares of the company’s stock valued at $18,979,000 after buying an additional 1,015,325 shares during the period. 80.58% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. BMO Capital Markets increased their price objective on shares of AvidXchange from $11.00 to $13.00 and gave the company a “market perform” rating in a research note on Thursday, February 29th. Keefe, Bruyette & Woods started coverage on AvidXchange in a report on Tuesday, April 9th. They issued a “market perform” rating and a $13.50 price target on the stock. Piper Sandler decreased their price objective on AvidXchange from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Friday, April 12th. Susquehanna raised their price objective on AvidXchange from $15.00 to $16.00 and gave the company a “positive” rating in a research report on Thursday, February 29th. Finally, Barclays reduced their target price on shares of AvidXchange from $16.00 to $14.00 and set an “overweight” rating for the company in a report on Monday, May 13th. One analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $12.86.

Insider Activity

In other news, CEO Michael Praeger sold 25,418 shares of the company’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $11.24, for a total value of $285,698.32. Following the sale, the chief executive officer now directly owns 10,495,547 shares of the company’s stock, valued at approximately $117,969,948.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Todd Alan Cunningham sold 28,424 shares of the firm’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $11.02, for a total transaction of $313,232.48. Following the sale, the insider now owns 336,017 shares in the company, valued at $3,702,907.34. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Michael Praeger sold 25,418 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $11.24, for a total value of $285,698.32. Following the sale, the chief executive officer now owns 10,495,547 shares in the company, valued at $117,969,948.28. The disclosure for this sale can be found here. Over the last three months, insiders have sold 152,897 shares of company stock valued at $1,695,238. Company insiders own 10.30% of the company’s stock.

AvidXchange Stock Up 0.6 %

AVDX stock opened at $10.98 on Wednesday. The stock has a market capitalization of $2.27 billion, a PE ratio of -73.20 and a beta of 1.01. AvidXchange Holdings, Inc. has a 52 week low of $6.88 and a 52 week high of $13.56. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.20. The firm has a 50 day moving average of $11.26 and a 200 day moving average of $11.74.

AvidXchange (NASDAQ:AVDX) last posted its quarterly earnings results on Wednesday, May 8th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.04. The business had revenue of $105.60 million during the quarter, compared to analysts’ expectations of $101.33 million. AvidXchange had a negative net margin of 8.10% and a negative return on equity of 1.75%. Sell-side analysts forecast that AvidXchange Holdings, Inc. will post 0.01 earnings per share for the current year.

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.