nVerses Capital LLC Makes New $66,000 Investment in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

nVerses Capital LLC bought a new position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 5,500 shares of the company’s stock, valued at approximately $66,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Principal Financial Group Inc. boosted its holdings in AvidXchange by 17.1% during the second quarter. Principal Financial Group Inc. now owns 23,479 shares of the company’s stock worth $283,000 after buying an additional 3,421 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in AvidXchange during the second quarter worth about $557,000. SG Americas Securities LLC boosted its holdings in AvidXchange by 2.9% during the second quarter. SG Americas Securities LLC now owns 29,813 shares of the company’s stock worth $360,000 after buying an additional 835 shares during the last quarter. California State Teachers Retirement System boosted its holdings in AvidXchange by 1.0% during the first quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock worth $2,121,000 after buying an additional 1,656 shares during the last quarter. Finally, Kodai Capital Management LP raised its position in shares of AvidXchange by 872.9% during the first quarter. Kodai Capital Management LP now owns 1,581,667 shares of the company’s stock worth $20,799,000 after purchasing an additional 1,419,099 shares during the period. Institutional investors own 80.58% of the company’s stock.

Analyst Ratings Changes

AVDX has been the topic of a number of research analyst reports. Robert W. Baird dropped their price target on AvidXchange from $16.00 to $14.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. KeyCorp dropped their price target on AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a research report on Thursday, August 1st. Compass Point initiated coverage on AvidXchange in a research report on Wednesday. They set a “neutral” rating and a $8.00 price target on the stock. UBS Group lowered AvidXchange from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $15.00 to $10.00 in a research report on Thursday, August 1st. Finally, The Goldman Sachs Group dropped their price target on AvidXchange from $11.50 to $9.00 and set a “sell” rating on the stock in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $11.00.

AvidXchange Stock Up 0.2 %

NASDAQ:AVDX opened at $8.03 on Thursday. The firm has a market capitalization of $1.66 billion, a price-to-earnings ratio of -53.53 and a beta of 1.03. AvidXchange Holdings, Inc. has a twelve month low of $6.88 and a twelve month high of $13.56. The stock’s 50 day moving average price is $10.09 and its two-hundred day moving average price is $11.21. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.19.

AvidXchange (NASDAQ:AVDX) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.01. The firm had revenue of $105.30 million for the quarter, compared to analyst estimates of $107.13 million. AvidXchange had a negative return on equity of 0.23% and a negative net margin of 3.18%. The business’s quarterly revenue was up 15.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.05) EPS. Equities research analysts expect that AvidXchange Holdings, Inc. will post 0.01 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Joel Wilhite sold 19,358 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $8.15, for a total transaction of $157,767.70. Following the transaction, the insider now directly owns 400,278 shares of the company’s stock, valued at approximately $3,262,265.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Joel Wilhite sold 19,358 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $8.15, for a total transaction of $157,767.70. Following the transaction, the insider now directly owns 400,278 shares of the company’s stock, valued at approximately $3,262,265.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael Praeger sold 6,701 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $8.17, for a total value of $54,747.17. Following the transaction, the chief executive officer now directly owns 10,410,983 shares in the company, valued at $85,057,731.11. The disclosure for this sale can be found here. Insiders have sold 177,881 shares of company stock valued at $1,513,512 in the last 90 days. 10.30% of the stock is currently owned by insiders.

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.