AvidXchange Holdings, Inc. (NASDAQ:AVDX) Shares Sold by Granite Investment Partners LLC

Granite Investment Partners LLC lowered its position in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 11.2% during the second quarter, HoldingsChannel.com reports. The fund owned 895,227 shares of the company’s stock after selling 112,673 shares during the quarter. Granite Investment Partners LLC’s holdings in AvidXchange were worth $10,796,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Victory Capital Management Inc. grew its holdings in AvidXchange by 25.5% in the fourth quarter. Victory Capital Management Inc. now owns 20,628 shares of the company’s stock valued at $256,000 after purchasing an additional 4,189 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of AvidXchange by 1.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,288,173 shares of the company’s stock worth $15,960,000 after buying an additional 23,506 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in AvidXchange by 17.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,864,725 shares of the company’s stock valued at $47,885,000 after acquiring an additional 587,692 shares during the last quarter. Brown Advisory Inc. increased its holdings in AvidXchange by 6.4% during the 4th quarter. Brown Advisory Inc. now owns 350,269 shares of the company’s stock valued at $4,340,000 after acquiring an additional 20,998 shares in the last quarter. Finally, UBS Group AG raised its position in AvidXchange by 438.2% during the fourth quarter. UBS Group AG now owns 548,954 shares of the company’s stock worth $6,802,000 after acquiring an additional 446,949 shares during the last quarter. 80.58% of the stock is owned by hedge funds and other institutional investors.

AvidXchange Price Performance

AvidXchange stock opened at $7.97 on Friday. AvidXchange Holdings, Inc. has a 1 year low of $6.88 and a 1 year high of $13.56. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.36 and a current ratio of 1.36. The firm has a 50 day moving average price of $9.12 and a 200 day moving average price of $10.86. The company has a market cap of $1.65 billion, a price-to-earnings ratio of -53.13 and a beta of 1.01.

AvidXchange (NASDAQ:AVDX) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.01. The company had revenue of $105.30 million during the quarter, compared to analysts’ expectations of $107.13 million. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. The business’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.05) EPS. Sell-side analysts predict that AvidXchange Holdings, Inc. will post 0.03 earnings per share for the current year.

Insider Buying and Selling at AvidXchange

In other news, CEO Michael Praeger sold 37,225 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total value of $297,055.50. Following the transaction, the chief executive officer now directly owns 10,453,786 shares in the company, valued at approximately $83,421,212.28. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, insider Joel Wilhite sold 19,358 shares of AvidXchange stock in a transaction on Friday, August 30th. The shares were sold at an average price of $8.15, for a total transaction of $157,767.70. Following the transaction, the insider now owns 400,278 shares in the company, valued at approximately $3,262,265.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael Praeger sold 37,225 shares of the company’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total transaction of $297,055.50. Following the sale, the chief executive officer now directly owns 10,453,786 shares of the company’s stock, valued at $83,421,212.28. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 151,338 shares of company stock valued at $1,217,362. Company insiders own 10.30% of the company’s stock.

Wall Street Analyst Weigh In

AVDX has been the topic of several research reports. KeyCorp lowered their price target on shares of AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a research report on Thursday, August 1st. BMO Capital Markets dropped their price target on AvidXchange from $13.00 to $10.00 and set a “market perform” rating for the company in a research report on Thursday, August 1st. Susquehanna cut their price target on AvidXchange from $16.00 to $14.00 and set a “positive” rating for the company in a report on Thursday, August 1st. Wells Fargo & Company decreased their price objective on AvidXchange from $13.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 1st. Finally, The Goldman Sachs Group dropped their price objective on AvidXchange from $11.50 to $9.00 and set a “sell” rating for the company in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $11.00.

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.