SG Americas Securities LLC Purchases 62,078 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

SG Americas Securities LLC increased its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 208.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 91,891 shares of the company’s stock after buying an additional 62,078 shares during the quarter. SG Americas Securities LLC’s holdings in AvidXchange were worth $745,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of AVDX. American Century Companies Inc. raised its holdings in AvidXchange by 54.2% in the 2nd quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock valued at $54,460,000 after acquiring an additional 1,586,510 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of AvidXchange by 5.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,317,134 shares of the company’s stock worth $52,062,000 after buying an additional 230,777 shares in the last quarter. Millennium Management LLC raised its holdings in shares of AvidXchange by 9.8% during the 2nd quarter. Millennium Management LLC now owns 2,770,662 shares of the company’s stock worth $33,414,000 after buying an additional 246,462 shares in the last quarter. Tremblant Capital Group raised its holdings in shares of AvidXchange by 0.3% during the 2nd quarter. Tremblant Capital Group now owns 2,170,114 shares of the company’s stock worth $26,172,000 after buying an additional 5,971 shares in the last quarter. Finally, TimesSquare Capital Management LLC raised its holdings in shares of AvidXchange by 6.8% during the 1st quarter. TimesSquare Capital Management LLC now owns 1,970,837 shares of the company’s stock worth $25,917,000 after buying an additional 124,988 shares in the last quarter. 80.58% of the stock is currently owned by institutional investors.

AvidXchange Trading Up 2.4 %

Shares of AVDX stock opened at $7.99 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.36 and a current ratio of 1.36. AvidXchange Holdings, Inc. has a 52-week low of $6.88 and a 52-week high of $13.56. The company has a market capitalization of $1.65 billion, a PE ratio of -53.27 and a beta of 1.01. The business’s fifty day moving average is $7.91 and its 200 day moving average is $10.31.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. AvidXchange had a negative return on equity of 0.23% and a negative net margin of 3.18%. The company had revenue of $105.30 million for the quarter, compared to the consensus estimate of $107.13 million. During the same quarter last year, the business posted ($0.05) earnings per share. The firm’s revenue was up 15.6% compared to the same quarter last year. On average, equities research analysts anticipate that AvidXchange Holdings, Inc. will post 0.03 EPS for the current fiscal year.

Insider Buying and Selling at AvidXchange

In other AvidXchange news, insider Ryan Stahl sold 7,621 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $8.13, for a total transaction of $61,958.73. Following the sale, the insider now owns 377,030 shares in the company, valued at $3,065,253.90. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, President Daniel Drees sold 20,069 shares of AvidXchange stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total value of $160,150.62. Following the transaction, the president now owns 753,644 shares in the company, valued at approximately $6,014,079.12. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Ryan Stahl sold 7,621 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $8.13, for a total value of $61,958.73. Following the completion of the sale, the insider now directly owns 377,030 shares in the company, valued at $3,065,253.90. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 158,959 shares of company stock worth $1,279,321 over the last 90 days. Corporate insiders own 10.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on AVDX. The Goldman Sachs Group lowered their price target on AvidXchange from $11.50 to $9.00 and set a “sell” rating for the company in a report on Thursday, August 1st. Keefe, Bruyette & Woods reduced their price objective on AvidXchange from $13.50 to $11.00 and set a “market perform” rating on the stock in a research report on Thursday, August 1st. Robert W. Baird reduced their price objective on AvidXchange from $16.00 to $14.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. Compass Point started coverage on AvidXchange in a research report on Wednesday, September 4th. They set a “neutral” rating and a $8.00 price objective on the stock. Finally, Wells Fargo & Company reduced their price objective on AvidXchange from $13.00 to $10.00 and set an “equal weight” 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 given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $11.00.

AvidXchange Company 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.