Creative Planning Acquires 28,253 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Creative Planning raised its position in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 272.1% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 38,635 shares of the company’s stock after acquiring an additional 28,253 shares during the period. Creative Planning’s holdings in AvidXchange were worth $466,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Advisors Asset Management Inc. raised its stake in shares of AvidXchange by 96.3% in the first quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock valued at $57,000 after acquiring an additional 2,114 shares during the last quarter. nVerses Capital LLC acquired a new position in shares of AvidXchange in the 2nd quarter valued at $66,000. Xponance Inc. bought a new stake in shares of AvidXchange in the second quarter worth about $133,000. Cardinal Capital Management bought a new stake in AvidXchange during the 1st quarter worth approximately $190,000. Finally, Natixis bought a new stake in shares of AvidXchange during the first quarter worth $203,000. 80.58% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on AVDX. Bank of America lowered their price objective on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a report on Tuesday. The Goldman Sachs Group cut their price objective on shares of AvidXchange from $9.00 to $7.00 and set a “sell” rating for the company in a research report on Monday. KeyCorp cut their price objective on shares of AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a report on Thursday, August 1st. BMO Capital Markets reduced their target price on AvidXchange from $13.00 to $10.00 and set a “market perform” rating on the stock in a report on Thursday, August 1st. Finally, Compass Point assumed coverage on shares of AvidXchange in a research note on Wednesday, September 4th. They issued a “neutral” rating and a $8.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $10.64.

Insider Activity at AvidXchange

In related news, CEO Michael Praeger sold 37,225 shares of AvidXchange 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 completion of the sale, the chief executive officer now owns 10,453,786 shares of the company’s stock, valued at approximately $83,421,212.28. This trade represents 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 the SEC website. In other AvidXchange news, CEO Michael Praeger sold 37,225 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total value of $297,055.50. Following the completion of the transaction, the chief executive officer now owns 10,453,786 shares of the company’s stock, valued at $83,421,212.28. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Joel Wilhite sold 18,028 shares of the firm’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total transaction of $143,863.44. Following the sale, the insider now owns 419,636 shares in the company, valued at approximately $3,348,695.28. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 158,959 shares of company stock valued at $1,279,321. Corporate insiders own 10.30% of the company’s stock.

AvidXchange Price Performance

NASDAQ AVDX opened at $8.43 on Wednesday. The company has a market cap of $1.74 billion, a PE ratio of -56.20 and a beta of 1.01. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.19. The firm’s 50-day simple moving average is $7.93 and its two-hundred day simple moving average is $10.22. AvidXchange Holdings, Inc. has a 52 week low of $6.88 and a 52 week high of $13.56.

AvidXchange (NASDAQ:AVDX) last posted its earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $105.30 million for the quarter, compared to the consensus estimate of $107.13 million. During the same quarter in the prior year, the business posted ($0.05) earnings per share. The business’s quarterly revenue was up 15.6% on a year-over-year basis. Research analysts predict that AvidXchange Holdings, Inc. will post 0.03 earnings per share for the current year.

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.