Coronation Fund Managers Ltd. Lowers Stock Holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Coronation Fund Managers Ltd. reduced its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 4.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 713,814 shares of the company’s stock after selling 34,645 shares during the quarter. Coronation Fund Managers Ltd. owned approximately 0.35% of AvidXchange worth $8,609,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. Gillson Capital LP lifted its holdings in shares of AvidXchange by 871.2% during the 4th quarter. Gillson Capital LP now owns 619,893 shares of the company’s stock worth $7,680,000 after acquiring an additional 556,066 shares during the period. TimesSquare Capital Management LLC raised its stake in AvidXchange by 6.8% during the first quarter. TimesSquare Capital Management LLC now owns 1,970,837 shares of the company’s stock worth $25,917,000 after purchasing an additional 124,988 shares during the period. Lisanti Capital Growth LLC boosted its holdings in shares of AvidXchange by 58.3% in the 1st quarter. Lisanti Capital Growth LLC now owns 167,715 shares of the company’s stock valued at $2,205,000 after purchasing an additional 61,795 shares during the last quarter. SG Capital Management LLC acquired a new position in shares of AvidXchange in the 4th quarter valued at $1,975,000. Finally, Lazard Asset Management LLC purchased a new stake in shares of AvidXchange during the 1st quarter valued at $7,621,000. 80.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AVDX has been the topic of a number of research analyst reports. JPMorgan Chase & Co. cut AvidXchange from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $11.00 to $9.00 in a report on Tuesday, August 20th. KeyCorp cut their price objective on AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. The Goldman Sachs Group decreased their target price on AvidXchange from $11.50 to $9.00 and set a “sell” rating for the company in a report on Thursday, August 1st. Robert W. Baird dropped their target price on shares of AvidXchange from $16.00 to $14.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Finally, Compass Point began coverage on shares of AvidXchange in a research report on Wednesday, September 4th. They set a “neutral” rating and a $8.00 price target on the stock. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $11.00.

AvidXchange Price Performance

AVDX opened at $7.88 on Wednesday. AvidXchange Holdings, Inc. has a twelve month low of $6.88 and a twelve month high of $13.56. The firm has a market cap of $1.63 billion, a price-to-earnings ratio of -52.53 and a beta of 1.01. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.19. The company has a fifty day simple moving average of $8.42 and a 200 day simple moving average of $10.57.

AvidXchange (NASDAQ:AVDX) last announced its earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share for the quarter, beating 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 company had revenue of $105.30 million during the quarter, compared to the consensus estimate of $107.13 million. During the same period last year, the firm earned ($0.05) earnings per share. The company’s revenue was up 15.6% on a year-over-year basis. Equities research analysts expect that AvidXchange Holdings, Inc. will post 0.03 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Joel Wilhite sold 47,308 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $8.10, for a total transaction of $383,194.80. Following the completion of the transaction, the insider now directly owns 413,687 shares in the company, valued at approximately $3,350,864.70. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Joel Wilhite sold 47,308 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $8.10, for a total value of $383,194.80. Following the completion of the sale, the insider now owns 413,687 shares of the company’s stock, valued at approximately $3,350,864.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Daniel Drees sold 20,069 shares of the stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total transaction of $160,150.62. Following the transaction, the president now directly owns 753,644 shares in the company, valued at approximately $6,014,079.12. The disclosure for this sale can be found here. Insiders have sold 158,959 shares of company stock worth $1,279,321 in the last three months. 10.30% of the stock is owned by insiders.

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.