Xponance Inc. Invests $133,000 in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Xponance Inc. purchased a new position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 11,018 shares of the company’s stock, valued at approximately $133,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AVDX. Jennison Associates LLC bought a new stake in AvidXchange during the first quarter worth $23,800,000. American Century Companies Inc. raised its position in AvidXchange by 54.2% during the second quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock worth $54,460,000 after acquiring an additional 1,586,510 shares in the last quarter. Kodai Capital Management LP raised its position in 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 acquiring an additional 1,419,099 shares in the last quarter. Intrinsic Edge Capital Management LLC raised its position in AvidXchange by 79.9% during the fourth quarter. Intrinsic Edge Capital Management LLC now owns 2,785,445 shares of the company’s stock worth $34,512,000 after acquiring an additional 1,237,508 shares in the last quarter. Finally, Lazard Asset Management LLC bought a new stake in AvidXchange during the first quarter worth $7,621,000. 80.58% of the stock is owned by institutional investors.

Analyst Ratings Changes

AVDX has been the topic of several analyst reports. Robert W. Baird dropped their price target on shares of AvidXchange from $16.00 to $14.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. UBS Group downgraded shares of AvidXchange from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $15.00 to $10.00 in a report on Thursday, August 1st. Keefe, Bruyette & Woods decreased their price objective on shares of AvidXchange from $13.50 to $11.00 and set a “market perform” rating on the stock in a report on Thursday, August 1st. Barclays decreased their price objective on shares of AvidXchange from $14.00 to $10.00 and set an “overweight” rating on the stock in a report on Monday, August 5th. Finally, Compass Point started coverage on shares of AvidXchange in a report on Wednesday, September 4th. They issued a “neutral” rating and a $8.00 price objective on the stock. One 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 a consensus rating of “Hold” and a consensus price target of $11.00.

Insider Transactions at AvidXchange

In other news, CEO Michael Praeger sold 6,701 shares of the stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $8.17, for a total value of $54,747.17. Following the completion of the transaction, the chief executive officer now owns 10,410,983 shares of the company’s stock, valued at $85,057,731.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Ryan Stahl sold 7,621 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $8.13, for a total value of $61,958.73. Following the completion of the transaction, the insider now owns 377,030 shares of the company’s stock, valued at $3,065,253.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael Praeger sold 6,701 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $8.17, for a total transaction of $54,747.17. Following the completion of the transaction, the chief executive officer now owns 10,410,983 shares of the company’s stock, valued at approximately $85,057,731.11. 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. 10.30% of the stock is currently owned by insiders.

AvidXchange Trading Up 0.8 %

AVDX stock opened at $7.94 on Thursday. AvidXchange Holdings, Inc. has a 52 week low of $6.88 and a 52 week high of $13.56. The company’s 50-day simple moving average is $8.33 and its 200 day simple moving average is $10.55. 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 company has a market capitalization of $1.64 billion, a PE ratio of -52.93 and a beta of 1.01.

AvidXchange (NASDAQ:AVDX) last posted its quarterly earnings data 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. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. The business had revenue of $105.30 million during the quarter, compared to analysts’ expectations of $107.13 million. During the same quarter in the prior year, the business posted ($0.05) earnings per share. AvidXchange’s revenue was up 15.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that AvidXchange Holdings, Inc. will post 0.03 earnings per share for the current year.

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.