Sanctuary Advisors LLC Invests $575,000 in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Sanctuary Advisors LLC bought a new stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 48,076 shares of the company’s stock, valued at approximately $575,000.

Several other hedge funds have also made changes to their positions in AVDX. Jennison Associates LLC acquired a new stake in shares of AvidXchange during the 1st quarter valued at about $23,800,000. American Century Companies Inc. raised its stake in shares of 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 buying an additional 1,586,510 shares during the last quarter. Kodai Capital Management LP lifted its stake in shares of AvidXchange by 872.9% in the 1st quarter. Kodai Capital Management LP now owns 1,581,667 shares of the company’s stock valued at $20,799,000 after purchasing an additional 1,419,099 shares during the period. Lazard Asset Management LLC acquired a new position in AvidXchange in the first quarter valued at about $7,621,000. Finally, Tremblant Capital Group raised its position in shares of AvidXchange by 14.7% in the 1st quarter. Tremblant Capital Group now owns 2,164,143 shares of the company’s stock valued at $28,458,000 after acquiring an additional 277,109 shares during the period. Institutional investors own 80.58% of the company’s stock.

Insider Transactions at AvidXchange

In other AvidXchange news, insider Joel Wilhite sold 47,308 shares of the stock in a transaction dated 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 sale, the insider now directly owns 413,687 shares in the company, valued at approximately $3,350,864.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Joel Wilhite sold 47,308 shares of the firm’s 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 sale, the insider now owns 413,687 shares of the company’s stock, valued at $3,350,864.70. 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 the SEC website. Also, CEO Michael Praeger sold 6,701 shares of AvidXchange stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $8.17, for a total value of $54,747.17. Following the completion of the sale, the chief executive officer now owns 10,410,983 shares of the company’s stock, valued at approximately $85,057,731.11. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 158,959 shares of company stock worth $1,279,321 over the last three months. 10.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on AVDX. Susquehanna dropped their price objective on AvidXchange from $16.00 to $14.00 and set a “positive” rating on the stock in a research note on Thursday, August 1st. JPMorgan Chase & Co. cut shares of AvidXchange from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $11.00 to $9.00 in a research note on Tuesday, August 20th. KeyCorp cut their price objective on AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. BMO Capital Markets reduced their price objective on AvidXchange from $13.00 to $10.00 and set a “market perform” rating for the company in a report on Thursday, August 1st. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of AvidXchange from $13.50 to $11.00 and set a “market perform” rating for the company in a research note 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’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $10.85.

AvidXchange Stock Performance

Shares of AVDX stock opened at $8.18 on Tuesday. The firm has a market capitalization of $1.69 billion, a price-to-earnings ratio of -54.53 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 business’s 50-day moving average price is $7.92 and its 200-day moving average price is $10.25. AvidXchange Holdings, Inc. has a 12 month low of $6.88 and a 12 month high of $13.56.

AvidXchange (NASDAQ:AVDX) last announced its quarterly earnings results 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 firm 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 company’s revenue was up 15.6% on a year-over-year basis. During the same period in the prior year, the company posted ($0.05) EPS. Equities research analysts forecast that AvidXchange Holdings, Inc. will post 0.03 EPS 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.