AQR Capital Management LLC Lowers Holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

AQR Capital Management LLC trimmed its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 79.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 14,658 shares of the company’s stock after selling 57,708 shares during the quarter. AQR Capital Management LLC’s holdings in AvidXchange were worth $177,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of AVDX. Jennison Associates LLC purchased a new stake in shares of AvidXchange during the 1st quarter worth about $23,800,000. American Century Companies Inc. boosted its stake in shares of AvidXchange by 54.2% during the 2nd 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 lifted its stake in 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 buying an additional 1,419,099 shares in the last quarter. Lazard Asset Management LLC purchased a new position in AvidXchange in the 1st quarter valued at about $7,621,000. Finally, Tremblant Capital Group lifted its stake in 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 buying an additional 277,109 shares in the last quarter. 80.58% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other AvidXchange news, insider Ryan Stahl sold 7,427 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total transaction of $63,723.66. Following the transaction, the insider now directly owns 369,603 shares in the company, valued at approximately $3,171,193.74. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Ryan Stahl sold 7,427 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total transaction of $63,723.66. Following the sale, the insider now owns 369,603 shares in the company, valued at approximately $3,171,193.74. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction, the insider now directly owns 413,687 shares in the company, valued at approximately $3,350,864.70. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 166,386 shares of company stock valued at $1,343,044 over the last ninety days. Corporate insiders own 10.30% of the company’s stock.

AvidXchange Price Performance

Shares of NASDAQ:AVDX opened at $8.58 on Friday. The company’s fifty day moving average price is $7.98 and its 200 day moving average price is $10.16. AvidXchange Holdings, Inc. has a 12 month low of $6.88 and a 12 month high of $13.56. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.36 and a quick ratio of 1.36. The firm has a market capitalization of $1.77 billion, a P/E ratio of -57.20 and a beta of 1.01.

AvidXchange (NASDAQ:AVDX) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $0.05 EPS 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 firm had revenue of $105.30 million for the quarter, compared to analyst estimates of $107.13 million. During the same period last year, the business earned ($0.05) EPS. AvidXchange’s revenue for the quarter was up 15.6% compared to the same quarter last year. As a group, sell-side analysts predict that AvidXchange Holdings, Inc. will post 0.03 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. 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 target on the stock. BMO Capital Markets cut their price objective on shares of AvidXchange from $13.00 to $10.00 and set a “market perform” rating for the company in a report on Thursday, August 1st. Bank of America cut their price objective on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a report on Tuesday. JPMorgan Chase & Co. downgraded shares of AvidXchange from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $11.00 to $9.00 in a report on Tuesday, August 20th. Finally, Robert W. Baird cut their price target on shares of AvidXchange from $16.00 to $14.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. Two research analysts have 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 data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $10.64.

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.