AvidXchange Holdings, Inc. (NASDAQ:AVDX) Position Lowered by Greenhouse Funds LLLP

Greenhouse Funds LLLP cut its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 20.4% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 8,498,322 shares of the company’s stock after selling 2,176,812 shares during the period. AvidXchange makes up approximately 3.7% of Greenhouse Funds LLLP’s holdings, making the stock its 9th largest holding. Greenhouse Funds LLLP’s holdings in AvidXchange were worth $87,873,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in AVDX. Blue Trust Inc. increased its position in AvidXchange by 90.1% in the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after acquiring an additional 1,278 shares during the period. R Squared Ltd purchased a new position in shares of AvidXchange during the fourth quarter valued at $41,000. KBC Group NV lifted its position in shares of AvidXchange by 60.9% in the fourth quarter. KBC Group NV now owns 8,836 shares of the company’s stock worth $91,000 after purchasing an additional 3,344 shares in the last quarter. Bragg Financial Advisors Inc acquired a new stake in shares of AvidXchange during the 4th quarter valued at $113,000. Finally, Raymond James Financial Inc. acquired a new position in AvidXchange in the 4th quarter worth about $115,000. 80.58% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on AVDX. Barclays downgraded AvidXchange from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $13.00 to $8.00 in a research note on Tuesday, March 4th. Robert W. Baird lowered their price objective on AvidXchange from $14.00 to $12.00 and set an “outperform” rating on the stock in a research report on Thursday, February 27th. KeyCorp downgraded AvidXchange from an “overweight” rating to a “sector weight” rating in a report on Thursday, February 27th. Wolfe Research lowered shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 27th. Finally, JPMorgan Chase & Co. dropped their target price on shares of AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $10.07.

Insider Transactions at AvidXchange

In other AvidXchange news, President Daniel Drees sold 34,782 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $263,995.38. Following the completion of the sale, the president now directly owns 1,176,833 shares of the company’s stock, valued at approximately $8,932,162.47. This represents a 2.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael Praeger sold 58,881 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $446,906.79. Following the completion of the transaction, the chief executive officer now owns 11,164,737 shares of the company’s stock, valued at approximately $84,740,353.83. The trade was a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 125,866 shares of company stock valued at $955,323. Insiders own 10.40% of the company’s stock.

AvidXchange Stock Performance

AvidXchange stock opened at $7.45 on Tuesday. The firm has a market capitalization of $1.52 billion, a PE ratio of 186.25 and a beta of 1.14. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The firm’s 50 day simple moving average is $8.14 and its 200 day simple moving average is $9.39. AvidXchange Holdings, Inc. has a 1-year low of $6.61 and a 1-year high of $12.93.

AvidXchange (NASDAQ:AVDX) last announced its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). The business had revenue of $115.44 million for the quarter, compared to analysts’ expectations of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. As a group, analysts expect that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current fiscal 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.