Crestline Management LP Purchases New Shares in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Crestline Management LP acquired a new position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 69,642 shares of the company’s stock, valued at approximately $720,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Blue Trust Inc. lifted its position in shares of AvidXchange by 90.1% during the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock worth $28,000 after purchasing an additional 1,278 shares in the last quarter. R Squared Ltd acquired a new position in AvidXchange during the 4th quarter worth $41,000. Quarry LP boosted its position in AvidXchange by 126.6% in the 4th quarter. Quarry LP now owns 5,518 shares of the company’s stock valued at $57,000 after buying an additional 3,083 shares during the last quarter. KBC Group NV increased its stake in shares of AvidXchange by 60.9% in the 4th quarter. KBC Group NV now owns 8,836 shares of the company’s stock valued at $91,000 after buying an additional 3,344 shares during the period. Finally, Bragg Financial Advisors Inc bought a new stake in shares of AvidXchange during the fourth quarter worth $113,000. Institutional investors own 80.58% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on AVDX. Wolfe Research cut AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 27th. JPMorgan Chase & Co. lowered their price target on shares of AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. Keefe, Bruyette & Woods increased their price objective on shares of AvidXchange from $8.00 to $9.00 and gave the company a “market perform” rating in a report on Monday, March 31st. Wells Fargo & Company lifted their target price on shares of AvidXchange from $8.00 to $10.00 and gave the stock an “equal weight” rating in a report on Thursday. Finally, BMO Capital Markets cut their price target on AvidXchange from $11.00 to $7.50 and set a “market perform” rating on the stock in a research note on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, AvidXchange has a consensus rating of “Hold” and a consensus target price of $10.30.

Insiders Place Their Bets

In related news, CEO Michael Praeger sold 58,881 shares of the stock in a transaction dated 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 directly owns 11,164,737 shares in the company, valued at approximately $84,740,353.83. This trade represents a 0.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Daniel Drees sold 34,782 shares of AvidXchange stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $263,995.38. Following the completion of the sale, the president now directly owns 1,176,833 shares in the company, valued at approximately $8,932,162.47. This represents a 2.87 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 125,866 shares of company stock worth $955,323. Corporate insiders own 10.40% of the company’s stock.

AvidXchange Price Performance

Shares of AVDX opened at $9.73 on Friday. The stock has a 50 day simple moving average of $8.02 and a 200 day simple moving average of $9.39. AvidXchange Holdings, Inc. has a 52-week low of $6.61 and a 52-week high of $12.93. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. The firm has a market capitalization of $2.01 billion, a PE ratio of 243.25 and a beta of 1.14.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.03). AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. The company had revenue of $115.44 million during the quarter, compared to analyst estimates of $114.98 million. Sell-side analysts predict that AvidXchange Holdings, Inc. will post 0.02 EPS 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.