Magnetar Financial LLC Makes New $137,000 Investment in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Magnetar Financial LLC acquired a new position in AvidXchange Holdings, Inc. (NASDAQ:AVDX) in the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 13,226 shares of the company’s stock, valued at approximately $137,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AVDX. Xponance Inc. grew its stake in AvidXchange by 9.2% during the fourth quarter. Xponance Inc. now owns 12,459 shares of the company’s stock worth $129,000 after purchasing an additional 1,045 shares during the period. Blue Trust Inc. boosted its holdings in shares of AvidXchange by 90.1% during the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock worth $28,000 after buying an additional 1,278 shares in the last quarter. Captrust Financial Advisors grew its position in shares of AvidXchange by 9.2% during the 3rd quarter. Captrust Financial Advisors now owns 17,350 shares of the company’s stock worth $141,000 after buying an additional 1,465 shares during the period. Rhumbline Advisers increased its stake in shares of AvidXchange by 1.0% in the 4th quarter. Rhumbline Advisers now owns 234,738 shares of the company’s stock valued at $2,427,000 after acquiring an additional 2,391 shares in the last quarter. Finally, KBC Group NV lifted its position in shares of AvidXchange by 60.9% during the 4th quarter. KBC Group NV now owns 8,836 shares of the company’s stock valued at $91,000 after acquiring an additional 3,344 shares during the period. 80.58% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, President Daniel Drees sold 34,782 shares of the business’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $263,995.38. Following the transaction, the president now directly owns 1,176,833 shares of the company’s stock, valued at approximately $8,932,162.47. The trade was a 2.87 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael Praeger sold 58,881 shares of the stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $446,906.79. Following 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 position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 125,866 shares of company stock valued at $955,323. Insiders own 10.40% of the company’s stock.

AvidXchange Stock Up 0.2 %

AVDX opened at $8.48 on Monday. AvidXchange Holdings, Inc. has a fifty-two week low of $6.61 and a fifty-two week high of $13.50. The firm has a market capitalization of $1.73 billion, a P/E ratio of 212.00 and a beta of 1.28. The company’s 50-day moving average is $9.25 and its 200 day moving average is $9.39. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32.

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

Wall Street Analyst Weigh In

AVDX has been the subject of a number of research reports. Keefe, Bruyette & Woods reduced their price target on shares of AvidXchange from $11.00 to $8.00 and set a “market perform” rating for the company in a report on Thursday, February 27th. The Goldman Sachs Group reduced their target price on AvidXchange from $9.50 to $7.00 and set a “sell” rating for the company in a research note on Thursday, February 27th. Robert W. Baird dropped their price target on AvidXchange from $14.00 to $12.00 and set an “outperform” rating on the stock in a research note on Thursday, February 27th. BMO Capital Markets reduced their price objective on AvidXchange from $11.00 to $7.50 and set a “market perform” rating for the company in a research note on Thursday, February 27th. Finally, KeyCorp lowered AvidXchange from an “overweight” rating to a “sector weight” rating in a research report on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, AvidXchange has an average rating of “Hold” and an average price target of $10.00.

AvidXchange Company 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.