Providence Capital Advisors LLC Reduces Stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Providence Capital Advisors LLC lessened its holdings in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 12.3% in the fourth quarter, HoldingsChannel.com reports. The fund owned 569,565 shares of the company’s stock after selling 80,000 shares during the period. Providence Capital Advisors LLC’s holdings in AvidXchange were worth $5,889,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Advantage Alpha Capital Partners LP boosted its holdings in shares of AvidXchange by 13.9% during the fourth quarter. Advantage Alpha Capital Partners LP now owns 854,661 shares of the company’s stock worth $8,837,000 after purchasing an additional 104,379 shares during the period. Vanguard Group Inc. increased its stake in shares of AvidXchange by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 18,110,051 shares of the company’s stock valued at $187,258,000 after buying an additional 116,410 shares during the period. Fox Run Management L.L.C. increased its stake in shares of AvidXchange by 117.1% during the fourth quarter. Fox Run Management L.L.C. now owns 39,402 shares of the company’s stock valued at $407,000 after buying an additional 21,252 shares during the period. KLP Kapitalforvaltning AS bought a new position in shares of AvidXchange during the fourth quarter valued at approximately $372,000. Finally, Sei Investments Co. purchased a new stake in AvidXchange in the fourth quarter worth $613,000. Institutional investors own 80.58% of the company’s stock.

Insider Buying and Selling

In other news, President Daniel Drees sold 34,782 shares of AvidXchange stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $263,995.38. Following the transaction, the president now directly owns 1,176,833 shares of the company’s stock, valued at $8,932,162.47. The trade was a 2.87 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Praeger sold 58,881 shares of the 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 sale, the chief executive officer now directly owns 11,164,737 shares of the company’s stock, valued at $84,740,353.83. This represents a 0.52 % decrease in their ownership of the stock. 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. 10.40% of the stock is owned by insiders.

AvidXchange Trading Down 0.5 %

NASDAQ:AVDX opened at $8.55 on Friday. The company has a market cap of $1.75 billion, a PE ratio of 213.75 and a beta of 1.28. 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 company has a 50 day simple moving average of $9.14 and a two-hundred day simple moving average of $9.38. AvidXchange Holdings, Inc. has a 12 month low of $6.61 and a 12 month high of $13.50.

AvidXchange (NASDAQ:AVDX) last posted its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). The firm 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%. Research analysts forecast that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have commented on AVDX. Robert W. Baird decreased their price objective on shares of AvidXchange from $14.00 to $12.00 and set an “outperform” rating for the company in a report on Thursday, February 27th. Keefe, Bruyette & Woods cut their price objective on AvidXchange from $11.00 to $8.00 and set a “market perform” rating on the stock in a research report on Thursday, February 27th. Wolfe Research cut AvidXchange from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 27th. Morgan Stanley decreased their price objective on AvidXchange from $11.00 to $8.00 and set an “equal weight” rating for the company in a report on Thursday, February 27th. Finally, BTIG Research began coverage on shares of AvidXchange in a report on Wednesday, December 11th. They set a “buy” rating and a $14.00 target price for the company. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, AvidXchange presently has an average rating of “Hold” and an average target price 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.