Great Lakes Advisors LLC Takes $1.09 Million Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Great Lakes Advisors LLC purchased a new position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) in the 4th quarter, HoldingsChannel reports. The institutional investor purchased 105,393 shares of the company’s stock, valued at approximately $1,090,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Blue Trust Inc. grew 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 buying an additional 1,278 shares during the last quarter. R Squared Ltd purchased a new position in AvidXchange in the 4th quarter valued at $41,000. Point72 DIFC Ltd purchased a new position in AvidXchange in the 3rd quarter valued at $37,000. KBC Group NV grew its position in 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 last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new position in AvidXchange in the 3rd quarter valued at $86,000. 80.58% of the stock is currently owned by hedge funds and other institutional investors.

AvidXchange Trading Up 1.0 %

Shares of AVDX stock opened at $7.92 on Friday. The firm has a 50-day moving average price of $9.41 and a 200 day moving average price of $9.36. AvidXchange Holdings, Inc. has a twelve month low of $6.61 and a twelve month high of $13.49. The company has a market capitalization of $1.62 billion, a price-to-earnings ratio of 198.00 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.

AvidXchange (NASDAQ:AVDX) last announced its 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 firm had revenue of $115.44 million during the quarter, compared to analyst estimates of $114.98 million. Research analysts forecast that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. BTIG Research assumed coverage on shares of AvidXchange in a research report on Wednesday, December 11th. They issued a “buy” rating and a $14.00 price objective on the stock. Barclays downgraded AvidXchange from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $13.00 to $8.00 in a report on Tuesday, March 4th. JPMorgan Chase & Co. reduced their target price on AvidXchange from $10.00 to $9.00 and set a “neutral” 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 report on Thursday, February 27th. Finally, Piper Sandler reduced their target price on AvidXchange from $10.00 to $8.00 and set a “neutral” rating for the company in a report on Friday, February 28th. Two 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. Based on data from MarketBeat.com, AvidXchange has an average rating of “Hold” and a consensus target price of $10.00.

Insider Activity at AvidXchange

In other AvidXchange news, insider Joel Wilhite sold 32,203 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 value of $244,420.77. Following the completion of the sale, the insider now owns 843 shares in the company, valued at $6,398.37. The trade was a 97.45 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael Praeger sold 58,881 shares of AvidXchange stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $446,906.79. Following the completion of the sale, the chief executive officer now owns 11,164,737 shares of the company’s stock, valued at $84,740,353.83. This trade represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 125,866 shares of company stock valued at $955,323. 10.40% of the stock is owned by insiders.

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.