11,932 Shares in AvidXchange Holdings, Inc. (NASDAQ:AVDX) Purchased by Farringdon Capital Ltd.

Farringdon Capital Ltd. purchased a new stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX) in the 4th quarter, HoldingsChannel.com reports. The firm purchased 11,932 shares of the company’s stock, valued at approximately $123,000.

Other hedge funds have also recently modified their holdings of the company. FMR LLC lifted its holdings in AvidXchange by 8.4% during the fourth quarter. FMR LLC now owns 14,889,282 shares of the company’s stock worth $153,955,000 after buying an additional 1,155,513 shares during the period. Arrowstreet Capital Limited Partnership bought a new position in shares of AvidXchange during the 4th quarter worth approximately $10,292,000. Jennison Associates LLC lifted its position in AvidXchange by 50.9% during the fourth quarter. Jennison Associates LLC now owns 2,176,525 shares of the company’s stock valued at $22,505,000 after acquiring an additional 733,860 shares during the last quarter. Alliancebernstein L.P. grew its holdings in AvidXchange by 199.2% in the fourth quarter. Alliancebernstein L.P. now owns 553,270 shares of the company’s stock worth $5,721,000 after purchasing an additional 368,380 shares during the last quarter. Finally, Trexquant Investment LP increased its position in shares of AvidXchange by 88.5% during the fourth quarter. Trexquant Investment LP now owns 731,394 shares of the company’s stock worth $7,563,000 after purchasing an additional 343,303 shares in the last quarter. Hedge funds and other institutional investors own 80.58% of the company’s stock.

AvidXchange Stock Performance

Shares of NASDAQ AVDX opened at $7.60 on Friday. AvidXchange Holdings, Inc. has a 1 year low of $6.61 and a 1 year 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 company’s fifty day moving average price is $8.19 and its 200 day moving average price is $9.38. The company has a market capitalization of $1.55 billion, a PE ratio of 190.00 and a beta of 1.14.

AvidXchange (NASDAQ:AVDX) last announced 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 business had revenue of $115.44 million during the quarter, compared to analysts’ expectations of $114.98 million. On average, research analysts predict that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current year.

Wall Street Analysts Forecast Growth

AVDX has been the topic of several recent analyst reports. Robert W. Baird reduced their target price on AvidXchange from $14.00 to $12.00 and set an “outperform” rating on the stock in a research report on Thursday, February 27th. Keefe, Bruyette & Woods boosted their target price on shares of AvidXchange from $8.00 to $9.00 and gave the stock a “market perform” rating in a research report on Monday, March 31st. JPMorgan Chase & Co. decreased their price target on shares of AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company in a report on Thursday, February 27th. Morgan Stanley cut their target price on AvidXchange from $11.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 27th. Finally, Wells Fargo & Company lowered their price target on AvidXchange from $10.00 to $8.00 and set an “equal weight” rating for the company 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 issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $10.07.

Insider Activity

In other news, 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 sale, the chief executive officer now owns 11,164,737 shares in the company, valued at $84,740,353.83. This trade represents a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Joel Wilhite sold 32,203 shares of the company’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $244,420.77. Following the transaction, the insider now owns 843 shares of the company’s stock, valued at approximately $6,398.37. This trade represents a 97.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 125,866 shares of company stock worth $955,323 in the last quarter. Corporate insiders own 10.40% of the company’s stock.

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.