Jacobs Levy Equity Management Inc. Trims Stake in AvidXchange Holdings, Inc. $AVDX

Jacobs Levy Equity Management Inc. lowered its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 32.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,296,244 shares of the company’s stock after selling 1,101,414 shares during the quarter. Jacobs Levy Equity Management Inc.’s holdings in AvidXchange were worth $19,472,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. SVB Wealth LLC purchased a new stake in AvidXchange in the first quarter valued at $26,000. Versant Capital Management Inc raised its position in AvidXchange by 801.2% in the first quarter. Versant Capital Management Inc now owns 3,866 shares of the company’s stock valued at $33,000 after purchasing an additional 3,437 shares during the period. GAMMA Investing LLC raised its position in AvidXchange by 816.6% in the first quarter. GAMMA Investing LLC now owns 4,079 shares of the company’s stock valued at $35,000 after purchasing an additional 3,634 shares during the period. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in AvidXchange in the first quarter valued at $37,000. Finally, Corton Capital Inc. purchased a new stake in shares of AvidXchange in the 1st quarter valued at $87,000. Hedge funds and other institutional investors own 80.58% of the company’s stock.

AvidXchange Price Performance

AVDX stock opened at $9.94 on Friday. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $2.06 billion, a PE ratio of -198.76 and a beta of 1.20. AvidXchange Holdings, Inc. has a 12-month low of $6.61 and a 12-month high of $11.68. The business’s fifty day moving average price is $9.88 and its 200 day moving average price is $9.10.

AvidXchange (NASDAQ:AVDX) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.01). The firm had revenue of $110.57 million during the quarter, compared to analysts’ expectations of $110.18 million. AvidXchange had a negative net margin of 1.80% and a positive return on equity of 1.15%. AvidXchange’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.05 EPS. On average, sell-side analysts anticipate that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

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.