Advantage Alpha Capital Partners LP Buys 104,379 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Advantage Alpha Capital Partners LP raised its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 13.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 854,661 shares of the company’s stock after buying an additional 104,379 shares during the period. AvidXchange comprises about 2.1% of Advantage Alpha Capital Partners LP’s portfolio, making the stock its biggest position. Advantage Alpha Capital Partners LP’s holdings in AvidXchange were worth $8,837,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. increased its position 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 worth $187,258,000 after buying an additional 116,410 shares during the period. Fox Run Management L.L.C. grew its holdings in AvidXchange by 117.1% during the 4th quarter. Fox Run Management L.L.C. now owns 39,402 shares of the company’s stock worth $407,000 after acquiring an additional 21,252 shares during the period. KLP Kapitalforvaltning AS bought a new position in shares of AvidXchange in the 4th quarter worth about $372,000. Sei Investments Co. acquired a new position in shares of AvidXchange in the 4th quarter valued at about $613,000. Finally, Magnetar Financial LLC bought a new stake in shares of AvidXchange during the 4th quarter valued at about $137,000. Institutional investors and hedge funds own 80.58% of the company’s stock.

Insider Buying and Selling

In other AvidXchange news, insider Joel Wilhite sold 32,203 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 $244,420.77. Following the transaction, the insider now directly owns 843 shares in the company, valued at $6,398.37. The trade was a 97.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael Praeger sold 58,881 shares of the stock in a transaction that occurred on 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 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. In the last ninety days, insiders have sold 125,866 shares of company stock valued at $955,323. 10.40% of the stock is owned by insiders.

AvidXchange Trading Up 0.2 %

NASDAQ:AVDX opened at $8.48 on Monday. AvidXchange Holdings, Inc. has a 52 week low of $6.61 and a 52 week high of $13.50. The firm has a 50-day moving average price of $9.25 and a two-hundred day moving average price of $9.39. 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 firm has a market cap of $1.73 billion, a price-to-earnings ratio of 212.00 and a beta of 1.28.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $114.98 million. On average, equities analysts expect that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. BMO Capital Markets lowered their target price on AvidXchange from $11.00 to $7.50 and set a “market perform” rating for the company in a report on Thursday, February 27th. 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. Wolfe Research lowered shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 27th. Morgan Stanley cut their price objective on shares of 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, Piper Sandler dropped their price target on AvidXchange from $10.00 to $8.00 and set a “neutral” rating on the stock in a research note on Friday, February 28th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus 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.