Greenhouse Funds LLLP Sells 2,176,812 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Greenhouse Funds LLLP lowered its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 20.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,498,322 shares of the company’s stock after selling 2,176,812 shares during the period. AvidXchange makes up 3.7% of Greenhouse Funds LLLP’s portfolio, making the stock its 9th biggest position. Greenhouse Funds LLLP owned approximately 4.13% of AvidXchange worth $87,873,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of AVDX. FMR LLC grew its position in shares of AvidXchange by 8.4% in the 4th quarter. FMR LLC now owns 14,889,282 shares of the company’s stock valued at $153,955,000 after acquiring an additional 1,155,513 shares during the period. Arrowstreet Capital Limited Partnership bought a new stake in AvidXchange during the fourth quarter worth about $10,292,000. Jennison Associates LLC raised 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 purchasing an additional 733,860 shares in the last quarter. Alliancebernstein L.P. increased its stake in shares of AvidXchange by 199.2% in the 4th quarter. Alliancebernstein L.P. now owns 553,270 shares of the company’s stock valued at $5,721,000 after purchasing an additional 368,380 shares during the last quarter. Finally, Trexquant Investment LP raised its stake in 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 acquiring an additional 343,303 shares in the last quarter. Institutional investors and hedge funds own 80.58% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on AVDX shares. Barclays lowered shares of AvidXchange from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $13.00 to $8.00 in a report on Tuesday, March 4th. Keefe, Bruyette & Woods raised their price objective 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. KeyCorp lowered AvidXchange from an “overweight” rating to a “sector weight” rating in a research report on Thursday, February 27th. JPMorgan Chase & Co. dropped their price objective on shares of AvidXchange from $10.00 to $9.00 and set a “neutral” rating on the stock in a research note on Thursday, February 27th. Finally, The Goldman Sachs Group cut their target price on AvidXchange from $9.50 to $7.00 and set a “sell” rating on the stock in a research report on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $10.07.

AvidXchange Stock Performance

NASDAQ:AVDX opened at $7.45 on Tuesday. 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 stock’s fifty day moving average is $8.14 and its 200 day moving average is $9.39. AvidXchange Holdings, Inc. has a fifty-two week low of $6.61 and a fifty-two week high of $12.93. The firm has a market capitalization of $1.52 billion, a PE ratio of 186.25 and a beta of 1.14.

AvidXchange (NASDAQ:AVDX) last issued 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 business had revenue of $115.44 million during the quarter, compared to the consensus estimate of $114.98 million. AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. On average, sell-side analysts anticipate that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current year.

Insider Buying and Selling at AvidXchange

In related news, President Daniel Drees sold 34,782 shares of the firm’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $263,995.38. Following the completion of the sale, the president now directly owns 1,176,833 shares in the company, valued at approximately $8,932,162.47. This trade represents a 2.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joel Wilhite sold 32,203 shares of the firm’s 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 sale, the insider now directly owns 843 shares of the company’s stock, valued at $6,398.37. The trade was a 97.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 125,866 shares of company stock worth $955,323. Company insiders own 10.40% of the company’s stock.

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.