Brevan Howard Capital Management LP Purchases New Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Brevan Howard Capital Management LP acquired a new stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) during the 4th quarter, HoldingsChannel.com reports. The fund acquired 48,768 shares of the company’s stock, valued at approximately $504,000.

Other institutional investors have also recently added to or reduced their stakes in the company. US Bancorp DE raised its holdings in shares of AvidXchange by 11.6% during the 4th quarter. US Bancorp DE now owns 58,350 shares of the company’s stock valued at $603,000 after purchasing an additional 6,079 shares in the last quarter. Azora Capital LP acquired a new position in AvidXchange during the fourth quarter worth $45,067,000. Barclays PLC lifted its position in shares of AvidXchange by 239.8% in the third quarter. Barclays PLC now owns 285,768 shares of the company’s stock worth $2,318,000 after buying an additional 201,679 shares during the last quarter. Wells Fargo & Company MN lifted its position in shares of AvidXchange by 17.4% in the fourth quarter. Wells Fargo & Company MN now owns 102,923 shares of the company’s stock worth $1,064,000 after buying an additional 15,243 shares during the last quarter. Finally, KLP Kapitalforvaltning AS bought a new stake in shares of AvidXchange during the 4th quarter worth about $372,000. 80.58% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Joel Wilhite sold 32,203 shares of the stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $244,420.77. Following the sale, the insider now directly owns 843 shares in the company, valued at $6,398.37. This represents a 97.45 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 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. Insiders sold 125,866 shares of company stock worth $955,323 in the last quarter. 10.40% of the stock is owned by corporate insiders.

AvidXchange Trading Up 0.1 %

Shares of AvidXchange stock opened at $9.73 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The company’s fifty day moving average price is $8.02 and its two-hundred day moving average price is $9.39. AvidXchange Holdings, Inc. has a 52-week low of $6.61 and a 52-week high of $12.93. The firm has a market capitalization of $2.01 billion, a PE ratio of 243.25 and a beta of 1.14.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings data 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 company had revenue of $115.44 million during the quarter, compared to the consensus estimate of $114.98 million. On average, analysts expect that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on AVDX shares. 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. BMO Capital Markets decreased their price objective on shares of AvidXchange from $11.00 to $7.50 and set a “market perform” rating for the company in a report on Thursday, February 27th. KeyCorp downgraded shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a report on Thursday, February 27th. Piper Sandler upped their price target on shares of AvidXchange from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Thursday. Finally, Wolfe Research lowered AvidXchange from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, AvidXchange currently has a consensus rating of “Hold” and a consensus price target of $10.30.

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.