Great Lakes Advisors LLC Makes New Investment in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Great Lakes Advisors LLC purchased a new stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 105,393 shares of the company’s stock, valued at approximately $1,090,000. Great Lakes Advisors LLC owned about 0.05% of AvidXchange at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. FMR LLC boosted its position in shares of AvidXchange by 272.5% during the 3rd quarter. FMR LLC now owns 13,733,769 shares of the company’s stock valued at $111,381,000 after acquiring an additional 10,046,893 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of AvidXchange by 5.0% during the 3rd quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company’s stock valued at $34,607,000 after acquiring an additional 201,847 shares during the last quarter. State Street Corp boosted its position in shares of AvidXchange by 1.5% during the 3rd quarter. State Street Corp now owns 3,763,694 shares of the company’s stock valued at $30,524,000 after acquiring an additional 54,403 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in AvidXchange in the third quarter valued at about $25,339,000. Finally, Rockefeller Capital Management L.P. lifted its position in AvidXchange by 30.4% in the third quarter. Rockefeller Capital Management L.P. now owns 2,314,653 shares of the company’s stock valued at $18,779,000 after buying an additional 538,956 shares during the last quarter. Institutional investors and hedge funds own 80.58% of the company’s stock.

AvidXchange Stock Up 1.0 %

AVDX stock opened at $7.92 on Friday. The company’s 50 day moving average price is $9.41 and its 200 day moving average price is $9.36. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. AvidXchange Holdings, Inc. has a fifty-two week low of $6.61 and a fifty-two week high of $13.49. The firm has a market capitalization of $1.62 billion, a price-to-earnings ratio of 198.00 and a beta of 1.28.

AvidXchange (NASDAQ:AVDX) last released its earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. The firm had revenue of $115.44 million for the quarter, compared to analysts’ expectations of $114.98 million. On average, equities research analysts anticipate that AvidXchange Holdings, Inc. will post 0.02 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have commented on AVDX. Robert W. Baird decreased their target price on shares of AvidXchange from $14.00 to $12.00 and set an “outperform” rating on the stock in a research report on Thursday, February 27th. Morgan Stanley decreased their target price 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. Wells Fargo & Company decreased their target price on shares of AvidXchange from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 27th. The Goldman Sachs Group decreased their target price on shares of AvidXchange from $9.50 to $7.00 and set a “sell” rating on the stock in a research report on Thursday, February 27th. Finally, BMO Capital Markets cut their price target on shares of AvidXchange from $11.00 to $7.50 and set a “market perform” rating on the stock in a research note 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’s stock. According to MarketBeat, AvidXchange has a consensus rating of “Hold” and an average target price of $10.00.

Insider Buying and Selling

In related news, President Daniel Drees sold 34,782 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $263,995.38. Following the completion of the transaction, the president now directly owns 1,176,833 shares of the company’s stock, valued at $8,932,162.47. This represents a 2.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael Praeger sold 58,881 shares of the company’s stock in a transaction that occurred on 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 trade represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 125,866 shares of company stock worth $955,323. Company 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.