AvidXchange Holdings, Inc. (NASDAQ:AVDX) Shares Sold by ExodusPoint Capital Management LP

ExodusPoint Capital Management LP lessened its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 45.5% during the 4th quarter, HoldingsChannel.com reports. The firm owned 228,969 shares of the company’s stock after selling 191,504 shares during the period. ExodusPoint Capital Management LP’s holdings in AvidXchange were worth $2,368,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Blue Trust Inc. grew its position in AvidXchange by 90.1% in the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after acquiring an additional 1,278 shares in the last quarter. Point72 DIFC Ltd purchased a new position in AvidXchange in the third quarter valued at $37,000. R Squared Ltd purchased a new position in AvidXchange in the fourth quarter valued at approximately $41,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of AvidXchange during the third quarter worth about $86,000. Finally, KBC Group NV increased its holdings in shares of AvidXchange by 60.9% in the 4th quarter. KBC Group NV now owns 8,836 shares of the company’s stock valued at $91,000 after acquiring an additional 3,344 shares during the period. Institutional investors and hedge funds own 80.58% of the company’s stock.

AvidXchange Stock Down 5.1 %

AVDX stock opened at $7.44 on Tuesday. 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 firm has a fifty day moving average price of $8.83 and a two-hundred day moving average price of $9.43. The firm has a market cap of $1.52 billion, a price-to-earnings ratio of 186.00 and a beta of 1.14. AvidXchange Holdings, Inc. has a 1-year low of $6.61 and a 1-year high of $12.93.

AvidXchange (NASDAQ:AVDX) last released its quarterly 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 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 the consensus estimate of $114.98 million. Research analysts predict that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

Insider Activity at AvidXchange

In other AvidXchange news, President Daniel Drees sold 34,782 shares of the company’s stock in a transaction 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 transaction, the president now owns 1,176,833 shares of the company’s stock, valued at approximately $8,932,162.47. This represents a 2.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael Praeger sold 58,881 shares of the stock in a transaction 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 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 position. The disclosure for this sale can be found here. Insiders have sold 125,866 shares of company stock worth $955,323 over the last quarter. 10.40% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on AVDX. KeyCorp downgraded AvidXchange from an “overweight” rating to a “sector weight” rating in a report on Thursday, February 27th. JPMorgan Chase & Co. reduced their target price on AvidXchange from $10.00 to $9.00 and set a “neutral” rating on the stock in a research note on Thursday, February 27th. Wolfe Research downgraded AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 27th. Wells Fargo & Company lowered their target price on shares of AvidXchange from $10.00 to $8.00 and set an “equal weight” rating for the company in a report on Thursday, February 27th. Finally, Morgan Stanley decreased their target price on AvidXchange from $11.00 to $8.00 and set an “equal weight” rating for the company in a report on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, AvidXchange currently has an average rating of “Hold” and a consensus price target of $10.07.

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.