North Reef Capital Management LP Has $82.66 Million Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

North Reef Capital Management LP grew its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 2.5% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,994,000 shares of the company's stock after buying an additional 194,000 shares during the quarter. AvidXchange accounts for approximately 3.7% of North Reef Capital Management LP's holdings, making the stock its 10th biggest holding. North Reef Capital Management LP owned 3.89% of AvidXchange worth $82,658,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in AVDX. Blue Trust Inc. boosted its holdings in shares of AvidXchange by 90.1% in the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company's stock worth $28,000 after acquiring an additional 1,278 shares in the last quarter. R Squared Ltd acquired a new position in AvidXchange during the 4th quarter worth $41,000. KBC Group NV lifted its holdings in AvidXchange by 60.9% during the 4th quarter. KBC Group NV now owns 8,836 shares of the company's stock worth $91,000 after buying an additional 3,344 shares in the last quarter. Bragg Financial Advisors Inc acquired a new position in AvidXchange during the 4th quarter worth $113,000. Finally, Raymond James Financial Inc. bought a new stake in shares of AvidXchange during the 4th quarter valued at $115,000. Institutional investors and hedge funds own 80.58% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on AVDX. Wolfe Research cut shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Thursday, February 27th. Piper Sandler dropped their target price on shares of AvidXchange from $10.00 to $8.00 and set a "neutral" rating for the company in a research report on Friday, February 28th. Keefe, Bruyette & Woods upped their target price on shares of AvidXchange from $8.00 to $9.00 and gave the company a "market perform" rating in a research report on Monday, March 31st. Morgan Stanley dropped their target price on shares of AvidXchange from $11.00 to $8.00 and set an "equal weight" rating for the company in a research report on Thursday, February 27th. Finally, JPMorgan Chase & Co. dropped their target price on shares of AvidXchange from $10.00 to $9.00 and set a "neutral" rating for the company 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 assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $10.07.

AvidXchange Stock Down 0.2 %

AVDX stock traded down $0.02 during trading hours on Wednesday, reaching $8.17. 273,199 shares of the stock were exchanged, compared to its average volume of 2,002,808. The firm's 50-day moving average is $7.90 and its 200-day moving average is $9.38. The company has a market cap of $1.67 billion, a price-to-earnings ratio of 204.25 and a beta of 1.14. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. AvidXchange Holdings, Inc. has a 12 month low of $6.61 and a 12 month high of $12.93.

AvidXchange (NASDAQ:AVDX - Get Free Report) last released its earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.03). The company had revenue of $115.44 million for 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, equities research analysts expect that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current year.

Insider Buying and Selling

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 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 position. The sale was disclosed in a filing 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 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 in the company, valued at approximately $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 three months, insiders have sold 125,866 shares of company stock valued at $955,323. 10.40% of the stock is owned by insiders.

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.