Trexquant Investment LP Acquires 343,303 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Trexquant Investment LP raised its position in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 88.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 731,394 shares of the company's stock after acquiring an additional 343,303 shares during the quarter. Trexquant Investment LP owned 0.36% of AvidXchange worth $7,563,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in AvidXchange by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 18,110,051 shares of the company's stock valued at $187,258,000 after purchasing an additional 116,410 shares in the last quarter. FMR LLC increased its position in shares of AvidXchange by 272.5% during the third quarter. FMR LLC now owns 13,733,769 shares of the company's stock worth $111,381,000 after acquiring an additional 10,046,893 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of AvidXchange by 5.0% in the third quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company's stock worth $34,607,000 after acquiring an additional 201,847 shares in the last quarter. State Street Corp boosted its holdings in AvidXchange by 1.5% in the third quarter. State Street Corp now owns 3,763,694 shares of the company's stock valued at $30,524,000 after purchasing an additional 54,403 shares during the last quarter. Finally, Jennison Associates LLC grew its stake in AvidXchange by 50.9% during the 4th 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. Hedge funds and other institutional investors own 80.58% of the company's stock.

Insider Buying and Selling

In related news, President Daniel Drees sold 34,782 shares of AvidXchange stock in a transaction on Friday, February 28th. The stock was 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 owns 1,176,833 shares of the company's stock, 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 the SEC website. Also, insider Joel Wilhite sold 32,203 shares of the stock in a transaction 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 transaction, the insider now owns 843 shares in the company, valued at approximately $6,398.37. This trade represents a 97.45 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 125,866 shares of company stock worth $955,323. Corporate insiders own 10.40% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. KeyCorp lowered AvidXchange from an "overweight" rating to a "sector weight" rating in a research report on Thursday, February 27th. The Goldman Sachs Group reduced their price objective on shares of AvidXchange from $9.50 to $7.00 and set a "sell" rating on the stock in a research note 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 report on Thursday, February 27th. BMO Capital Markets lowered their price target on AvidXchange from $11.00 to $7.50 and set a "market perform" rating for the company in a report on Thursday, February 27th. Finally, Piper Sandler reduced their price objective on AvidXchange from $10.00 to $8.00 and set a "neutral" rating on the stock in a research note on Friday, February 28th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $10.07.

AvidXchange Price Performance

AVDX stock traded up $0.67 during trading on Wednesday, hitting $7.88. The company had a trading volume of 2,444,177 shares, compared to its average volume of 2,011,926. The business has a 50 day moving average of $8.58 and a 200 day moving average of $9.40. The firm has a market capitalization of $1.61 billion, a price-to-earnings ratio of 197.00 and a beta of 1.14. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange Holdings, Inc. has a fifty-two week low of $6.61 and a fifty-two week high of $12.93.

AvidXchange (NASDAQ:AVDX - Get Free Report) last announced its earnings results on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing the consensus estimate 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 the consensus estimate of $114.98 million. As a group, research analysts predict that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current year.

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.