PDT Partners LLC Increases Stock Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

PDT Partners LLC lifted its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 36.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 309,693 shares of the company's stock after buying an additional 83,320 shares during the quarter. PDT Partners LLC owned about 0.15% of AvidXchange worth $3,202,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Blue Trust Inc. lifted its position in AvidXchange by 90.1% in the fourth 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 during the last quarter. R Squared Ltd purchased a new stake in shares of AvidXchange in the 4th quarter valued at about $41,000. Quarry LP lifted its holdings in shares of AvidXchange by 126.6% in the 4th quarter. Quarry LP now owns 5,518 shares of the company's stock valued at $57,000 after purchasing an additional 3,083 shares during the last quarter. KBC Group NV boosted its position 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 purchasing an additional 3,344 shares during the period. Finally, Bragg Financial Advisors Inc purchased a new position in AvidXchange during the 4th quarter worth approximately $113,000. Institutional investors and hedge funds own 80.58% of the company's stock.

Insider Buying and Selling at AvidXchange

In other AvidXchange news, President Daniel Drees sold 34,782 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 $263,995.38. Following the sale, the president now owns 1,176,833 shares in the company, valued at approximately $8,932,162.47. This represents a 2.87 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Praeger sold 58,881 shares of AvidXchange stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $446,906.79. Following the sale, the chief executive officer now owns 11,164,737 shares of the company's stock, valued at approximately $84,740,353.83. This represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 125,866 shares of company stock valued at $955,323. Insiders own 10.40% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on AVDX shares. JPMorgan Chase & Co. reduced their price objective on AvidXchange from $10.00 to $9.00 and set a "neutral" rating for the company in a research note on Thursday, February 27th. Piper Sandler lowered their price objective on shares of AvidXchange from $10.00 to $8.00 and set a "neutral" rating on the stock in a research report on Friday, February 28th. KeyCorp cut shares of AvidXchange from an "overweight" rating to a "sector weight" rating in a report on Thursday, February 27th. Robert W. Baird lowered their price target on AvidXchange from $14.00 to $12.00 and set an "outperform" rating on the stock in a report on Thursday, February 27th. Finally, Wells Fargo & Company reduced their price objective on AvidXchange from $10.00 to $8.00 and set an "equal weight" rating for the company in a research note on Thursday, February 27th. Two 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 MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $10.07.

AvidXchange Price Performance

Shares of NASDAQ AVDX traded down $0.04 during midday trading on Friday, hitting $8.33. The company had a trading volume of 1,906,567 shares, compared to its average volume of 2,005,475. The firm has a market capitalization of $1.70 billion, a price-to-earnings ratio of 208.25 and a beta of 1.14. AvidXchange Holdings, Inc. has a twelve month low of $6.61 and a twelve month high of $12.93. The business has a 50-day simple moving average of $7.86 and a two-hundred day simple moving average of $9.37. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11.

AvidXchange (NASDAQ:AVDX - Get Free Report) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.06 by ($0.03). The company had revenue of $115.44 million for the quarter, compared to analyst estimates of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. Equities research analysts anticipate that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current year.

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.