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

PDT Partners LLC boosted its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 36.8% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 309,693 shares of the company's stock after purchasing 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 institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of AvidXchange by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 18,110,051 shares of the company's stock valued at $187,258,000 after buying an additional 116,410 shares during the last quarter. FMR LLC lifted its stake in AvidXchange by 8.4% during the 4th quarter. FMR LLC now owns 14,889,282 shares of the company's stock valued at $153,955,000 after acquiring an additional 1,155,513 shares during the period. North Reef Capital Management LP raised its holdings in shares of AvidXchange by 2.5% during the fourth quarter. North Reef Capital Management LP now owns 7,994,000 shares of the company's stock valued at $82,658,000 after purchasing an additional 194,000 shares during the last quarter. Jennison Associates LLC raised 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 buying an additional 733,860 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of AvidXchange by 8.3% during the 4th quarter. Northern Trust Corp now owns 1,653,173 shares of the company's stock valued at $17,094,000 after buying an additional 127,396 shares during the period. 80.58% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Keefe, Bruyette & Woods increased their target price on AvidXchange from $8.00 to $9.00 and gave the company a "market perform" rating in a report on Monday, March 31st. Morgan Stanley reduced their price target on AvidXchange from $11.00 to $8.00 and set an "equal weight" rating for the company in a research report on Thursday, February 27th. Barclays lowered shares of AvidXchange from an "overweight" rating to an "equal weight" rating and reduced their target price for the stock from $13.00 to $8.00 in a report on Tuesday, March 4th. Wells Fargo & Company lowered their price target on shares of AvidXchange from $10.00 to $8.00 and set an "equal weight" rating on the stock in a report on Thursday, February 27th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of AvidXchange from $10.00 to $9.00 and set a "neutral" rating for the company in a research note on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $10.07.

Insider Buying and Selling

In other AvidXchange news, insider Joel Wilhite sold 32,203 shares of the 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 $244,420.77. Following the sale, the insider now directly owns 843 shares of the company's stock, valued at approximately $6,398.37. This represents a 97.45 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 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 directly owns 11,164,737 shares in the company, 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 a total of 125,866 shares of company stock valued at $955,323 in the last ninety days. Company insiders own 10.40% of the company's stock.

AvidXchange Trading Down 0.5 %

AvidXchange stock traded down $0.04 during mid-day trading on Friday, hitting $8.33. The company's stock had a trading volume of 1,906,567 shares, compared to its average volume of 2,006,559. AvidXchange Holdings, Inc. has a 1 year low of $6.61 and a 1 year high of $12.93. The stock's fifty day moving average is $7.85 and its two-hundred day moving average is $9.38. The firm has a market capitalization of $1.70 billion, a PE ratio of 208.25 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 (NASDAQ:AVDX - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $115.44 million during the quarter, compared to analyst estimates of $114.98 million. On average, analysts anticipate that AvidXchange Holdings, Inc. will post 0.02 EPS 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.