Azora Capital LP Buys New Holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Azora Capital LP purchased a new stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor purchased 4,358,498 shares of the company's stock, valued at approximately $45,067,000. AvidXchange comprises about 2.0% of Azora Capital LP's investment portfolio, making the stock its 18th largest holding. Azora Capital LP owned about 2.12% of AvidXchange as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. US Bancorp DE grew its stake in shares of AvidXchange by 11.6% during the fourth quarter. US Bancorp DE now owns 58,350 shares of the company's stock valued at $603,000 after buying an additional 6,079 shares during the last quarter. Barclays PLC increased its stake in AvidXchange by 239.8% in the third quarter. Barclays PLC now owns 285,768 shares of the company's stock worth $2,318,000 after purchasing an additional 201,679 shares during the period. Wells Fargo & Company MN lifted its position in shares of AvidXchange by 17.4% during the fourth quarter. Wells Fargo & Company MN now owns 102,923 shares of the company's stock worth $1,064,000 after purchasing an additional 15,243 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of AvidXchange during the fourth quarter valued at $372,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of AvidXchange during the fourth quarter valued at $115,000. Institutional investors own 80.58% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on AVDX. JPMorgan Chase & Co. decreased their price objective on shares of AvidXchange from $10.00 to $9.00 and set a "neutral" rating for the company in a report on Thursday, February 27th. The Goldman Sachs Group lowered their price target on AvidXchange from $9.50 to $7.00 and set a "sell" rating for the company in a report on Thursday, February 27th. Barclays downgraded AvidXchange from an "overweight" rating to an "equal weight" rating and reduced their price objective for the stock from $13.00 to $8.00 in a report on Tuesday, March 4th. Keefe, Bruyette & Woods upped their target price on AvidXchange from $8.00 to $9.00 and gave the stock a "market perform" rating in a report on Monday, March 31st. Finally, KeyCorp downgraded AvidXchange from an "overweight" rating to a "sector weight" rating in a 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 stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $10.07.

AvidXchange Stock Up 18.8 %

Shares of AvidXchange stock traded up $1.54 on Wednesday, reaching $9.74. The stock had a trading volume of 78,014,384 shares, compared to its average volume of 2,308,601. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $2.01 billion, a P/E ratio of 243.50 and a beta of 1.14. The company has a 50 day moving average price of $7.88 and a 200 day moving average price of $9.37. AvidXchange Holdings, Inc. has a 1 year low of $6.61 and a 1 year high of $12.93.

AvidXchange (NASDAQ:AVDX - Get Free Report) last released its quarterly 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). 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 during the quarter, compared to analysts' expectations of $114.98 million. As a group, equities research analysts forecast that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

Insider Buying and Selling at AvidXchange

In other news, CEO Michael Praeger sold 58,881 shares of the company's stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $446,906.79. Following the transaction, the chief executive officer now owns 11,164,737 shares in the company, valued at $84,740,353.83. This represents a 0.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, President Daniel Drees sold 34,782 shares of AvidXchange stock in a transaction that occurred 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 $8,932,162.47. This trade represents a 2.87 % decrease in their ownership of the stock. 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. 10.40% of the stock is owned by insiders.

About AvidXchange

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.