Balyasny Asset Management L.P. Grows Stock Holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Balyasny Asset Management L.P. boosted its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 46.4% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 691,100 shares of the company's stock after buying an additional 219,178 shares during the quarter. Balyasny Asset Management L.P. owned approximately 0.34% of AvidXchange worth $7,146,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Bayesian Capital Management LP bought a new position in shares of AvidXchange during the 4th quarter valued at approximately $654,000. Bank of America Corp DE grew its holdings in AvidXchange by 5.4% during the fourth quarter. Bank of America Corp DE now owns 754,586 shares of the company's stock valued at $7,802,000 after purchasing an additional 38,835 shares during the period. BNP Paribas Financial Markets bought a new position in AvidXchange during the fourth quarter valued at $7,052,000. Ameriprise Financial Inc. grew its holdings in AvidXchange by 16.9% during the fourth quarter. Ameriprise Financial Inc. now owns 216,146 shares of the company's stock valued at $2,235,000 after purchasing an additional 31,262 shares during the period. Finally, Freestone Grove Partners LP bought a new position in shares of AvidXchange during the 4th quarter worth $144,000. Institutional investors own 80.58% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. The Goldman Sachs Group cut their target price on shares of AvidXchange from $9.50 to $7.00 and set a "sell" rating for the company in a research report on Thursday, February 27th. BMO Capital Markets dropped their target price on AvidXchange from $11.00 to $7.50 and set a "market perform" rating on the stock in a research report on Thursday, February 27th. Robert W. Baird reissued a "neutral" rating and set a $10.00 price objective on shares of AvidXchange in a report on Thursday, May 8th. Wolfe Research downgraded shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a report on Thursday, February 27th. Finally, Susquehanna cut shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 8th. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $10.30.

Insiders Place Their Bets

In other news, 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Daniel Drees sold 34,782 shares of the stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $263,995.38. Following the sale, the president now directly owns 1,176,833 shares in the company, 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 quarter, insiders have sold 125,866 shares of company stock worth $955,323. 10.40% of the stock is currently owned by company insiders.

AvidXchange Price Performance

AvidXchange stock remained flat at $9.72 during trading hours on Tuesday. The company's stock had a trading volume of 4,720,615 shares, compared to its average volume of 2,454,597. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. The stock has a 50-day simple moving average of $8.07 and a 200-day simple moving average of $9.42. The stock has a market cap of $2.00 billion, a price-to-earnings ratio of 243.00 and a beta of 1.14. 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 posted 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). AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. The business had revenue of $115.44 million for the quarter, compared to analysts' expectations of $114.98 million. As a group, research analysts expect 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.