Centiva Capital LP Takes $505,000 Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Centiva Capital LP acquired a new position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 48,830 shares of the company's stock, valued at approximately $505,000.

A number of other large investors also recently bought and sold shares of the company. Xponance Inc. grew its stake in AvidXchange by 9.2% in the 4th quarter. Xponance Inc. now owns 12,459 shares of the company's stock valued at $129,000 after acquiring an additional 1,045 shares during the last quarter. Captrust Financial Advisors lifted its holdings in AvidXchange by 6.2% in the 4th quarter. Captrust Financial Advisors now owns 18,434 shares of the company's stock valued at $191,000 after purchasing an additional 1,084 shares in the last quarter. Summit Investment Advisors Inc. lifted its holdings in AvidXchange by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 18,182 shares of the company's stock valued at $188,000 after purchasing an additional 1,155 shares in the last quarter. Blue Trust Inc. lifted its holdings in shares of AvidXchange by 90.1% during the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company's stock worth $28,000 after acquiring an additional 1,278 shares during the period. Finally, Rhumbline Advisers lifted its holdings in shares of AvidXchange by 1.0% during the 4th quarter. Rhumbline Advisers now owns 234,738 shares of the company's stock worth $2,427,000 after acquiring an additional 2,391 shares during the period. Hedge funds and other institutional investors own 80.58% of the company's stock.

Insider Activity

In other news, insider Joel Wilhite sold 32,203 shares of the business's 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 $244,420.77. Following the sale, the insider now directly owns 843 shares in the company, valued at approximately $6,398.37. The trade was a 97.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President Daniel Drees sold 34,782 shares of the business's 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 $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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 125,866 shares of company stock worth $955,323 in the last three months. 10.40% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms recently commented on AVDX. Keefe, Bruyette & Woods raised their price target on shares of AvidXchange from $8.00 to $9.00 and gave the company a "market perform" rating in a report on Monday, March 31st. JPMorgan Chase & Co. lowered their price objective on shares of AvidXchange from $10.00 to $9.00 and set a "neutral" rating for the company in a research report on Thursday, February 27th. Robert W. Baird reissued a "neutral" rating and set a $10.00 price target on shares of AvidXchange in a research report on Thursday, May 8th. Wells Fargo & Company lifted their price objective on shares of AvidXchange from $8.00 to $10.00 and gave the stock an "equal weight" rating in a report on Thursday, May 8th. Finally, Barclays cut AvidXchange from an "overweight" rating to an "equal weight" rating and cut their target price for the company from $13.00 to $8.00 in a research note on Tuesday, March 4th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, AvidXchange currently has a consensus rating of "Hold" and a consensus target price of $10.30.

AvidXchange Stock Up 0.1%

NASDAQ:AVDX traded up $0.01 on Thursday, hitting $9.74. 1,651,861 shares of the company's stock traded hands, compared to its average volume of 2,458,583. 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 1 year low of $6.61 and a 1 year high of $12.93. The firm has a 50-day moving average price of $8.17 and a 200-day moving average price of $9.42. The company has a market cap of $2.01 billion, a PE ratio of 243.38 and a beta of 1.14.

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

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.