Crestline Management LP Makes New $720,000 Investment in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Crestline Management LP bought a new stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 69,642 shares of the company's stock, valued at approximately $720,000.

A number of other institutional investors and hedge funds have also bought and sold shares of AVDX. Azora Capital LP purchased a new stake in AvidXchange in the fourth quarter valued at approximately $45,067,000. FMR LLC raised its stake in AvidXchange by 8.4% in the fourth quarter. FMR LLC now owns 14,889,282 shares of the company's stock valued at $153,955,000 after purchasing an additional 1,155,513 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new position in AvidXchange during the fourth quarter valued at approximately $10,292,000. Jennison Associates LLC grew its position in AvidXchange by 50.9% during the fourth quarter. Jennison Associates LLC now owns 2,176,525 shares of the company's stock valued at $22,505,000 after acquiring an additional 733,860 shares during the last quarter. Finally, BNP Paribas Financial Markets bought a new position in AvidXchange during the fourth quarter valued at approximately $7,052,000. 80.58% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Piper Sandler increased their price target on shares of AvidXchange from $8.00 to $10.00 and gave the company a "neutral" rating in a research report on Thursday, May 8th. Keefe, Bruyette & Woods boosted their target price 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. BTIG Research lowered AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 7th. JPMorgan Chase & Co. decreased their target price 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. Finally, Robert W. Baird restated a "neutral" rating and set a $10.00 target price on shares of AvidXchange in a research report on Thursday, May 8th. Two 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. According to data from MarketBeat, AvidXchange presently has an average rating of "Hold" and an average price target of $10.30.

Insider Buying and Selling at AvidXchange

In other news, President Daniel Drees sold 34,782 shares of the business's stock in a transaction on Friday, February 28th. The shares were 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 directly owns 1,176,833 shares of the company's stock, valued at approximately $8,932,162.47. The trade was a 2.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Joel Wilhite sold 32,203 shares of the business's stock in a transaction on Friday, February 28th. The shares were 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 of the company's stock, valued at $6,398.37. This represents a 97.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 125,866 shares of company stock worth $955,323 over the last quarter. Insiders own 10.40% of the company's stock.

AvidXchange Price Performance

Shares of AVDX stock traded up $0.01 on Thursday, reaching $9.74. The company's stock had a trading volume of 1,651,861 shares, compared to its average volume of 2,458,591. The stock's fifty day simple moving average is $8.17 and its 200-day simple moving average is $9.42. AvidXchange Holdings, Inc. has a 1 year low of $6.61 and a 1 year high of $12.93. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $2.01 billion, a price-to-earnings ratio of 243.38 and a beta of 1.14.

AvidXchange (NASDAQ:AVDX - Get Free Report) last posted its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 earnings per share for the quarter, missing analysts' consensus estimates 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 firm had revenue of $115.44 million for the quarter, compared to the consensus estimate of $114.98 million. Analysts forecast that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current fiscal 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.