Dark Forest Capital Management LP Invests $493,000 in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Dark Forest Capital Management LP purchased a new stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 47,652 shares of the company's stock, valued at approximately $493,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. FMR LLC grew its holdings in shares of AvidXchange by 8.4% during the 4th quarter. FMR LLC now owns 14,889,282 shares of the company's stock worth $153,955,000 after purchasing an additional 1,155,513 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in shares of AvidXchange in the 4th quarter valued at approximately $10,292,000. Jennison Associates LLC raised its stake in shares of AvidXchange by 50.9% in the 4th 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 period. Alliancebernstein L.P. boosted its position in shares of AvidXchange by 199.2% during the 4th quarter. Alliancebernstein L.P. now owns 553,270 shares of the company's stock worth $5,721,000 after purchasing an additional 368,380 shares during the period. Finally, Trexquant Investment LP increased its holdings in AvidXchange by 88.5% in the 4th quarter. Trexquant Investment LP now owns 731,394 shares of the company's stock valued at $7,563,000 after purchasing an additional 343,303 shares during the last quarter. 80.58% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on AVDX shares. JPMorgan Chase & Co. lowered their price target on AvidXchange from $10.00 to $9.00 and set a "neutral" rating for the company in a research report on Thursday, February 27th. Keefe, Bruyette & Woods lifted their target price on AvidXchange from $8.00 to $9.00 and gave the company a "market perform" rating in a research report on Monday, March 31st. Piper Sandler reduced their price target on shares of AvidXchange from $10.00 to $8.00 and set a "neutral" rating on the stock in a research report on Friday, February 28th. Robert W. Baird lowered their price objective on shares of AvidXchange from $14.00 to $12.00 and set an "outperform" rating for the company in a research note on Thursday, February 27th. Finally, Barclays downgraded shares of AvidXchange from an "overweight" rating to an "equal weight" rating and cut their target price for the stock 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, ten have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $10.07.

AvidXchange Stock Down 1.0 %

NASDAQ:AVDX traded down $0.08 during trading hours on Friday, hitting $8.29. The company's stock had a trading volume of 455,954 shares, compared to its average volume of 2,000,597. The stock has a market capitalization of $1.69 billion, a P/E ratio of 207.38 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. The stock has a fifty day moving average of $7.86 and a 200-day moving average of $9.37. AvidXchange Holdings, Inc. has a 52-week low of $6.61 and a 52-week high of $12.93.

AvidXchange (NASDAQ:AVDX - Get Free Report) last announced its quarterly earnings results 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 negative net margin of 0.23% and a positive return on equity of 0.74%. The company had revenue of $115.44 million during the quarter, compared to analysts' expectations of $114.98 million. On average, equities analysts forecast that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current year.

Insider Buying and Selling

In other news, President Daniel Drees sold 34,782 shares of the business'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 $263,995.38. Following the transaction, the president now directly owns 1,176,833 shares in the company, valued at $8,932,162.47. The trade was a 2.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Michael Praeger sold 58,881 shares of the firm'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 completion of the sale, the chief executive officer now owns 11,164,737 shares of the company's stock, valued at approximately $84,740,353.83. The trade was a 0.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 125,866 shares of company stock worth $955,323 in the last quarter. 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.