AvidXchange Holdings, Inc. $AVDX Shares Bought by American Century Companies Inc.

Key Points

• American Century Companies Inc. increased its stake in AvidXchange Holdings by 213.3%, acquiring 75,825 shares in the first quarter, now owning a total of 111,371 shares valued at approximately $944,000.
• AvidXchange reported a 5.2% year-on-year increase in revenue, with quarterly earnings per share (EPS) of $0.05, slightly missing analyst estimates.
• Analysts have varying outlooks for AvidXchange stock, with an average target price of $10.04 and ratings including one "Buy," fourteen "Hold," and two "Sell" recommendations.

American Century Companies Inc. raised its position in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 213.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 111,371 shares of the company's stock after buying an additional 75,825 shares during the period. American Century Companies Inc. owned about 0.05% of AvidXchange worth $944,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in AVDX. Raymond James Financial Inc. purchased a new stake in shares of AvidXchange during the fourth quarter worth $115,000. Price T Rowe Associates Inc. MD grew its holdings in shares of AvidXchange by 10.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,562 shares of the company's stock worth $1,268,000 after purchasing an additional 11,369 shares during the last quarter. Tudor Investment Corp ET AL purchased a new position in shares of AvidXchange during the fourth quarter worth about $645,000. The Manufacturers Life Insurance Company boosted its stake in shares of AvidXchange by 5.4% during the fourth quarter. The Manufacturers Life Insurance Company now owns 96,313 shares of the company's stock worth $996,000 after buying an additional 4,953 shares during the period. Finally, Northern Trust Corp boosted its stake in shares of AvidXchange by 8.3% during the fourth quarter. Northern Trust Corp now owns 1,653,173 shares of the company's stock worth $17,094,000 after buying an additional 127,396 shares during the period. Hedge funds and other institutional investors own 80.58% of the company's stock.

AvidXchange Stock Performance

NASDAQ:AVDX traded up $0.01 during mid-day trading on Tuesday, reaching $9.94. The stock had a trading volume of 94,282 shares, compared to its average volume of 2,729,702. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.33 and a current ratio of 1.33. The firm has a market capitalization of $2.06 billion, a price-to-earnings ratio of -198.66 and a beta of 1.20. AvidXchange Holdings, Inc. has a twelve month low of $6.61 and a twelve month high of $11.68. The business has a 50 day simple moving average of $9.88 and a 200 day simple moving average of $9.10.

AvidXchange (NASDAQ:AVDX - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.05 EPS for the quarter, missing analysts' consensus estimates of $0.06 by ($0.01). The firm had revenue of $110.57 million during the quarter, compared to analyst estimates of $110.18 million. AvidXchange had a negative net margin of 1.80% and a positive return on equity of 1.15%. AvidXchange's revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.05 EPS. On average, analysts expect that AvidXchange Holdings, Inc. will post 0.02 earnings per share 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.