Trexquant Investment LP Purchases 444,093 Shares of AvidXchange Holdings, Inc. $AVDX

Key Points

• Trexquant Investment LP increased its stake in AvidXchange Holdings, Inc. by 60.7%, owning approximately 1.18 million shares valued at nearly $10 million as of the latest SEC filing.
• A number of hedge funds, including Azora Capital LP, have significantly adjusted their positions in AvidXchange, indicating rising institutional interest as 80.58% of the stock is currently held by institutional investors.
• Analyst ratings have shifted, with several firms downgrading AvidXchange from "strong-buy" to "hold," but Morgan Stanley raised its price target from $8.00 to $10.00.

Trexquant Investment LP increased its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 60.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,175,487 shares of the company's stock after buying an additional 444,093 shares during the quarter. Trexquant Investment LP owned 0.57% of AvidXchange worth $9,968,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. SVB Wealth LLC acquired a new stake in AvidXchange during the first quarter valued at approximately $26,000. Versant Capital Management Inc boosted its holdings in AvidXchange by 801.2% during the first quarter. Versant Capital Management Inc now owns 3,866 shares of the company's stock valued at $33,000 after purchasing an additional 3,437 shares in the last quarter. GAMMA Investing LLC boosted its holdings in AvidXchange by 816.6% during the first quarter. GAMMA Investing LLC now owns 4,079 shares of the company's stock valued at $35,000 after purchasing an additional 3,634 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in AvidXchange during the first quarter valued at approximately $37,000. Finally, Quarry LP boosted its holdings in AvidXchange by 126.6% during the fourth quarter. Quarry LP now owns 5,518 shares of the company's stock valued at $57,000 after purchasing an additional 3,083 shares in the last quarter. 80.58% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Baird R W downgraded AvidXchange from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 8th. Morgan Stanley lifted their target price on shares of AvidXchange from $8.00 to $10.00 and gave the company an "equal weight" rating in a research note on Thursday, May 8th. Susquehanna downgraded AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 8th. UBS Group boosted their price objective on AvidXchange from $8.00 to $10.00 and gave the stock a "neutral" rating in a research note on Thursday, May 8th. Finally, Piper Sandler raised their target price on AvidXchange from $8.00 to $10.00 and gave the company a "neutral" rating in a research note on Thursday, May 8th. One research analyst has rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Reduce" and a consensus price target of $10.04.

AvidXchange Trading Down 0.1%

Shares of NASDAQ AVDX traded down $0.01 during midday trading on Tuesday, hitting $9.93. The stock had a trading volume of 1,172,182 shares, compared to its average volume of 2,777,175. The company's 50-day simple moving average is $9.87 and its 200 day simple moving average is $9.10. The firm has a market cap of $2.06 billion, a P/E ratio of -198.56 and a beta of 1.20. AvidXchange Holdings, Inc. has a fifty-two week low of $6.61 and a fifty-two week high of $11.68. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.33 and a quick ratio of 1.33.

AvidXchange (NASDAQ:AVDX - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.05 EPS for the quarter, missing the consensus estimate 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%. The firm's quarterly revenue was up 5.2% on a year-over-year basis. During the same period last year, the business posted $0.05 earnings per share. Research analysts anticipate that AvidXchange Holdings, Inc. will post 0.02 EPS 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.