Trexquant Investment LP Acquires 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 holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 60.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,175,487 shares of the company's stock after acquiring an additional 444,093 shares during the period. Trexquant Investment LP owned about 0.57% of AvidXchange worth $9,968,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of AVDX. Raymond James Financial Inc. purchased a new stake in AvidXchange in the 4th quarter worth about $115,000. MetLife Investment Management LLC lifted its stake in AvidXchange by 5.9% in the 4th quarter. MetLife Investment Management LLC now owns 106,738 shares of the company's stock worth $1,104,000 after acquiring an additional 5,937 shares in the last quarter. Hsbc Holdings PLC lifted its stake in AvidXchange by 158.2% in the 4th quarter. Hsbc Holdings PLC now owns 63,041 shares of the company's stock worth $647,000 after acquiring an additional 38,622 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in AvidXchange by 10.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,562 shares of the company's stock worth $1,268,000 after acquiring an additional 11,369 shares in the last quarter. Finally, Quarry LP lifted its stake in AvidXchange by 126.6% in the 4th quarter. Quarry LP now owns 5,518 shares of the company's stock worth $57,000 after acquiring an additional 3,083 shares in the last quarter. 80.58% of the stock is owned by hedge funds and other institutional investors.

AvidXchange Stock Performance

Shares of NASDAQ AVDX remained flat at $9.94 during mid-day trading on Thursday. The stock had a trading volume of 1,097,224 shares, compared to its average volume of 1,969,644. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.10. The stock has a market cap of $2.06 billion, a PE ratio of -198.76 and a beta of 1.20. The company's fifty day moving average is $9.87 and its two-hundred day moving average is $9.11. AvidXchange Holdings, Inc. has a fifty-two week low of $6.61 and a fifty-two week high of $11.68.

AvidXchange (NASDAQ:AVDX - Get Free Report) last issued 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 company had revenue of $110.57 million for 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 business's revenue was up 5.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.05 EPS. Research analysts forecast that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current year.

Analyst Ratings Changes

AVDX has been the subject of a number of research reports. Susquehanna cut AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 8th. Robert W. Baird reaffirmed a "neutral" rating and issued a $10.00 target price on shares of AvidXchange in a research report on Thursday, May 8th. BTIG Research lowered AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 7th. UBS Group upped their target price on AvidXchange from $8.00 to $10.00 and gave the stock a "neutral" rating in a research report on Thursday, May 8th. Finally, Wells Fargo & Company upped their target price on AvidXchange from $8.00 to $10.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 8th. One research analyst has rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Reduce" and an average price target of $10.04.

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.