AvidXchange Holdings, Inc. $AVDX Shares Sold by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs Group Inc. reduced its stake in AvidXchange Holdings by 15.0%, selling 143,021 shares during the first quarter, leaving them with 811,149 shares valued at approximately $6.88 million.
• AvidXchange's stock opened at $9.93 with a market capitalization of $2.06 billion, while its 12-month low and high were noted at $6.61 and $11.68, respectively.
• The company reported a quarterly earnings miss with $0.05 earnings per share, slightly below the consensus estimate of $0.06, despite a revenue increase of 5.2% year-over-year.

Goldman Sachs Group Inc. reduced its holdings in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 15.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 811,149 shares of the company's stock after selling 143,021 shares during the quarter. Goldman Sachs Group Inc. owned 0.39% of AvidXchange worth $6,879,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in AVDX. SVB Wealth LLC bought a new stake in shares of AvidXchange in the 1st quarter worth about $26,000. Versant Capital Management Inc raised its stake 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 buying an additional 3,437 shares in the last quarter. GAMMA Investing LLC lifted its holdings in AvidXchange by 816.6% during the 1st quarter. GAMMA Investing LLC now owns 4,079 shares of the company's stock worth $35,000 after buying an additional 3,634 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of AvidXchange in the 1st quarter worth approximately $37,000. Finally, Corton Capital Inc. bought a new stake in shares of AvidXchange in the 1st quarter valued at approximately $87,000. 80.58% of the stock is currently owned by institutional investors.

AvidXchange Stock Performance

Shares of AVDX opened at $9.93 on Monday. The stock has a market capitalization of $2.06 billion, a PE ratio of -198.56 and a beta of 1.20. The business's fifty day moving average price is $9.89 and its 200 day moving average price is $9.15. 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 Holdings, Inc. has a 12-month low of $6.61 and a 12-month high of $11.68.

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

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