Goldman Sachs Group Inc. Decreases Stake in AvidXchange Holdings, Inc. $AVDX

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

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Rhumbline Advisers increased its holdings in shares of AvidXchange by 3.6% during the 1st quarter. Rhumbline Advisers now owns 243,261 shares of the company's stock worth $2,063,000 after buying an additional 8,523 shares during the last quarter. Strs Ohio acquired a new stake in shares of AvidXchange during the 1st quarter worth $172,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of AvidXchange by 0.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 469,037 shares of the company's stock worth $3,977,000 after buying an additional 3,347 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of AvidXchange by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 103,909 shares of the company's stock worth $881,000 after buying an additional 5,046 shares during the last quarter. Finally, Circumference Group LLC increased its holdings in AvidXchange by 34.5% in the 1st quarter. Circumference Group LLC now owns 370,000 shares of the company's stock valued at $3,138,000 after purchasing an additional 95,000 shares in the last quarter. 80.58% of the stock is currently owned by institutional investors and hedge funds.

AvidXchange Stock Up 0.1%

NASDAQ AVDX traded up $0.01 during trading hours on Friday, hitting $9.95. The company had a trading volume of 367,781 shares, compared to its average volume of 2,681,952. 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 market capitalization of $2.07 billion, a price-to-earnings ratio of -198.86 and a beta of 1.20. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.33 and a quick ratio of 1.33. The firm's 50 day moving average is $9.90 and its 200 day moving average is $9.20.

AvidXchange (NASDAQ:AVDX - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.01). AvidXchange had a negative net margin of 1.80% and a positive return on equity of 1.15%. The company had revenue of $110.57 million during the quarter, compared to analyst estimates of $110.18 million. During the same quarter in the prior year, the company posted $0.05 earnings per share. The firm's revenue for the quarter was up 5.2% on a year-over-year basis. Sell-side analysts anticipate 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.