Jacobs Levy Equity Management Inc. Cuts Position in AvidXchange Holdings, Inc. $AVDX

Key Points

• Jacobs Levy Equity Management Inc. has decreased its holdings in AvidXchange Holdings by 32.4%, selling over 1.1 million shares during the first quarter.
• AvidXchange's quarterly earnings missed analysts' estimates, reporting $0.05 earnings per share compared to a consensus estimate of $0.06.
• The company's stock currently trades around $9.94, with a market capitalization of $2.06 billion and a debt-to-equity ratio of 0.10.

Jacobs Levy Equity Management Inc. decreased its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 32.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,296,244 shares of the company's stock after selling 1,101,414 shares during the period. Jacobs Levy Equity Management Inc. owned 1.11% of AvidXchange worth $19,472,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. SVB Wealth LLC bought a new stake in shares of AvidXchange during the 1st quarter valued at $26,000. Versant Capital Management Inc raised 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 acquiring an additional 3,437 shares during the period. GAMMA Investing LLC raised 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 acquiring an additional 3,634 shares during the period. BI Asset Management Fondsmaeglerselskab A S bought a new stake in AvidXchange during the first quarter valued at about $37,000. Finally, Corton Capital Inc. bought a new stake in AvidXchange during the first quarter valued at about $87,000. Institutional investors own 80.58% of the company's stock.

AvidXchange Price Performance

AVDX traded down $0.01 on Friday, hitting $9.94. 890,128 shares of the company's stock traded hands, compared to its average volume of 2,713,719. The company's 50 day simple moving average is $9.89 and its 200-day simple moving average is $9.12. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.10. AvidXchange Holdings, Inc. has a one year low of $6.61 and a one year high of $11.68. The firm has a market cap of $2.06 billion, a price-to-earnings ratio of -198.66 and a beta of 1.20.

AvidXchange (NASDAQ:AVDX - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.05 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 analysts' expectations of $110.18 million. AvidXchange had a positive return on equity of 1.15% and a negative net margin of 1.80%.The firm's revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.05 earnings per share. As a group, research analysts anticipate that AvidXchange Holdings, Inc. will post 0.02 EPS for the current 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.