AlphaQuest LLC Lowers Stock Position in AvidXchange Holdings, Inc. $AVDX

Key Points

• AlphaQuest LLC has significantly reduced its holdings in AvidXchange Holdings, cutting its position by 50.9% in the first quarter, now owning 34,913 shares valued at approximately $296,000.
• Despite the reduction by some investors, 80.58% of AvidXchange's stock is still owned by institutional investors, indicating strong institutional interest in the company.
• The company recently reported $0.05 earnings per share (EPS), missing analyst expectations, while its revenue of $110.57 million for the quarter exceeded projections and showed a 5.2% year-over-year increase.

AlphaQuest LLC reduced its position in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 50.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,913 shares of the company's stock after selling 36,154 shares during the quarter. AlphaQuest LLC's holdings in AvidXchange were worth $296,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of AVDX. Captrust Financial Advisors lifted its holdings in AvidXchange by 6.2% during the 4th quarter. Captrust Financial Advisors now owns 18,434 shares of the company's stock worth $191,000 after buying an additional 1,084 shares during the last quarter. Arizona State Retirement System increased its holdings in shares of AvidXchange by 3.9% in the first quarter. Arizona State Retirement System now owns 50,126 shares of the company's stock valued at $425,000 after purchasing an additional 1,869 shares during the period. Quarry LP boosted its stake in shares of AvidXchange by 126.6% during 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. Wealth Enhancement Advisory Services LLC raised its holdings in AvidXchange by 25.9% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 16,629 shares of the company's stock worth $172,000 after purchasing an additional 3,418 shares during the last quarter. Finally, Versant Capital Management Inc raised its stake in shares of AvidXchange by 801.2% during the 1st quarter. Versant Capital Management Inc now owns 3,866 shares of the company's stock worth $33,000 after buying an additional 3,437 shares during the last quarter. Hedge funds and other institutional investors own 80.58% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on AVDX. 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. Morgan Stanley boosted their price target on AvidXchange from $8.00 to $10.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 8th. Baird R W lowered shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 8th. Wells Fargo & Company raised their price objective on AvidXchange from $8.00 to $10.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 8th. Finally, Piper Sandler upped their target price on AvidXchange from $8.00 to $10.00 and gave the company a "neutral" rating in a report on Thursday, May 8th. One equities 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 company. According to data from MarketBeat, AvidXchange has a consensus rating of "Reduce" and a consensus target price of $10.04.

AvidXchange Stock Up 0.1%

AVDX traded up $0.01 during midday trading on Wednesday, reaching $9.94. The company's stock had a trading volume of 239,896 shares, compared to its average volume of 2,761,832. AvidXchange Holdings, Inc. has a 1 year low of $6.61 and a 1 year high of $11.68. 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's 50-day moving average is $9.87 and its 200-day moving average is $9.10. The firm has a market capitalization 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 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.01). AvidXchange had a positive return on equity of 1.15% and a negative net margin of 1.80%.The business had revenue of $110.57 million during the quarter, compared to analysts' expectations of $110.18 million. During the same quarter in the prior year, the firm earned $0.05 EPS. The firm's revenue for the quarter was up 5.2% compared to the same quarter last year. As a group, research analysts expect 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.