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

A number of other hedge funds have also added to or reduced their stakes in the company. Captrust Financial Advisors increased its stake in AvidXchange by 6.2% in the fourth quarter. Captrust Financial Advisors now owns 18,434 shares of the company's stock valued at $191,000 after acquiring an additional 1,084 shares during the last quarter. Arizona State Retirement System increased its stake in 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 acquiring an additional 1,869 shares during the last quarter. Quarry LP increased its stake in AvidXchange by 126.6% in the fourth quarter. Quarry LP now owns 5,518 shares of the company's stock valued at $57,000 after acquiring an additional 3,083 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in AvidXchange by 25.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 16,629 shares of the company's stock valued at $172,000 after acquiring an additional 3,418 shares during the last quarter. Finally, Versant Capital Management Inc increased its stake in AvidXchange by 801.2% in 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 last quarter. 80.58% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on AVDX. Susquehanna cut shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 8th. Baird R W cut shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 8th. Robert W. Baird reaffirmed a "neutral" rating and set a $10.00 target price on shares of AvidXchange in a research note on Thursday, May 8th. Piper Sandler boosted their target price on shares of AvidXchange from $8.00 to $10.00 and gave the stock a "neutral" rating in a research note on Thursday, May 8th. Finally, UBS Group lifted their price target on shares of AvidXchange from $8.00 to $10.00 and gave the stock a "neutral" rating in a report on Thursday, May 8th. One 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's stock. Based on data from MarketBeat.com, AvidXchange presently has an average rating of "Reduce" and a consensus target price of $10.04.

AvidXchange Trading Down 0.1%

AVDX stock traded down $0.01 during midday trading on Tuesday, hitting $9.94. The stock had a trading volume of 414,567 shares, compared to its average volume of 2,772,500. The firm has a market cap of $2.06 billion, a P/E ratio of -198.66 and a beta of 1.20. 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 1-year low of $6.61 and a 1-year high of $11.68. The business has a fifty day moving average price of $9.87 and a two-hundred day moving average price of $9.10.

AvidXchange (NASDAQ:AVDX - Get Free Report) last released its 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). The firm had revenue of $110.57 million during 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%. AvidXchange's quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.05 EPS. On average, sell-side analysts predict that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current fiscal year.

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.