Tremblant Capital Group Increases Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Tremblant Capital Group raised its position in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 2.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,231,149 shares of the company's stock after purchasing an additional 73,802 shares during the quarter. AvidXchange comprises approximately 3.5% of Tremblant Capital Group's investment portfolio, making the stock its 9th biggest holding. Tremblant Capital Group owned 1.57% of AvidXchange worth $33,410,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Blue Trust Inc. increased its stake in shares of AvidXchange by 90.1% during the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company's stock valued at $28,000 after acquiring an additional 1,278 shares during the period. R Squared Ltd acquired a new position in shares of AvidXchange during the fourth quarter valued at approximately $41,000. Quarry LP increased its stake in shares of AvidXchange by 126.6% during 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 period. KBC Group NV increased its stake in shares of AvidXchange by 60.9% during the fourth quarter. KBC Group NV now owns 8,836 shares of the company's stock valued at $91,000 after acquiring an additional 3,344 shares during the period. Finally, Bragg Financial Advisors Inc acquired a new position in shares of AvidXchange during the fourth quarter valued at approximately $113,000. Institutional investors and hedge funds own 80.58% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Barclays lowered shares of AvidXchange from an "overweight" rating to an "equal weight" rating and lowered their price objective for the company from $13.00 to $8.00 in a research note on Tuesday, March 4th. Morgan Stanley raised their target price on shares of AvidXchange from $8.00 to $10.00 and gave the stock an "equal weight" rating in a report on Thursday, May 8th. The Goldman Sachs Group reduced their target price on shares of AvidXchange from $9.50 to $7.00 and set a "sell" rating for the company in a report on Thursday, February 27th. Susquehanna cut shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 8th. Finally, Keefe, Bruyette & Woods raised their target price on shares of AvidXchange from $8.00 to $9.00 and gave the stock a "market perform" rating in a report on Monday, March 31st. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $10.30.

AvidXchange Trading Up 0.1%

AvidXchange stock traded up $0.01 during midday trading on Friday, reaching $9.74. The stock had a trading volume of 3,320,689 shares, compared to its average volume of 2,491,780. The firm's fifty day simple moving average is $8.47 and its two-hundred day simple moving average is $9.49. AvidXchange Holdings, Inc. has a twelve month low of $6.61 and a twelve month high of $12.93. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The firm has a market cap of $2.01 billion, a price-to-earnings ratio of 243.50 and a beta of 1.14.

AvidXchange (NASDAQ:AVDX - Get Free Report) last released its earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.06 by ($0.03). AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. The company had revenue of $115.44 million during the quarter, compared to analysts' expectations of $114.98 million. Equities analysts anticipate that AvidXchange Holdings, Inc. will post 0.02 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Joel Wilhite sold 20,914 shares of the firm's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $9.74, for a total transaction of $203,702.36. Following the transaction, the insider now owns 808,841 shares in the company, valued at approximately $7,878,111.34. This trade represents a 2.52% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Daniel Drees sold 25,972 shares of the firm's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $9.74, for a total transaction of $252,967.28. Following the transaction, the president now owns 1,167,186 shares in the company, valued at $11,368,391.64. This represents a 2.18% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 221,756 shares of company stock worth $1,889,292 in the last quarter. 11.10% of the stock is currently owned by corporate insiders.

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.