AvidXchange Holdings, Inc. (NASDAQ:AVDX) Position Reduced by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its stake in AvidXchange Holdings, Inc. by 18.0% during the 1st quarter, now holding 618,454 shares worth approximately $5.2 million.
• AvidXchange reported a 5.2% year-over-year increase in revenue, totaling $110.57 million, but missed earnings estimates with $0.05 earnings per share.
• In recent analyst ratings, AvidXchange faced several downgrades with a consensus rating of "Hold" and a target price of $10.04.

Connor Clark & Lunn Investment Management Ltd. lowered its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 18.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 618,454 shares of the company's stock after selling 135,439 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.30% of AvidXchange worth $5,244,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Captrust Financial Advisors boosted its holdings in AvidXchange by 6.2% during the fourth quarter. Captrust Financial Advisors now owns 18,434 shares of the company's stock worth $191,000 after buying an additional 1,084 shares in the last quarter. Summit Investment Advisors Inc. raised its position in AvidXchange by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 18,182 shares of the company's stock worth $188,000 after acquiring an additional 1,155 shares during the last quarter. Arizona State Retirement System raised its position in AvidXchange by 3.9% during the first quarter. Arizona State Retirement System now owns 50,126 shares of the company's stock worth $425,000 after acquiring an additional 1,869 shares during the last quarter. Quarry LP raised its position in AvidXchange by 126.6% during the fourth quarter. Quarry LP now owns 5,518 shares of the company's stock worth $57,000 after acquiring an additional 3,083 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its position 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 acquiring an additional 3,418 shares during the last quarter. Hedge funds and other institutional investors own 80.58% of the company's stock.

AvidXchange Stock Up 0.2%

Shares of AVDX stock traded up $0.02 on Friday, hitting $9.92. The stock had a trading volume of 3,934,045 shares, compared to its average volume of 1,717,474. The firm has a market capitalization of $2.06 billion, a price-to-earnings ratio of -198.36 and a beta of 1.20. The stock's 50 day moving average is $9.83 and its 200-day moving average is $9.14. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.33 and a current ratio of 1.33. AvidXchange Holdings, Inc. has a 52-week low of $6.61 and a 52-week high of $11.68.

AvidXchange (NASDAQ:AVDX - Get Free Report) last announced its 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). The firm had revenue of $110.57 million during the quarter, compared to analysts' expectations of $110.18 million. AvidXchange had a negative net margin of 1.80% and a positive return on equity of 1.15%. AvidXchange's revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.05 earnings per share. As a group, research analysts expect that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Wells Fargo & Company lifted their target price on shares of AvidXchange from $8.00 to $10.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 8th. Piper Sandler lifted their target price on shares of AvidXchange from $8.00 to $10.00 and gave the stock a "neutral" rating in a research report on Thursday, May 8th. Morgan Stanley lifted their target price on shares of AvidXchange from $8.00 to $10.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 8th. Robert W. Baird reissued a "neutral" rating and issued a $10.00 price objective on shares of AvidXchange in a research report on Thursday, May 8th. Finally, Baird R W lowered shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 8th. Two investment 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's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $10.04.

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.