Squarepoint Ops LLC Has $4.20 Million Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Squarepoint Ops LLC cut its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 38.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 406,100 shares of the company's stock after selling 252,437 shares during the quarter. Squarepoint Ops LLC owned approximately 0.20% of AvidXchange worth $4,199,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Blue Trust Inc. increased its holdings in shares of AvidXchange by 90.1% during the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company's stock worth $28,000 after buying an additional 1,278 shares during the last quarter. R Squared Ltd purchased a new stake in shares of AvidXchange during the 4th quarter worth $41,000. Quarry LP lifted its position 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. KBC Group NV lifted its position in AvidXchange by 60.9% in 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 last quarter. Finally, Bragg Financial Advisors Inc acquired a new position in AvidXchange in the fourth quarter valued at $113,000. Institutional investors and hedge funds own 80.58% of the company's stock.

Insider Activity at AvidXchange

In related news, CEO Michael Praeger sold 40,005 shares of AvidXchange stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $9.74, for a total transaction of $389,648.70. Following the completion of the transaction, the chief executive officer now directly owns 11,037,830 shares of the company's stock, valued at $107,508,464.20. This trade represents a 0.36% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Ryan Stahl sold 8,999 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $9.74, for a total transaction of $87,650.26. Following the completion of the sale, the insider now directly owns 667,226 shares of the company's stock, valued at approximately $6,498,781.24. This represents a 1.33% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 95,890 shares of company stock worth $933,969. 11.10% of the stock is owned by insiders.

AvidXchange Stock Up 0.2%

AvidXchange stock traded up $0.02 during trading hours on Friday, hitting $9.80. The company had a trading volume of 1,397,565 shares, compared to its average volume of 2,499,338. The firm has a market capitalization of $2.02 billion, a P/E ratio of 244.88 and a beta of 1.14. 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's fifty day moving average is $8.57 and its 200-day moving average is $9.48. AvidXchange Holdings, Inc. has a fifty-two week low of $6.61 and a fifty-two week high of $12.93.

AvidXchange (NASDAQ:AVDX - Get Free Report) last announced its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing the consensus estimate 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 business had revenue of $115.44 million for the quarter, compared to analyst estimates of $114.98 million. On average, research analysts forecast that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on AVDX. Susquehanna lowered shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 8th. Piper Sandler boosted their price objective on shares of AvidXchange from $8.00 to $10.00 and gave the company a "neutral" 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. Barclays lowered shares of AvidXchange from an "overweight" rating to an "equal weight" rating and cut their price objective for the stock from $13.00 to $8.00 in a report on Tuesday, March 4th. Finally, JPMorgan Chase & Co. cut their target price on shares of AvidXchange from $10.00 to $9.00 and set a "neutral" rating on the stock in a research note on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $10.30.

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.