Circumference Group LLC Has $3.14 Million Position in AvidXchange Holdings, Inc. $AVDX

Key Points

• Circumference Group LLC increased its holdings in AvidXchange Holdings, Inc. by 34.5%, owning 370,000 shares after purchasing an additional 95,000 shares in Q1.
• Several institutional investors have modified their positions in AvidXchange, with significant increases, such as Versant Capital Management's 801.2% increase and GAMMA Investing's 816.6% increase in Q1.
• Wall Street analysts have a consensus rating of "Reduce" for AvidXchange with a target price around $10.04, reflecting recent neutral ratings from multiple firms.

Circumference Group LLC lifted its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 34.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 370,000 shares of the company's stock after acquiring an additional 95,000 shares during the period. AvidXchange makes up about 3.8% of Circumference Group LLC's investment portfolio, making the stock its 13th largest holding. Circumference Group LLC owned about 0.18% of AvidXchange worth $3,138,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. SVB Wealth LLC acquired a new stake in AvidXchange in the 1st quarter valued at about $26,000. Versant Capital Management Inc grew its stake in AvidXchange by 801.2% in the 1st quarter. Versant Capital Management Inc now owns 3,866 shares of the company's stock valued at $33,000 after buying an additional 3,437 shares during the last quarter. GAMMA Investing LLC grew its stake in AvidXchange by 816.6% in the 1st quarter. GAMMA Investing LLC now owns 4,079 shares of the company's stock valued at $35,000 after buying an additional 3,634 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new position in AvidXchange in the 1st quarter valued at about $37,000. Finally, Corton Capital Inc. acquired a new stake in AvidXchange during the first quarter worth approximately $87,000. 80.58% of the stock is owned by institutional investors and hedge funds.

AvidXchange Stock Performance

Shares of AvidXchange stock traded up $0.01 on Tuesday, hitting $9.94. The stock had a trading volume of 364,241 shares, compared to its average volume of 2,731,191. The stock has a market cap of $2.06 billion, a price-to-earnings ratio of -198.66 and a beta of 1.20. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.10. AvidXchange Holdings, Inc. has a twelve month low of $6.61 and a twelve month high of $11.68. The business's 50 day moving average is $9.88 and its two-hundred day moving average is $9.10.

AvidXchange (NASDAQ:AVDX - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.05 EPS for the quarter, missing analysts' consensus estimates of $0.06 by ($0.01). The business had revenue of $110.57 million for the quarter, compared to the consensus estimate of $110.18 million. AvidXchange had a positive return on equity of 1.15% and a negative net margin of 1.80%.AvidXchange's revenue was up 5.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.05 earnings per share. Analysts forecast that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

About AvidXchange

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.