Credit Industriel ET Commercial Acquires Shares of 150,000 AvidXchange Holdings, Inc. $AVDX

Key Points

• Credit Industriel ET Commercial has acquired 150,000 shares of AvidXchange Holdings, Inc. (NASDAQ: AVDX), valued at approximately $1,468,000, representing 0.07% of the company.
• In addition to Credit Industriel, multiple institutional investors have increased their stakes in AvidXchange, with Vanguard Group Inc. holding the largest position at 18.2 million shares valued at $154.6 million.
• AvidXchange reported a quarterly EPS of $0.05, missing the consensus estimate, while its stock has a current price of $10.00, showing potential upward movement with an average target price of $10.04 from analysts.

Credit Industriel ET Commercial acquired a new stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 150,000 shares of the company's stock, valued at approximately $1,468,000. Credit Industriel ET Commercial owned approximately 0.07% of AvidXchange at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of AvidXchange by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 18,236,837 shares of the company's stock worth $154,648,000 after buying an additional 126,786 shares in the last quarter. Jennison Associates LLC raised its stake in AvidXchange by 45.7% during the first quarter. Jennison Associates LLC now owns 3,171,634 shares of the company's stock worth $26,895,000 after acquiring an additional 995,109 shares in the last quarter. Trexquant Investment LP raised its stake in AvidXchange by 60.7% during the first quarter. Trexquant Investment LP now owns 1,175,487 shares of the company's stock worth $9,968,000 after acquiring an additional 444,093 shares in the last quarter. Nuveen LLC acquired a new position in AvidXchange during the first quarter worth about $5,349,000. Finally, Herald Investment Management Ltd raised its stake in AvidXchange by 11.1% during the first quarter. Herald Investment Management Ltd now owns 500,000 shares of the company's stock worth $4,240,000 after acquiring an additional 50,000 shares in the last quarter. Institutional investors and hedge funds own 80.58% of the company's stock.

AvidXchange Stock Performance

Shares of AVDX stock opened at $10.00 on Tuesday. The business's 50-day moving average price is $9.93 and its 200-day moving average price is $9.46. AvidXchange Holdings, Inc. has a 12 month low of $6.61 and a 12 month high of $11.68. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $2.08 billion, a price-to-earnings ratio of -199.96 and a beta of 1.20.

AvidXchange (NASDAQ:AVDX - Get Free Report) last released its quarterly earnings data 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). AvidXchange had a negative net margin of 1.80% and a positive return on equity of 1.15%. The firm had revenue of $110.57 million during the quarter, compared to analyst estimates of $110.18 million. During the same period in the prior year, the company earned $0.05 EPS. The business's quarterly revenue was up 5.2% compared to the same quarter last year. Equities research analysts forecast that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a "sell (d-)" rating on shares of AvidXchange in a research report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, fourteen have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Reduce" and an average target price of $10.04.

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.

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