EntryPoint Capital LLC Makes New Investment in AvidXchange Holdings, Inc. $AVDX

Key Points

• EntryPoint Capital LLC made a new investment in AvidXchange Holdings, acquiring 32,351 shares valued at approximately $274,000.
• Analysts from Morgan Stanley and Piper Sandler raised AvidXchange's target price to $10.00, indicating a potentially positive outlook for the stock, which has an average rating of "Reduce."
• AvidXchange reported a revenue of $110.57 million in its latest earnings, showing a 5.2% increase compared to the same quarter last year, despite missing the earnings per share estimate.

EntryPoint Capital LLC acquired a new position in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 32,351 shares of the company's stock, valued at approximately $274,000.

Other large investors have also modified their holdings of the company. Versant Capital Management Inc raised its position in shares of AvidXchange by 801.2% in the first quarter. Versant Capital Management Inc now owns 3,866 shares of the company's stock worth $33,000 after acquiring an additional 3,437 shares during the period. GAMMA Investing LLC raised its position in shares of AvidXchange by 816.6% in the first quarter. GAMMA Investing LLC now owns 4,079 shares of the company's stock worth $35,000 after acquiring an additional 3,634 shares during the period. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of AvidXchange in the first quarter worth about $37,000. 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 worth $57,000 after purchasing an additional 3,083 shares in the last quarter. Finally, Corton Capital Inc. purchased a new stake in shares of AvidXchange during the first quarter worth about $87,000. Institutional investors and hedge funds own 80.58% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Robert W. Baird reissued a "neutral" rating and set a $10.00 target price on shares of AvidXchange in a research note on Thursday, May 8th. Piper Sandler upped 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. UBS Group upped 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. Morgan Stanley upped their price objective on shares of AvidXchange from $8.00 to $10.00 and gave the company an "equal weight" rating in a research note on Thursday, May 8th. Finally, Wells Fargo & Company upped their price objective on shares of AvidXchange from $8.00 to $10.00 and gave the company an "equal weight" rating in a research note on Thursday, May 8th. One analyst has rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Reduce" and an average price target of $10.04.

AvidXchange Trading Down 0.1%

NASDAQ:AVDX traded down $0.01 on Thursday, hitting $9.93. The stock had a trading volume of 211,839 shares, compared to its average volume of 2,790,986. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.10. The stock has a market cap of $2.06 billion, a price-to-earnings ratio of -198.46 and a beta of 1.20. The company has a fifty day moving average price of $9.86 and a two-hundred day moving average price of $9.11. AvidXchange Holdings, Inc. has a 1-year low of $6.61 and a 1-year high of $11.68.

AvidXchange (NASDAQ:AVDX - Get Free Report) last posted 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 analyst estimates of $110.18 million. AvidXchange had a negative net margin of 1.80% and a positive return on equity of 1.15%. The business's revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.05 earnings per share. Equities research analysts expect that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current fiscal year.

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.