Great Lakes Advisors LLC Lowers Position in AvidXchange Holdings, Inc. $AVDX

Key Points

• Great Lakes Advisors LLC reduced its stake in AvidXchange Holdings, Inc. by 28.9%, now holding 74,944 shares valued at approximately $636,000.
• AvidXchange's stock is currently trading at $9.94, with a market capitalization of $2.06 billion and a price-to-earnings ratio of -198.76.
• The company reported a quarterly revenue of $110.57 million, slightly exceeding analysts' expectations, while EPS was $0.05, missing estimates by $0.01.

Great Lakes Advisors LLC decreased its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 28.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 74,944 shares of the company's stock after selling 30,449 shares during the period. Great Lakes Advisors LLC's holdings in AvidXchange were worth $636,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. increased its holdings in shares of AvidXchange by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 18,236,837 shares of the company's stock worth $154,648,000 after purchasing an additional 126,786 shares in the last quarter. Tremblant Capital Group increased its holdings in shares of AvidXchange by 2.3% in the 4th quarter. Tremblant Capital Group now owns 3,231,149 shares of the company's stock worth $33,410,000 after purchasing an additional 73,802 shares in the last quarter. Jennison Associates LLC increased its holdings in shares of AvidXchange by 45.7% in the 1st quarter. Jennison Associates LLC now owns 3,171,634 shares of the company's stock worth $26,895,000 after purchasing an additional 995,109 shares in the last quarter. Point72 Asset Management L.P. increased its holdings in shares of AvidXchange by 74.1% in the 4th quarter. Point72 Asset Management L.P. now owns 1,700,334 shares of the company's stock worth $17,581,000 after purchasing an additional 723,724 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in shares of AvidXchange by 8.3% in the 4th quarter. Northern Trust Corp now owns 1,653,173 shares of the company's stock worth $17,094,000 after purchasing an additional 127,396 shares in the last quarter. Institutional investors own 80.58% of the company's stock.

AvidXchange Stock Performance

Shares of AVDX traded down $0.01 during trading hours on Wednesday, hitting $9.95. The stock had a trading volume of 673,937 shares, compared to its average volume of 2,692,282. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.33 and a quick ratio of 1.33. AvidXchange Holdings, Inc. has a 12 month low of $6.61 and a 12 month high of $11.68. The firm has a market capitalization of $2.07 billion, a PE ratio of -198.86 and a beta of 1.20. The stock has a fifty day moving average price of $9.89 and a 200 day moving average price of $9.17.

AvidXchange (NASDAQ:AVDX - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.01). AvidXchange had a positive return on equity of 1.15% and a negative net margin of 1.80%.The firm had revenue of $110.57 million during the quarter, compared to the consensus estimate of $110.18 million. During the same period in the previous year, the firm earned $0.05 EPS. The business's revenue was up 5.2% on a year-over-year basis. Analysts anticipate 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.