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

A number of other institutional investors have also modified their holdings of AVDX. Captrust Financial Advisors grew its position in shares of AvidXchange by 6.2% in the 4th quarter. Captrust Financial Advisors now owns 18,434 shares of the company's stock worth $191,000 after buying an additional 1,084 shares during the last quarter. Arizona State Retirement System boosted its stake in AvidXchange by 3.9% in the first quarter. Arizona State Retirement System now owns 50,126 shares of the company's stock valued at $425,000 after acquiring an additional 1,869 shares in the last quarter. SVB Wealth LLC purchased a new position in AvidXchange in the first quarter worth $26,000. Wealth Enhancement Advisory Services LLC grew its holdings in AvidXchange by 25.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 16,629 shares of the company's stock worth $172,000 after purchasing an additional 3,418 shares during the last quarter. Finally, Versant Capital Management Inc increased its position in shares of AvidXchange by 801.2% during the first quarter. Versant Capital Management Inc now owns 3,866 shares of the company's stock worth $33,000 after purchasing an additional 3,437 shares in the last quarter. 80.58% of the stock is currently owned by institutional investors.

AvidXchange Stock Up 0.1%

AvidXchange stock opened at $9.94 on Friday. AvidXchange Holdings, Inc. has a 1-year low of $6.61 and a 1-year high of $11.68. The business has a fifty day moving average price of $9.89 and a 200-day moving average price of $9.12. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.33 and a quick ratio of 1.33. The stock has a market capitalization of $2.06 billion, a price-to-earnings ratio of -198.76 and a beta of 1.20.

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 during the quarter, compared to analysts' expectations of $110.18 million. AvidXchange had a negative net margin of 1.80% and a positive return on equity of 1.15%. The company's quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.05 earnings per share. Equities research analysts forecast that AvidXchange Holdings, Inc. will post 0.02 EPS for the current fiscal 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.

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