Herald Investment Management Ltd Increases Stock Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Key Points

• Herald Investment Management Ltd increased its stake in AvidXchange Holdings by 11.1% during the first quarter, bringing its total ownership to 500,000 shares valued at approximately $4.24 million.
• Insiders have been active, with President Daniel Drees and insider Joel Wilhite selling shares worth a combined total of nearly $456,000 on May 15, representing small decreases in their respective holdings.
• Wall Street analysts have raised their target prices for AvidXchange to around $10.00, although none have given it a strong buy rating recently; the consensus rating is currently "Hold."

Herald Investment Management Ltd raised its position in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 11.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 500,000 shares of the company's stock after purchasing an additional 50,000 shares during the quarter. Herald Investment Management Ltd owned 0.24% of AvidXchange worth $4,240,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Swiss National Bank raised its stake in AvidXchange by 3.6% during the 1st quarter. Swiss National Bank now owns 338,800 shares of the company's stock valued at $2,873,000 after purchasing an additional 11,800 shares during the period. Vanguard Group Inc. boosted its position in shares of AvidXchange by 0.7% during the first 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. Blueshift Asset Management LLC acquired a new stake in AvidXchange in the 1st quarter valued at $102,000. Corton Capital Inc. bought a new position in shares of AvidXchange during the first quarter worth approximately $87,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in AvidXchange by 19.9% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,164 shares of the company's stock valued at $256,000 after purchasing an additional 5,006 shares during the period. Hedge funds and other institutional investors own 80.58% of the company's stock.

AvidXchange Stock Performance

AVDX stock traded up $0.04 during trading on Tuesday, hitting $9.90. 889,122 shares of the company's stock traded hands, compared to its average volume of 2,847,109. The stock has a market capitalization of $2.06 billion, a price-to-earnings ratio of -197.86 and a beta of 1.20. The stock has a fifty day moving average price of $9.82 and a two-hundred day moving average price of $9.15. AvidXchange Holdings, Inc. has a 52 week low of $6.61 and a 52 week high of $11.68. 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 (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). AvidXchange had a positive return on equity of 1.15% and a negative net margin of 1.80%. The company had revenue of $110.57 million during the quarter, compared to analyst estimates of $110.18 million. During the same quarter last year, the firm posted $0.05 earnings per share. The firm's revenue for the quarter was up 5.2% compared to the same quarter last year. As a group, equities analysts anticipate that AvidXchange Holdings, Inc. will post 0.02 EPS for the current fiscal year.

Insiders Place Their Bets

In other AvidXchange news, CEO Michael Praeger sold 40,005 shares of the company's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $9.74, for a total value of $389,648.70. Following the sale, the chief executive officer owned 11,037,830 shares in the company, valued at approximately $107,508,464.20. The trade was a 0.36% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Joel Wilhite sold 20,914 shares of the stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $9.74, for a total value of $203,702.36. Following the sale, the insider owned 808,841 shares of the company's stock, valued at approximately $7,878,111.34. The trade was a 2.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 95,890 shares of company stock worth $933,969. 11.10% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

AVDX has been the topic of a number of recent analyst reports. Robert W. Baird reaffirmed a "neutral" rating and issued a $10.00 price objective on shares of AvidXchange in a research note on Thursday, May 8th. Baird R W downgraded AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 8th. Wells Fargo & Company boosted their price objective on AvidXchange from $8.00 to $10.00 and gave the company an "equal weight" rating in a research note on Thursday, May 8th. Susquehanna cut AvidXchange from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 8th. Finally, UBS Group boosted their price target on shares of AvidXchange from $8.00 to $10.00 and gave the stock a "neutral" rating in a research note on Thursday, May 8th. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target 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.