Hsbc Holdings PLC Cuts Stake in AvidXchange Holdings, Inc. $AVDX

Key Points

• Hsbc Holdings PLC reduced its stake in AvidXchange Holdings, Inc. by 60.9%, ending the quarter with 24,624 shares valued at $208,000.
• Institutional investors own 80.58% of AvidXchange's stock, with various funds like Vanguard and Jennison Associates increasing their holdings.
• AvidXchange reported $110.57 million in revenue during its last quarter, slightly surpassing analyst expectations, although it missed earnings per share forecasts.

Hsbc Holdings PLC trimmed its holdings in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 60.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 24,624 shares of the company's stock after selling 38,417 shares during the quarter. Hsbc Holdings PLC's holdings in AvidXchange were worth $208,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Raymond James Financial Inc. purchased a new position in shares of AvidXchange during the fourth quarter worth approximately $115,000. Price T Rowe Associates Inc. MD boosted its stake in AvidXchange by 10.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,562 shares of the company's stock valued at $1,268,000 after acquiring an additional 11,369 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of AvidXchange by 5.4% in the fourth quarter. The Manufacturers Life Insurance Company now owns 96,313 shares of the company's stock worth $996,000 after buying an additional 4,953 shares during the last quarter. Northern Trust Corp raised its holdings in shares of AvidXchange by 8.3% during the fourth 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 during the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in shares of AvidXchange by 16.9% during the fourth quarter. Ameriprise Financial Inc. now owns 216,146 shares of the company's stock worth $2,235,000 after purchasing an additional 31,262 shares during the last quarter. 80.58% of the stock is owned by hedge funds and other institutional investors.

AvidXchange Stock Performance

AVDX traded up $0.01 on Thursday, reaching $9.94. The stock had a trading volume of 1,936,179 shares, compared to its average volume of 1,607,407. 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 business's 50-day moving average price is $9.89 and its two-hundred day moving average price is $9.12. The company has a market cap of $2.06 billion, a P/E ratio of -198.76 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 for the quarter, missing analysts' consensus estimates 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 analysts' expectations of $110.18 million. During the same period in the previous year, the firm posted $0.05 EPS. The firm's quarterly revenue was up 5.2% on a year-over-year basis. Sell-side analysts forecast that AvidXchange Holdings, Inc. will post 0.02 earnings per share 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.