Hsbc Holdings PLC Cuts Stock Position 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 lessened its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 60.9% in the 1st quarter, according to the company in its most recent filing with the SEC. 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.

A number of other large investors have also modified their holdings of AVDX. Versant Capital Management Inc grew its holdings 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 buying an additional 3,437 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of AvidXchange by 816.6% during the first quarter. GAMMA Investing LLC now owns 4,079 shares of the company's stock worth $35,000 after buying an additional 3,634 shares in the last quarter. Corton Capital Inc. acquired a new position in shares of AvidXchange during the 1st quarter valued at about $87,000. Eastover Investment Advisors LLC acquired a new position in shares of AvidXchange during the 1st quarter valued at about $90,000. Finally, Blueshift Asset Management LLC acquired a new position in shares of AvidXchange during the 1st quarter valued at about $102,000. Hedge funds and other institutional investors own 80.58% of the company's stock.

AvidXchange Trading Down 0.1%

Shares of AVDX stock traded down $0.01 on Monday, hitting $9.93. 999,054 shares of the stock traded hands, compared to its average volume of 1,979,236. The firm's 50-day moving average price is $9.88 and its two-hundred day moving average price is $9.10. AvidXchange Holdings, Inc. has a twelve month low of $6.61 and a twelve month high of $11.68. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.33 and a current ratio of 1.33. The stock has a market capitalization of $2.06 billion, a PE ratio of -198.56 and a beta of 1.20.

AvidXchange (NASDAQ:AVDX - Get Free Report) last posted its 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). AvidXchange had a negative net margin of 1.80% and a positive return on equity of 1.15%. The company had revenue of $110.57 million during the quarter, compared to analyst estimates of $110.18 million. During the same period in the previous year, the company earned $0.05 EPS. The company's quarterly revenue was up 5.2% compared to the same quarter last year. As a group, analysts anticipate that AvidXchange Holdings, Inc. will post 0.02 EPS for the current 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.