Maverick Capital Ltd. Purchases New Position in AvidXchange Holdings, Inc. $AVDX

Key Points

• Maverick Capital Ltd. has acquired a new position in AvidXchange Holdings, purchasing 98,448 shares valued at approximately $835,000.
• AvidXchange's recent quarterly earnings report indicated a 5.2% increase in revenue year-over-year, totaling $110.57 million, despite missing EPS estimates.
• Institutional investors currently hold 80.58% of AvidXchange's stock, highlighting significant investor interest in the company.

Maverick Capital Ltd. acquired a new position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 98,448 shares of the company's stock, valued at approximately $835,000.

Other large investors also recently modified their holdings of the company. SVB Wealth LLC acquired a new position in shares of AvidXchange during the 1st quarter worth about $26,000. Versant Capital Management Inc boosted its stake in shares of AvidXchange by 801.2% during the 1st 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 during the last quarter. GAMMA Investing LLC raised its holdings in shares of AvidXchange by 816.6% in the 1st quarter. GAMMA Investing LLC now owns 4,079 shares of the company's stock valued at $35,000 after purchasing an additional 3,634 shares during the period. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of AvidXchange in the 1st quarter valued at about $37,000. Finally, Corton Capital Inc. bought a new stake in shares of AvidXchange in the 1st quarter valued at about $87,000. 80.58% of the stock is currently owned by institutional investors and hedge funds.

AvidXchange Stock Performance

NASDAQ:AVDX remained flat at $9.94 on Friday. The company's stock had a trading volume of 2,039,620 shares, compared to its average volume of 1,979,236. 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 firm has a 50 day moving average of $9.88 and a two-hundred day moving average of $9.10. The company has a market cap of $2.06 billion, a price-to-earnings ratio of -198.76 and a beta of 1.20. AvidXchange Holdings, Inc. has a 12-month low of $6.61 and a 12-month high of $11.68.

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