Neo Ivy Capital Management Makes New $2.39 Million Investment in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Neo Ivy Capital Management purchased a new position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 231,513 shares of the company's stock, valued at approximately $2,393,000. Neo Ivy Capital Management owned approximately 0.11% of AvidXchange as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in AVDX. Azora Capital LP bought a new stake in AvidXchange during the fourth quarter worth approximately $45,067,000. FMR LLC boosted its holdings in shares of AvidXchange by 8.4% during the 4th quarter. FMR LLC now owns 14,889,282 shares of the company's stock worth $153,955,000 after buying an additional 1,155,513 shares during the period. Arrowstreet Capital Limited Partnership bought a new stake in shares of AvidXchange during the 4th quarter worth $10,292,000. Jennison Associates LLC grew its stake in AvidXchange by 50.9% in the 4th quarter. Jennison Associates LLC now owns 2,176,525 shares of the company's stock valued at $22,505,000 after buying an additional 733,860 shares during the last quarter. Finally, Point72 Asset Management L.P. raised its holdings in AvidXchange by 74.1% in the 4th quarter. Point72 Asset Management L.P. now owns 1,700,334 shares of the company's stock worth $17,581,000 after acquiring an additional 723,724 shares during the period. Institutional investors and hedge funds own 80.58% of the company's stock.

Insider Transactions at AvidXchange

In other news, insider Joel Wilhite sold 32,203 shares of the firm's stock in a transaction on Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $244,420.77. Following the completion of the sale, the insider now directly owns 843 shares in the company, valued at approximately $6,398.37. This trade represents a 97.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Michael Praeger sold 58,881 shares of the company's stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $446,906.79. Following the transaction, the chief executive officer now owns 11,164,737 shares in the company, valued at approximately $84,740,353.83. This trade represents a 0.52% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 221,756 shares of company stock valued at $1,889,292 in the last three months. 11.10% of the stock is owned by corporate insiders.

Analyst Ratings Changes

AVDX has been the subject of a number of recent analyst reports. The Goldman Sachs Group decreased their price target on shares of AvidXchange from $9.50 to $7.00 and set a "sell" rating for the company in a report on Thursday, February 27th. BTIG Research downgraded AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 7th. Piper Sandler upped their price target on AvidXchange from $8.00 to $10.00 and gave the stock a "neutral" rating in a report on Thursday, May 8th. Barclays downgraded shares of AvidXchange from an "overweight" rating to an "equal weight" rating and lowered their price objective for the stock from $13.00 to $8.00 in a research note on Tuesday, March 4th. Finally, Morgan Stanley boosted their target price on shares of AvidXchange from $8.00 to $10.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 8th. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat.com, AvidXchange presently has an average rating of "Hold" and an average price target of $10.30.

AvidXchange Price Performance

NASDAQ:AVDX traded up $0.02 during trading hours on Wednesday, reaching $9.80. The company had a trading volume of 736,150 shares, compared to its average volume of 2,489,189. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The stock has a 50-day moving average of $8.52 and a two-hundred day moving average of $9.48. AvidXchange Holdings, Inc. has a one year low of $6.61 and a one year high of $12.93. The firm has a market capitalization of $2.02 billion, a PE ratio of 244.88 and a beta of 1.14.

AvidXchange (NASDAQ:AVDX - Get Free Report) last posted its earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.03). The firm had revenue of $115.44 million during the quarter, compared to the consensus estimate of $114.98 million. AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. Analysts forecast that AvidXchange Holdings, Inc. will post 0.02 earnings per share 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.