Neo Ivy Capital Management Acquires New Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Neo Ivy Capital Management acquired a new stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 231,513 shares of the company's stock, valued at approximately $2,393,000. Neo Ivy Capital Management owned 0.11% of AvidXchange at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in AvidXchange by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 18,110,051 shares of the company's stock worth $187,258,000 after buying an additional 116,410 shares during the period. FMR LLC boosted its stake in shares of AvidXchange by 8.4% in the fourth quarter. FMR LLC now owns 14,889,282 shares of the company's stock valued at $153,955,000 after purchasing an additional 1,155,513 shares during the period. North Reef Capital Management LP raised its holdings in AvidXchange by 2.5% in the fourth quarter. North Reef Capital Management LP now owns 7,994,000 shares of the company's stock valued at $82,658,000 after acquiring an additional 194,000 shares in the last quarter. Azora Capital LP acquired a new stake in AvidXchange in the fourth quarter valued at approximately $45,067,000. Finally, Jacobs Levy Equity Management Inc. raised its holdings in AvidXchange by 8.7% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 3,397,658 shares of the company's stock valued at $35,132,000 after acquiring an additional 273,194 shares in the last quarter. Hedge funds and other institutional investors own 80.58% of the company's stock.

Analysts Set New Price Targets

A number of analysts have weighed in on AVDX shares. BTIG Research cut shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 7th. Susquehanna cut shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 8th. JPMorgan Chase & Co. cut their target price on shares of AvidXchange from $10.00 to $9.00 and set a "neutral" rating on the stock in a report on Thursday, February 27th. Morgan Stanley lifted their target price on shares of AvidXchange from $8.00 to $10.00 and gave the company an "equal weight" rating in a report on Thursday, May 8th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of AvidXchange from $8.00 to $9.00 and gave the company a "market perform" rating in a research report on Monday, March 31st. 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. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $10.30.

AvidXchange Stock Up 0.1%

NASDAQ AVDX opened at $9.73 on Friday. The stock has a market cap of $2.01 billion, a PE ratio of 243.25 and a beta of 1.14. AvidXchange Holdings, Inc. has a fifty-two week low of $6.61 and a fifty-two week high of $12.93. The business has a 50 day moving average price of $8.44 and a two-hundred day moving average price of $9.48. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11.

AvidXchange (NASDAQ:AVDX - Get Free Report) last released its earnings results on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.03). AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. The business had revenue of $115.44 million for the quarter, compared to analysts' expectations of $114.98 million. As a group, sell-side analysts predict 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 58,881 shares of the stock in a transaction on Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $446,906.79. Following the sale, the chief executive officer now directly owns 11,164,737 shares of the company's stock, valued at $84,740,353.83. This trade represents a 0.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Joel Wilhite sold 32,203 shares of the firm's stock in a transaction on Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $244,420.77. Following the transaction, the insider now directly owns 843 shares in the company, valued at $6,398.37. This trade represents a 97.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 221,756 shares of company stock valued at $1,889,292 over the last three months. Company insiders own 11.10% of the company's stock.

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.

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