Point72 Asset Management L.P. Has $17.58 Million Stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Point72 Asset Management L.P. lifted its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 74.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,700,334 shares of the company's stock after purchasing an additional 723,724 shares during the period. Point72 Asset Management L.P. owned 0.83% of AvidXchange worth $17,581,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. Blue Trust Inc. increased its position in AvidXchange by 90.1% during the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company's stock worth $28,000 after buying an additional 1,278 shares during the period. R Squared Ltd acquired a new position in shares of AvidXchange in the fourth quarter valued at about $41,000. Quarry LP grew its stake in shares of AvidXchange by 126.6% in the fourth quarter. Quarry LP now owns 5,518 shares of the company's stock valued at $57,000 after acquiring an additional 3,083 shares in the last quarter. KBC Group NV increased its position in AvidXchange by 60.9% during the fourth quarter. KBC Group NV now owns 8,836 shares of the company's stock worth $91,000 after acquiring an additional 3,344 shares during the period. Finally, Bragg Financial Advisors Inc acquired a new stake in AvidXchange in the 4th quarter worth about $113,000. 80.58% of the stock is owned by institutional investors and hedge funds.

AvidXchange Price Performance

Shares of AVDX stock traded down $0.01 on Friday, reaching $9.73. The company had a trading volume of 1,332,417 shares, compared to its average volume of 2,481,923. The business's 50-day moving average is $8.44 and its 200 day moving average is $9.48. AvidXchange Holdings, Inc. has a one year low of $6.61 and a one year high of $12.93. 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 market capitalization of $2.01 billion, a PE ratio of 243.13 and a beta of 1.14.

AvidXchange (NASDAQ:AVDX - Get Free Report) last released its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.06 by ($0.03). AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. The company had revenue of $115.44 million for the quarter, compared to analyst estimates of $114.98 million. Equities research analysts forecast that AvidXchange Holdings, Inc. will post 0.02 EPS for the current fiscal year.

Insider Activity at AvidXchange

In other AvidXchange news, CEO Michael Praeger sold 58,881 shares of the stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $446,906.79. Following the completion of the transaction, the chief executive officer now directly owns 11,164,737 shares in the company, valued at approximately $84,740,353.83. This trade represents a 0.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ryan Stahl sold 8,999 shares of the business's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $9.74, for a total value of $87,650.26. Following the sale, the insider now owns 667,226 shares in the company, valued at approximately $6,498,781.24. This trade represents a 1.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 221,756 shares of company stock valued at $1,889,292 in the last 90 days. 11.10% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on AVDX shares. Wells Fargo & Company increased 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. KeyCorp downgraded AvidXchange from an "overweight" rating to a "sector weight" rating in a research report on Thursday, February 27th. Wolfe Research cut AvidXchange from a "strong-buy" rating to a "hold" rating in a report on Thursday, February 27th. UBS Group increased their target price on AvidXchange from $8.00 to $10.00 and gave the stock a "neutral" rating in a report on Thursday, May 8th. Finally, Susquehanna cut AvidXchange from a "strong-buy" rating to a "hold" 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 stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $10.30.

AvidXchange 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.