Providence Capital Advisors LLC Cuts Stock Position in AvidXchange Holdings, Inc. $AVDX

Key Points

• Providence Capital Advisors LLC reduced its stake in AvidXchange Holdings, Inc. by 9.8%, owning approximately 0.25% of the company after selling 56,000 shares.
• A number of hedge funds significantly increased their stakes in AvidXchange, with Versant Capital Management raising its investment by 801.2%.
• AvidXchange reported revenue growth of 5.2% year-over-year but missed earnings expectations, posting an EPS of $0.05 against a consensus estimate of $0.06.

Providence Capital Advisors LLC reduced its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 9.8% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 513,565 shares of the company's stock after selling 56,000 shares during the period. Providence Capital Advisors LLC owned about 0.25% of AvidXchange worth $4,355,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of AVDX. Azora Capital LP bought a new position in AvidXchange during the fourth quarter valued at $45,067,000. Jennison Associates LLC raised its stake in shares of AvidXchange by 45.7% in the first quarter. Jennison Associates LLC now owns 3,171,634 shares of the company's stock valued at $26,895,000 after buying an additional 995,109 shares during the period. Point72 Asset Management L.P. lifted its position in shares of AvidXchange by 74.1% during the 4th quarter. Point72 Asset Management L.P. now owns 1,700,334 shares of the company's stock valued at $17,581,000 after buying an additional 723,724 shares during the last quarter. BNP Paribas Financial Markets bought a new position in shares of AvidXchange during the 4th quarter worth $7,052,000. Finally, Nuveen LLC purchased a new stake in AvidXchange in the 1st quarter worth about $5,349,000. Hedge funds and other institutional investors own 80.58% of the company's stock.

Wall Street Analysts Forecast Growth

AVDX has been the topic of several recent research reports. Robert W. Baird reaffirmed a "neutral" rating and set a $10.00 price objective on shares of AvidXchange in a report on Thursday, May 8th. Piper Sandler boosted their price target on shares of AvidXchange from $8.00 to $10.00 and gave the company a "neutral" rating in a research report on Thursday, May 8th. BTIG Research cut shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 7th. Wells Fargo & Company lifted their price objective on shares of AvidXchange from $8.00 to $10.00 and gave the company an "equal weight" rating in a research note on Thursday, May 8th. Finally, UBS Group boosted their target price on shares of AvidXchange from $8.00 to $10.00 and gave the company a "neutral" rating in a report on Thursday, May 8th. One investment analyst has rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Reduce" and an average target price of $10.04.

AvidXchange Price Performance

Shares of NASDAQ:AVDX remained flat at $9.91 on Wednesday. The company's stock had a trading volume of 6,217,617 shares, compared to its average volume of 1,773,680. The stock has a market cap of $2.06 billion, a P/E ratio of -198.16 and a beta of 1.20. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.10. The firm's 50-day moving average price is $9.84 and its 200-day moving average price is $9.13. AvidXchange Holdings, Inc. has a 1 year low of $6.61 and a 1 year high of $11.68.

AvidXchange (NASDAQ:AVDX - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.01). AvidXchange had a positive return on equity of 1.15% and a negative net margin of 1.80%.The company had revenue of $110.57 million during the quarter, compared to the consensus estimate of $110.18 million. During the same quarter last year, the company posted $0.05 earnings per share. The firm's revenue for the quarter was up 5.2% on a year-over-year basis. On average, equities research analysts expect that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current fiscal 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.