Russell Investments Group Ltd. Has $997,000 Stock Holdings in AvidXchange Holdings, Inc. $AVDX

Key Points

• Russell Investments Group Ltd. reduced its position in AvidXchange Holdings, Inc. (AVDX) by 31.3% during the first quarter, now owning 117,602 shares valued at approximately $997,000.
• Multiple hedge funds have adjusted their stakes in AvidXchange, with 80.58% of the stock currently owned by institutional investors.
• Wall Street analysts have mixed ratings for AvidXchange, with one Buy, fourteen Holds, and two Sell ratings, while the consensus target price is around $10.04.

Russell Investments Group Ltd. trimmed its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 31.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 117,602 shares of the company's stock after selling 53,653 shares during the quarter. Russell Investments Group Ltd. owned 0.06% of AvidXchange worth $997,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AVDX. Azora Capital LP bought a new position in shares of AvidXchange during the fourth quarter worth $45,067,000. Jennison Associates LLC boosted its position in shares of AvidXchange by 45.7% during the first quarter. Jennison Associates LLC now owns 3,171,634 shares of the company's stock worth $26,895,000 after purchasing an additional 995,109 shares in the last quarter. Point72 Asset Management L.P. boosted its position in shares of AvidXchange by 74.1% during the fourth quarter. Point72 Asset Management L.P. now owns 1,700,334 shares of the company's stock worth $17,581,000 after purchasing an additional 723,724 shares in the last quarter. BNP Paribas Financial Markets bought a new position in shares of AvidXchange during the fourth quarter worth $7,052,000. Finally, Nuveen LLC bought a new position in shares of AvidXchange during the first quarter worth $5,349,000. 80.58% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on AVDX shares. BTIG Research cut shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 7th. Wells Fargo & Company boosted their price objective on shares of AvidXchange from $8.00 to $10.00 and gave the company an "equal weight" rating in a research report on Thursday, May 8th. Baird R W cut shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 8th. UBS Group boosted their price objective 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. Finally, Susquehanna cut shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 8th. One analyst has rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, AvidXchange presently has a consensus rating of "Reduce" and a consensus target price of $10.04.

AvidXchange Stock Up 0.1%

AVDX stock traded up $0.01 during midday trading on Wednesday, hitting $9.94. The company's stock had a trading volume of 1,555,010 shares, compared to its average volume of 2,001,712. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.33 and a quick ratio of 1.33. AvidXchange Holdings, Inc. has a twelve month low of $6.61 and a twelve month high of $11.68. The company's fifty day moving average price is $9.87 and its 200 day moving average price is $9.11. The stock has a market capitalization of $2.06 billion, a P/E ratio of -198.76 and a beta of 1.20.

AvidXchange (NASDAQ:AVDX - Get Free Report) last issued its quarterly earnings results 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). AvidXchange had a negative net margin of 1.80% and a positive return on equity of 1.15%. The business had revenue of $110.57 million during the quarter, compared to analyst estimates of $110.18 million. During the same quarter in the previous year, the firm posted $0.05 earnings per share. The firm's quarterly revenue was up 5.2% on a year-over-year basis. As a group, equities research analysts predict that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

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.