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

Other institutional investors have also modified their holdings of the company. Versant Capital Management Inc boosted its holdings in shares of AvidXchange by 801.2% in the 1st quarter. Versant Capital Management Inc now owns 3,866 shares of the company's stock valued at $33,000 after buying an additional 3,437 shares in the last quarter. GAMMA Investing LLC raised its position in shares of AvidXchange by 816.6% in the 1st quarter. GAMMA Investing LLC now owns 4,079 shares of the company's stock valued at $35,000 after purchasing an additional 3,634 shares during the last quarter. Quarry LP raised its position in shares of AvidXchange by 126.6% in the 4th quarter. Quarry LP now owns 5,518 shares of the company's stock valued at $57,000 after purchasing an additional 3,083 shares during the last quarter. Corton Capital Inc. purchased a new position in shares of AvidXchange in the 1st quarter valued at approximately $87,000. Finally, Eastover Investment Advisors LLC purchased a new position in shares of AvidXchange in the 1st quarter valued at approximately $90,000. 80.58% of the stock is currently owned by institutional investors.

AvidXchange Price Performance

AVDX traded down $0.01 on Tuesday, hitting $9.94. 388,047 shares of the company's stock were exchanged, compared to its average volume of 2,772,335. AvidXchange Holdings, Inc. has a fifty-two week low of $6.61 and a fifty-two week high of $11.68. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.10. The firm has a 50-day moving average price of $9.87 and a 200-day moving average price of $9.10. The stock has a market cap of $2.06 billion, a price-to-earnings ratio of -198.66 and a beta of 1.20.

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

Analysts Set New Price Targets

AVDX has been the subject of a number of recent research reports. Wells Fargo & Company raised their price target 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. Susquehanna lowered shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 8th. Piper Sandler raised their price target on shares of AvidXchange from $8.00 to $10.00 and gave the stock a "neutral" rating in a research report on Thursday, May 8th. Robert W. Baird reissued a "neutral" rating and set a $10.00 price target on shares of AvidXchange in a research report on Thursday, May 8th. Finally, UBS Group lifted 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 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 data from MarketBeat, the company currently has an average rating of "Reduce" and a consensus target price of $10.04.

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.