Silvercrest Asset Management Group LLC Takes $4.79 Million Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Silvercrest Asset Management Group LLC acquired a new stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 463,266 shares of the company's stock, valued at approximately $4,790,000. Silvercrest Asset Management Group LLC owned about 0.23% of AvidXchange at the end of the most recent quarter.

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

AvidXchange Trading Down 0.1%

AvidXchange stock opened at $9.72 on Tuesday. AvidXchange Holdings, Inc. has a 12 month low of $6.61 and a 12 month high of $12.93. The company has a market capitalization of $2.01 billion, a price-to-earnings ratio of 243.00 and a beta of 1.14. The business's fifty day simple moving average is $8.34 and its two-hundred day simple moving average is $9.47. The company has a current ratio of 1.32, a quick 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 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 during the quarter, compared to analysts' expectations of $114.98 million. As a group, equities analysts predict that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current fiscal year.

Insider Transactions at AvidXchange

In other news, CEO Michael Praeger sold 40,005 shares of the stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $9.74, for a total value of $389,648.70. Following the sale, the chief executive officer now directly owns 11,037,830 shares of the company's stock, valued at approximately $107,508,464.20. This represents a 0.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Daniel Drees sold 25,972 shares of the stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $9.74, for a total value of $252,967.28. Following the sale, the president now directly owns 1,167,186 shares in the company, valued at $11,368,391.64. This trade represents a 2.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 221,756 shares of company stock valued at $1,889,292. Insiders own 11.10% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on AVDX shares. KeyCorp downgraded shares of AvidXchange from an "overweight" rating to a "sector weight" rating in a research report on Thursday, February 27th. Wells Fargo & Company boosted their price target 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. UBS Group increased their price target on shares of AvidXchange from $8.00 to $10.00 and gave the stock a "neutral" rating in a research note on Thursday, May 8th. JPMorgan Chase & Co. cut their price objective on AvidXchange from $10.00 to $9.00 and set a "neutral" rating on the stock in a research report on Thursday, February 27th. Finally, Barclays cut AvidXchange from an "overweight" rating to an "equal weight" rating and cut their price objective for the company from $13.00 to $8.00 in a research report on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, AvidXchange currently has a consensus rating of "Hold" and a consensus price target 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.

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