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

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

Several other institutional investors have also recently added to or reduced their stakes in the business. Azora Capital LP acquired a new stake in AvidXchange during the fourth quarter valued at approximately $45,067,000. FMR LLC boosted its position in shares of AvidXchange by 8.4% in the fourth quarter. FMR LLC now owns 14,889,282 shares of the company's stock worth $153,955,000 after buying an additional 1,155,513 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in shares of AvidXchange during the fourth quarter worth $10,292,000. Jennison Associates LLC grew its position in shares of AvidXchange by 50.9% in the fourth quarter. Jennison Associates LLC now owns 2,176,525 shares of the company's stock valued at $22,505,000 after purchasing an additional 733,860 shares during the last quarter. Finally, Point72 Asset Management L.P. grew its position in shares of AvidXchange by 74.1% in the fourth quarter. Point72 Asset Management L.P. now owns 1,700,334 shares of the company's stock valued at $17,581,000 after purchasing an additional 723,724 shares during the last quarter. 80.58% of the stock is currently owned by institutional investors and hedge funds.

AvidXchange Trading Up 0.1%

AVDX stock traded up $0.01 during mid-day trading on Friday, hitting $9.74. 3,320,689 shares of the company were exchanged, compared to its average volume of 2,497,979. The firm has a market capitalization of $2.01 billion, a P/E ratio of 243.50 and a beta of 1.14. AvidXchange Holdings, Inc. has a 12-month low of $6.61 and a 12-month 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 business has a fifty day simple moving average of $8.47 and a 200-day simple moving average of $9.48.

AvidXchange (NASDAQ:AVDX - Get Free Report) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing the consensus estimate 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 firm had revenue of $115.44 million for the quarter, compared to analyst estimates of $114.98 million. On average, equities research analysts predict that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current fiscal year.

Insider Buying and Selling at AvidXchange

In other AvidXchange news, insider Joel Wilhite sold 20,914 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 $203,702.36. Following the sale, the insider now directly owns 808,841 shares of the company's stock, valued at $7,878,111.34. This trade represents a 2.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, President Daniel Drees sold 25,972 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 $252,967.28. Following the completion of the transaction, the president now directly owns 1,167,186 shares of the company's stock, valued at approximately $11,368,391.64. The trade was a 2.18% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 221,756 shares of company stock valued at $1,889,292. 11.10% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on AVDX. Susquehanna downgraded AvidXchange from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 8th. The Goldman Sachs Group cut their target price on shares of AvidXchange from $9.50 to $7.00 and set a "sell" rating for the company in a research note on Thursday, February 27th. Robert W. Baird restated a "neutral" rating and set a $10.00 price objective on shares of AvidXchange in a research report on Thursday, May 8th. BMO Capital Markets dropped their price target on shares of AvidXchange from $11.00 to $7.50 and set a "market perform" rating for the company in a research report on Thursday, February 27th. Finally, Baird R W downgraded shares of 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 assigned a hold rating and one has given a buy rating to the company. According to MarketBeat.com, AvidXchange currently has a consensus rating of "Hold" and a consensus target price of $10.30.

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.