AvidXchange Holdings, Inc. $AVDX Shares Acquired by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. has increased its stake in AvidXchange Holdings by 0.7%, owning approximately 8.84% of the company, which is valued at $154.6 million following the purchase of an additional 126,786 shares.
• Several analysts have revised their ratings, with UBS Group, Morgan Stanley, and Piper Sandler raising their price target to $10.00 while Robert W. Baird downgraded to a "hold" rating.
• AvidXchange's latest earnings report showed a 5.2% revenue increase compared to the previous year, despite EPS missing estimates by $0.01.

Vanguard Group Inc. lifted its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 0.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 18,236,837 shares of the company's stock after purchasing an additional 126,786 shares during the period. Vanguard Group Inc. owned about 8.84% of AvidXchange worth $154,648,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Azora Capital LP purchased a new position in AvidXchange in the fourth quarter valued at approximately $45,067,000. Wells Fargo & Company MN grew its position in shares of AvidXchange by 17.4% in the 4th quarter. Wells Fargo & Company MN now owns 102,923 shares of the company's stock valued at $1,064,000 after buying an additional 15,243 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in AvidXchange by 5.4% during the 4th quarter. The Manufacturers Life Insurance Company now owns 96,313 shares of the company's stock worth $996,000 after acquiring an additional 4,953 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in AvidXchange by 25.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 16,629 shares of the company's stock valued at $172,000 after acquiring an additional 3,418 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in AvidXchange by 8.3% in the fourth quarter. Northern Trust Corp now owns 1,653,173 shares of the company's stock valued at $17,094,000 after acquiring an additional 127,396 shares in the last quarter. Hedge funds and other institutional investors own 80.58% of the company's stock.

AvidXchange Stock Performance

AVDX remained flat at $9.92 during trading on Tuesday. The company's stock had a trading volume of 1,564,571 shares, compared to its average volume of 2,099,004. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.33 and a quick ratio of 1.33. The firm has a 50-day moving average of $9.85 and a two-hundred day moving average of $9.10. AvidXchange Holdings, Inc. has a 12 month low of $6.61 and a 12 month high of $11.68. The company has a market capitalization of $2.06 billion, a P/E ratio of -198.36 and a beta of 1.20.

AvidXchange (NASDAQ:AVDX - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 business had revenue of $110.57 million for the quarter, compared to analysts' expectations of $110.18 million. During the same period last year, the company posted $0.05 earnings per share. The business's quarterly revenue was up 5.2% on a year-over-year basis. Equities analysts predict that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have recently commented on AVDX. Baird R W cut AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 8th. Susquehanna cut shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a 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. Piper Sandler lifted their price objective on shares of AvidXchange from $8.00 to $10.00 and gave the company a "neutral" rating in a research note on Thursday, May 8th. Finally, Robert W. Baird reiterated a "neutral" rating and set a $10.00 target price on shares of AvidXchange in a research note on Thursday, May 8th. One equities research 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. Based on data from MarketBeat, AvidXchange has an average rating of "Reduce" and a consensus price target 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.