Voloridge Investment Management LLC Sells 441,265 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Voloridge Investment Management LLC decreased its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 44.2% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 557,605 shares of the company's stock after selling 441,265 shares during the period. Voloridge Investment Management LLC owned about 0.27% of AvidXchange worth $5,766,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Barclays PLC increased its stake in shares of AvidXchange by 239.8% during the third quarter. Barclays PLC now owns 285,768 shares of the company's stock worth $2,318,000 after purchasing an additional 201,679 shares during the period. Blue Trust Inc. increased its stake in AvidXchange by 90.1% during the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company's stock worth $28,000 after acquiring an additional 1,278 shares during the period. KBC Group NV increased its stake in AvidXchange by 60.9% during the 4th quarter. KBC Group NV now owns 8,836 shares of the company's stock worth $91,000 after acquiring an additional 3,344 shares during the period. R Squared Ltd bought a new position in AvidXchange during the 4th quarter worth $41,000. Finally, Jennison Associates LLC increased its stake in AvidXchange by 50.9% during the 4th quarter. Jennison Associates LLC now owns 2,176,525 shares of the company's stock worth $22,505,000 after acquiring an additional 733,860 shares during the period. Institutional investors own 80.58% of the company's stock.

Insider Activity

In other news, President Daniel Drees sold 25,972 shares of the company's stock in a transaction that occurred 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 $11,368,391.64. This represents a 2.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Ryan Stahl sold 8,999 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 $87,650.26. Following the transaction, the insider now directly owns 667,226 shares of the company's stock, valued at approximately $6,498,781.24. This trade represents a 1.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 95,890 shares of company stock valued at $933,969 over the last three months. Corporate insiders own 11.10% of the company's stock.

Wall Street Analysts Forecast Growth

AVDX has been the topic of several recent analyst reports. The Goldman Sachs Group decreased their price target on AvidXchange from $9.50 to $7.00 and set a "sell" rating on the stock in a research note on Thursday, February 27th. Susquehanna lowered AvidXchange from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 8th. UBS Group lifted their price target on AvidXchange from $8.00 to $10.00 and gave the company a "neutral" rating in a research note on Thursday, May 8th. Piper Sandler lifted their price target on AvidXchange from $8.00 to $10.00 and gave the company a "neutral" rating in a research note on Thursday, May 8th. Finally, Baird R W downgraded AvidXchange from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 8th. Two equities 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's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $10.30.

AvidXchange Stock Up 0.2%

AVDX traded up $0.02 during midday trading on Friday, reaching $9.80. 4,133,278 shares of the company were exchanged, compared to its average volume of 2,518,134. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. The company's fifty day moving average price is $8.59 and its 200 day moving average price is $9.47. The company has a market cap of $2.02 billion, a price-to-earnings ratio of 245.00 and a beta of 1.14. AvidXchange Holdings, Inc. has a one year low of $6.61 and a one year high of $12.93.

AvidXchange (NASDAQ:AVDX - Get Free Report) last issued its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing analysts' consensus estimates of $0.06 by ($0.03). The company had revenue of $115.44 million for the quarter, compared to the consensus estimate of $114.98 million. AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. As a group, analysts expect 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.