Lighthouse Investment Partners LLC Makes New $458,000 Investment in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Lighthouse Investment Partners LLC bought a new position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 44,247 shares of the company's stock, valued at approximately $458,000.

Several other hedge funds and other institutional investors have also made changes to their positions in AVDX. Blue Trust Inc. raised its position in shares of 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 in the last quarter. R Squared Ltd acquired a new position in AvidXchange during the fourth quarter worth approximately $41,000. Quarry LP increased its position in AvidXchange by 126.6% during the fourth quarter. Quarry LP now owns 5,518 shares of the company's stock worth $57,000 after buying an additional 3,083 shares during the period. KBC Group NV increased its position in AvidXchange by 60.9% during the fourth quarter. KBC Group NV now owns 8,836 shares of the company's stock worth $91,000 after buying an additional 3,344 shares during the period. Finally, Bragg Financial Advisors Inc acquired a new position in AvidXchange during the fourth quarter worth approximately $113,000. Institutional investors and hedge funds own 80.58% of the company's stock.

AvidXchange Stock Performance

Shares of NASDAQ:AVDX traded up $0.01 during trading on Tuesday, reaching $9.73. The company had a trading volume of 451,091 shares, compared to its average volume of 2,480,564. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. AvidXchange Holdings, Inc. has a fifty-two week low of $6.61 and a fifty-two week high of $12.93. The firm has a market capitalization of $2.01 billion, a price-to-earnings ratio of 243.13 and a beta of 1.14. The stock's fifty day moving average price is $8.34 and its 200 day moving average price is $9.47.

AvidXchange (NASDAQ:AVDX - Get Free Report) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share for the quarter, missing analysts' consensus estimates of $0.06 by ($0.03). AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. The business had revenue of $115.44 million during the quarter, compared to analysts' expectations of $114.98 million. As a group, equities research analysts predict that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have commented on AVDX shares. Wells Fargo & Company lifted their price target on AvidXchange from $8.00 to $10.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 8th. JPMorgan Chase & Co. cut their price target on AvidXchange from $10.00 to $9.00 and set a "neutral" rating on the stock in a research report on Thursday, February 27th. The Goldman Sachs Group cut their price target on AvidXchange from $9.50 to $7.00 and set a "sell" rating on the stock in a research report on Thursday, February 27th. UBS Group lifted their price target on AvidXchange from $8.00 to $10.00 and gave the stock a "neutral" rating in a research report on Thursday, May 8th. Finally, Baird R W lowered AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 8th. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $10.30.

Insider Activity at AvidXchange

In other AvidXchange news, insider Ryan Stahl sold 8,999 shares of the business's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $9.74, for a total transaction of $87,650.26. Following the sale, the insider now directly owns 667,226 shares in the company, valued at approximately $6,498,781.24. The trade was a 1.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Praeger sold 58,881 shares of the business's stock in a transaction on Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $446,906.79. Following the sale, the chief executive officer now owns 11,164,737 shares in the company, valued at approximately $84,740,353.83. The trade was a 0.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 221,756 shares of company stock worth $1,889,292 over the last three months. 11.10% of the stock is currently owned by corporate insiders.

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.