175,717 Shares in AvidXchange Holdings, Inc. (NASDAQ:AVDX) Acquired by ExodusPoint Capital Management LP

ExodusPoint Capital Management LP bought a new stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 175,717 shares of the company’s stock, valued at approximately $1,371,000. ExodusPoint Capital Management LP owned approximately 0.09% of AvidXchange as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Ensign Peak Advisors Inc bought a new stake in shares of AvidXchange in the third quarter valued at about $78,000. Delphia USA Inc. bought a new stake in shares of AvidXchange in the 4th quarter valued at about $108,000. Mariner LLC purchased a new stake in shares of AvidXchange in the 4th quarter worth approximately $108,000. MQS Management LLC bought a new position in shares of AvidXchange during the first quarter valued at approximately $94,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in AvidXchange by 217.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,312 shares of the company’s stock valued at $132,000 after buying an additional 9,124 shares during the period. 70.42% of the stock is currently owned by hedge funds and other institutional investors.

AvidXchange Trading Up 0.5 %

NASDAQ:AVDX opened at $10.33 on Monday. The firm has a fifty day simple moving average of $10.77 and a 200-day simple moving average of $9.51. AvidXchange Holdings, Inc. has a 12 month low of $7.02 and a 12 month high of $12.75. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $2.09 billion, a P/E ratio of -24.02 and a beta of 0.58.

AvidXchange (NASDAQ:AVDX) last announced its quarterly earnings data on Wednesday, August 2nd. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.04. AvidXchange had a negative net margin of 24.57% and a negative return on equity of 8.81%. The business had revenue of $91.15 million during the quarter, compared to analysts’ expectations of $88.98 million. On average, equities research analysts anticipate that AvidXchange Holdings, Inc. will post -0.34 earnings per share for the current year.

Wall Street Analyst Weigh In

AVDX has been the topic of several recent research reports. Susquehanna started coverage on AvidXchange in a research report on Tuesday, July 18th. They set a “positive” rating and a $15.50 target price on the stock. JPMorgan Chase & Co. raised their price objective on AvidXchange from $11.00 to $13.00 in a research report on Tuesday, June 6th. Credit Suisse Group boosted their target price on shares of AvidXchange from $11.00 to $12.50 in a report on Friday, June 2nd. Piper Sandler increased their price target on shares of AvidXchange from $14.00 to $15.00 and gave the company an “overweight” rating in a research report on Monday, July 31st. Finally, Barclays lifted their price objective on shares of AvidXchange from $11.00 to $13.00 in a research report on Monday, June 5th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $12.91.

Insider Buying and Selling at AvidXchange

In other news, President Daniel Drees sold 20,771 shares of the company’s stock in a transaction dated Thursday, July 13th. The stock was sold at an average price of $11.01, for a total value of $228,688.71. Following the sale, the president now owns 492,951 shares in the company, valued at $5,427,390.51. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, President Daniel Drees sold 20,771 shares of the business’s stock in a transaction on Thursday, July 13th. The shares were sold at an average price of $11.01, for a total value of $228,688.71. Following the completion of the transaction, the president now directly owns 492,951 shares in the company, valued at approximately $5,427,390.51. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Michael Praeger sold 59,562 shares of the stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $10.04, for a total transaction of $598,002.48. Following the sale, the chief executive officer now directly owns 9,917,588 shares in the company, valued at $99,572,583.52. The disclosure for this sale can be found here. In the last quarter, insiders sold 147,376 shares of company stock worth $1,523,370. Insiders own 10.30% of the company’s stock.

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 Cashflow manager that provides cash management solutions.