Northern Trust Corp Sells 39,344 Shares of AvidXchange Holdings, Inc. $AVDX

Northern Trust Corp cut its position in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 2.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,613,829 shares of the company’s stock after selling 39,344 shares during the quarter. Northern Trust Corp owned 0.78% of AvidXchange worth $13,685,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. American Century Companies Inc. raised its position in AvidXchange by 213.3% in the first quarter. American Century Companies Inc. now owns 111,371 shares of the company’s stock valued at $944,000 after purchasing an additional 75,825 shares during the last quarter. Kovitz Investment Group Partners LLC bought a new stake in shares of AvidXchange in the 1st quarter valued at about $184,000. Nuveen LLC bought a new stake in shares of AvidXchange in the 1st quarter valued at about $5,349,000. Invesco Ltd. grew its position in shares of AvidXchange by 8.5% in the 1st quarter. Invesco Ltd. now owns 170,011 shares of the company’s stock valued at $1,442,000 after buying an additional 13,329 shares during the last quarter. Finally, Herald Investment Management Ltd grew its position in shares of AvidXchange by 11.1% in the 1st quarter. Herald Investment Management Ltd now owns 500,000 shares of the company’s stock valued at $4,240,000 after buying an additional 50,000 shares during the last quarter. 80.58% of the stock is currently owned by institutional investors.

AvidXchange Stock Up 0.1%

Shares of NASDAQ:AVDX opened at $9.94 on Thursday. The business’s 50 day simple moving average is $9.87 and its two-hundred day simple moving average is $9.11. The firm has a market cap of $2.06 billion, a P/E ratio of -198.76 and a beta of 1.20. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.33 and a current ratio of 1.33. AvidXchange Holdings, Inc. has a 52-week low of $6.61 and a 52-week high of $11.68.

AvidXchange (NASDAQ:AVDX) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $110.57 million during the quarter, compared to the consensus estimate of $110.18 million. During the same quarter in the previous year, the company posted $0.05 EPS. The firm’s revenue was up 5.2% on a year-over-year basis. As a group, research analysts forecast that AvidXchange Holdings, Inc. will post 0.02 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. UBS Group upped their price target on AvidXchange from $8.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, May 8th. Baird R W downgraded AvidXchange from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 8th. BTIG Research lowered AvidXchange from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 7th. Robert W. Baird restated a “neutral” rating and set a $10.00 target price on shares of AvidXchange in a research report on Thursday, May 8th. Finally, Piper Sandler upped their target price on AvidXchange from $8.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, May 8th. One analyst has rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $10.04.

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.