Corebridge Financial Inc. Decreases Stock Holdings in AvidXchange Holdings, Inc. $AVDX

Corebridge Financial Inc. trimmed its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 1.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 85,145 shares of the company’s stock after selling 1,262 shares during the period. Corebridge Financial Inc.’s holdings in AvidXchange were worth $722,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Captrust Financial Advisors raised its holdings in shares of AvidXchange by 6.2% during the 4th quarter. Captrust Financial Advisors now owns 18,434 shares of the company’s stock worth $191,000 after acquiring an additional 1,084 shares in the last quarter. Arizona State Retirement System raised its holdings in shares of AvidXchange by 3.9% during the 1st quarter. Arizona State Retirement System now owns 50,126 shares of the company’s stock worth $425,000 after acquiring an additional 1,869 shares in the last quarter. SVB Wealth LLC purchased a new stake in shares of AvidXchange during the 1st quarter worth approximately $26,000. Wealth Enhancement Advisory Services LLC raised its holdings in AvidXchange by 25.9% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 16,629 shares of the company’s stock valued at $172,000 after buying an additional 3,418 shares during the period. Finally, Versant Capital Management Inc raised its holdings in AvidXchange by 801.2% during the 1st quarter. Versant Capital Management Inc now owns 3,866 shares of the company’s stock valued at $33,000 after buying an additional 3,437 shares during the period. 80.58% of the stock is owned by hedge funds and other institutional investors.

AvidXchange Stock Performance

NASDAQ:AVDX opened at $9.94 on Friday. The stock’s fifty day moving average is $9.88 and its 200 day moving average is $9.10. AvidXchange Holdings, Inc. has a fifty-two week low of $6.61 and a fifty-two week high of $11.68. The firm has a market capitalization of $2.06 billion, a PE 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 (NASDAQ:AVDX) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.01). AvidXchange had a negative net margin of 1.80% and a positive return on equity of 1.15%. The company had revenue of $110.57 million for the quarter, compared to analysts’ expectations of $110.18 million. During the same quarter in the previous year, the company posted $0.05 EPS. The business’s quarterly revenue was up 5.2% on a year-over-year basis. On average, sell-side analysts anticipate that AvidXchange Holdings, Inc. will post 0.02 earnings per share 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.