Cwm LLC Purchases 12,990 Shares of AvidXchange Holdings, Inc. $AVDX

Cwm LLC raised its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 186.7% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 19,946 shares of the company’s stock after acquiring an additional 12,990 shares during the quarter. Cwm LLC’s holdings in AvidXchange were worth $195,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Jennison Associates LLC boosted its position in shares of AvidXchange by 45.7% in the 1st quarter. Jennison Associates LLC now owns 3,171,634 shares of the company’s stock worth $26,895,000 after purchasing an additional 995,109 shares in the last quarter. Nuveen LLC bought a new stake in shares of AvidXchange in the 1st quarter worth approximately $5,349,000. Trexquant Investment LP boosted its position in shares of AvidXchange by 60.7% in the 1st quarter. Trexquant Investment LP now owns 1,175,487 shares of the company’s stock worth $9,968,000 after purchasing an additional 444,093 shares in the last quarter. Edgestream Partners L.P. boosted its position in shares of AvidXchange by 166.6% in the 1st quarter. Edgestream Partners L.P. now owns 251,389 shares of the company’s stock worth $2,132,000 after purchasing an additional 157,084 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of AvidXchange by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 18,236,837 shares of the company’s stock worth $154,648,000 after purchasing an additional 126,786 shares in the last quarter. 80.58% of the stock is currently owned by hedge funds and other institutional investors.

AvidXchange Price Performance

Shares of NASDAQ AVDX opened at $10.00 on Wednesday. AvidXchange Holdings, Inc. has a twelve month low of $6.61 and a twelve month high of $11.68. The firm has a market cap of $2.08 billion, a P/E ratio of -199.96 and a beta of 1.20. The company has a 50 day moving average of $9.96 and a 200 day moving average of $9.62. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.10.

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

Analyst Ratings Changes

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of AvidXchange in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, AvidXchange has a consensus rating of “Reduce” and a consensus price target of $10.19.

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.