AlphaQuest LLC Purchases 10,628 Shares of AvidXchange Holdings, Inc. $AVDX

AlphaQuest LLC boosted its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 30.4% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 45,541 shares of the company’s stock after purchasing an additional 10,628 shares during the quarter. AlphaQuest LLC’s holdings in AvidXchange were worth $446,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in AVDX. SVB Wealth LLC bought a new stake in AvidXchange during the first quarter worth approximately $26,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in AvidXchange during the first quarter worth approximately $37,000. Corton Capital Inc. bought a new stake in AvidXchange during the first quarter worth approximately $87,000. Walleye Trading LLC bought a new stake in AvidXchange during the first quarter worth approximately $90,000. Finally, Blueshift Asset Management LLC bought a new stake in AvidXchange during the first quarter worth approximately $102,000. Institutional investors own 80.58% of the company’s stock.

AvidXchange Price Performance

Shares of AVDX stock opened at $10.00 on Thursday. AvidXchange Holdings, Inc. has a 12 month low of $6.61 and a 12 month high of $11.68. The firm has a market cap of $2.08 billion, a PE ratio of -199.96 and a beta of 1.20. The stock has a 50 day moving average of $9.96 and a 200-day moving average of $9.64. 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 issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.05 EPS 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 business had revenue of $110.57 million for the quarter, compared to analyst estimates of $110.18 million. During the same quarter last year, the firm earned $0.05 earnings per share. The firm’s quarterly revenue was up 5.2% compared to the same quarter last year. On average, equities analysts predict that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

Wall Street Analysts Forecast Growth

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

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 the AvidXchange Supplier Hub, which provides supplier insights to cash flow, tools for in-network invoices and payments, and early payment feature.