AvidXchange Holdings, Inc. (NASDAQ:AVDX) Shares Acquired by Balyasny Asset Management L.P.

Balyasny Asset Management L.P. raised its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 46.4% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 691,100 shares of the company’s stock after buying an additional 219,178 shares during the quarter. Balyasny Asset Management L.P.’s holdings in AvidXchange were worth $7,146,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Xponance Inc. raised its position in shares of AvidXchange by 9.2% during the 4th quarter. Xponance Inc. now owns 12,459 shares of the company’s stock valued at $129,000 after acquiring an additional 1,045 shares in the last quarter. Summit Investment Advisors Inc. raised its holdings in shares of AvidXchange by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 18,182 shares of the company’s stock worth $188,000 after purchasing an additional 1,155 shares during the period. Blue Trust Inc. grew its position in shares of AvidXchange by 90.1% during the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after buying an additional 1,278 shares during the last quarter. Rhumbline Advisers raised its stake in AvidXchange by 1.0% during the fourth quarter. Rhumbline Advisers now owns 234,738 shares of the company’s stock worth $2,427,000 after acquiring an additional 2,391 shares during the period. Finally, Quarry LP lifted its holdings in AvidXchange by 126.6% in the fourth quarter. Quarry LP now owns 5,518 shares of the company’s stock worth $57,000 after acquiring an additional 3,083 shares during the last quarter. Institutional investors own 80.58% of the company’s stock.

Insider Activity

In related news, President Daniel Drees sold 34,782 shares of AvidXchange stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $263,995.38. Following the transaction, the president now owns 1,176,833 shares of the company’s stock, valued at approximately $8,932,162.47. This trade represents a 2.87 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Joel Wilhite sold 32,203 shares of the company’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $244,420.77. Following the sale, the insider now directly owns 843 shares of the company’s stock, valued at $6,398.37. This represents a 97.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 125,866 shares of company stock worth $955,323. Insiders own 10.40% of the company’s stock.

AvidXchange Price Performance

NASDAQ:AVDX opened at $9.73 on Friday. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The business’s 50-day moving average price is $8.02 and its 200 day moving average price is $9.39. AvidXchange Holdings, Inc. has a 52-week low of $6.61 and a 52-week high of $12.93. The firm has a market cap of $2.01 billion, a P/E ratio of 243.25 and a beta of 1.14.

AvidXchange (NASDAQ:AVDX) last released its earnings results on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). The business had revenue of $115.44 million during the quarter, compared to the consensus estimate of $114.98 million. AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. As a group, sell-side analysts predict that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on AVDX. BMO Capital Markets dropped their price target on AvidXchange from $11.00 to $7.50 and set a “market perform” rating on the stock in a research report on Thursday, February 27th. Keefe, Bruyette & Woods raised their target price on AvidXchange from $8.00 to $9.00 and gave the company a “market perform” rating in a research note on Monday, March 31st. Wolfe Research lowered shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 27th. KeyCorp downgraded shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a research report on Thursday, February 27th. Finally, Robert W. Baird restated a “neutral” rating and issued a $10.00 price target on shares of AvidXchange in a research note on Thursday. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $10.30.

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.