Brevan Howard Capital Management LP Purchases Shares of 48,768 AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Brevan Howard Capital Management LP acquired a new position in AvidXchange Holdings, Inc. (NASDAQ:AVDX) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 48,768 shares of the company’s stock, valued at approximately $504,000.

A number of other hedge funds have also made changes to their positions in the business. Blue Trust Inc. boosted its holdings in AvidXchange by 90.1% in the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock worth $28,000 after acquiring an additional 1,278 shares during the period. R Squared Ltd acquired a new stake in AvidXchange during the 4th quarter valued at $41,000. Quarry LP grew its holdings in AvidXchange by 126.6% during the 4th quarter. Quarry LP now owns 5,518 shares of the company’s stock valued at $57,000 after purchasing an additional 3,083 shares in the last quarter. KBC Group NV lifted its holdings in AvidXchange by 60.9% in the 4th quarter. KBC Group NV now owns 8,836 shares of the company’s stock worth $91,000 after buying an additional 3,344 shares in the last quarter. Finally, Bragg Financial Advisors Inc purchased a new position in AvidXchange in the 4th quarter valued at about $113,000. Hedge funds and other institutional investors own 80.58% of the company’s stock.

AvidXchange Stock Up 0.1 %

NASDAQ AVDX opened at $9.73 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The company has a market capitalization of $2.01 billion, a P/E ratio of 243.25 and a beta of 1.14. AvidXchange Holdings, Inc. has a 12 month low of $6.61 and a 12 month high of $12.93. The company’s 50 day simple moving average is $8.02 and its 200 day simple moving average is $9.39.

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

Insider Activity

In related news, insider Joel Wilhite sold 32,203 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $244,420.77. Following the transaction, the insider now directly owns 843 shares of the company’s stock, valued at approximately $6,398.37. The trade was a 97.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Michael Praeger sold 58,881 shares of the stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $446,906.79. Following the completion of the sale, the chief executive officer now owns 11,164,737 shares of the company’s stock, valued at approximately $84,740,353.83. The trade was a 0.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 125,866 shares of company stock worth $955,323 over the last 90 days. 10.40% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. JPMorgan Chase & Co. cut their target price on AvidXchange from $10.00 to $9.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. The Goldman Sachs Group dropped their price target on AvidXchange from $9.50 to $7.00 and set a “sell” rating on the stock in a research report on Thursday, February 27th. Wolfe Research downgraded shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 27th. UBS Group lifted their target price on AvidXchange from $8.00 to $10.00 and gave the company a “neutral” rating in a research note on Thursday. Finally, Wells Fargo & Company increased their price target on AvidXchange from $8.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, AvidXchange has an average rating of “Hold” and a consensus target price of $10.30.

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.