Silvercrest Asset Management Group LLC Acquires New Shares in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Silvercrest Asset Management Group LLC acquired a new stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 463,266 shares of the company’s stock, valued at approximately $4,790,000.

Other institutional investors also recently modified their holdings of the company. Blue Trust Inc. boosted its position in shares of AvidXchange by 90.1% during the fourth 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. R Squared Ltd bought a new position in AvidXchange in the fourth quarter valued at about $41,000. 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 valued at $57,000 after acquiring an additional 3,083 shares during the period. KBC Group NV lifted its holdings in AvidXchange by 60.9% in the fourth quarter. KBC Group NV now owns 8,836 shares of the company’s stock valued at $91,000 after acquiring an additional 3,344 shares during the period. Finally, Bragg Financial Advisors Inc bought a new position in AvidXchange in the fourth quarter valued at about $113,000. 80.58% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

AVDX has been the topic of a number of recent research reports. KeyCorp downgraded AvidXchange from an “overweight” rating to a “sector weight” rating in a report on Thursday, February 27th. UBS Group increased their target price on AvidXchange from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Thursday, May 8th. Susquehanna downgraded AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 8th. Baird R W downgraded AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 8th. Finally, Morgan Stanley increased their target price on AvidXchange from $8.00 to $10.00 and gave the company an “equal weight” rating in a report on Thursday, May 8th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat, AvidXchange has an average rating of “Hold” and an average price target of $10.30.

Insider Buying and Selling at AvidXchange

In other AvidXchange news, CEO Michael Praeger sold 58,881 shares of the firm’s 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 transaction, the chief executive officer now owns 11,164,737 shares in the company, valued at $84,740,353.83. This trade represents a 0.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Joel Wilhite sold 20,914 shares of the firm’s stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $9.74, for a total value of $203,702.36. Following the transaction, the insider now owns 808,841 shares of the company’s stock, valued at $7,878,111.34. This represents a 2.52% decrease in their position. The disclosure for this sale can be found here. Insiders sold 221,756 shares of company stock worth $1,889,292 in the last quarter. 11.10% of the stock is owned by corporate insiders.

AvidXchange Stock Performance

NASDAQ:AVDX opened at $9.72 on Tuesday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange Holdings, Inc. has a 12-month low of $6.61 and a 12-month high of $12.93. The stock has a 50-day moving average price of $8.34 and a 200 day moving average price of $9.47. The stock has a market capitalization of $2.01 billion, a P/E ratio of 243.00 and a beta of 1.14.

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