PharVision Advisers LLC Makes New Investment in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

PharVision Advisers LLC acquired a new stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 22,200 shares of the company’s stock, valued at approximately $230,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Xponance Inc. boosted its position in AvidXchange by 9.2% during the 4th quarter. Xponance Inc. now owns 12,459 shares of the company’s stock worth $129,000 after acquiring an additional 1,045 shares during the period. Captrust Financial Advisors boosted its position in AvidXchange by 6.2% during the 4th quarter. Captrust Financial Advisors now owns 18,434 shares of the company’s stock worth $191,000 after acquiring an additional 1,084 shares during the period. Summit Investment Advisors Inc. boosted its position in AvidXchange by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 18,182 shares of the company’s stock worth $188,000 after acquiring an additional 1,155 shares during the period. Blue Trust Inc. boosted its position in AvidXchange by 90.1% during 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. Finally, Rhumbline Advisers boosted its position in AvidXchange by 1.0% during the 4th 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. Institutional investors and hedge funds own 80.58% of the company’s stock.

AvidXchange Stock Performance

Shares of NASDAQ AVDX opened at $9.73 on Friday. The business’s 50-day moving average price is $8.44 and its two-hundred day moving average price is $9.48. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. AvidXchange Holdings, Inc. has a one year low of $6.61 and a one year high of $12.93. The company has a market capitalization of $2.01 billion, a P/E ratio of 243.25 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 (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.03). The company had revenue of $115.44 million for 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%. Analysts anticipate that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently commented on AVDX shares. The Goldman Sachs Group dropped their price objective on AvidXchange from $9.50 to $7.00 and set a “sell” rating on the stock in a research note on Thursday, February 27th. KeyCorp downgraded AvidXchange from an “overweight” rating to a “sector weight” rating in a research note on Thursday, February 27th. Piper Sandler boosted their price objective on AvidXchange from $8.00 to $10.00 and gave the stock a “neutral” rating in a research note on Thursday, May 8th. BTIG Research lowered AvidXchange from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 7th. Finally, BMO Capital Markets cut their target price 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. Two 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.com, AvidXchange currently has an average rating of “Hold” and a consensus target price of $10.30.

Insider Transactions at AvidXchange

In related news, President Daniel Drees sold 34,782 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 $263,995.38. Following the sale, the president now directly owns 1,176,833 shares in the company, valued at $8,932,162.47. This represents a 2.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ryan Stahl sold 8,999 shares of the stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $9.74, for a total value of $87,650.26. Following the sale, the insider now owns 667,226 shares in the company, valued at approximately $6,498,781.24. This trade represents a 1.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 221,756 shares of company stock worth $1,889,292. 11.10% of the stock is owned by corporate insiders.

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.