AvidXchange Holdings, Inc. (NASDAQ:AVDX) Shares Acquired by North Reef Capital Management LP

North Reef Capital Management LP increased its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 2.5% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 7,994,000 shares of the company’s stock after acquiring an additional 194,000 shares during the period. AvidXchange makes up approximately 3.7% of North Reef Capital Management LP’s holdings, making the stock its 10th largest holding. North Reef Capital Management LP owned about 3.89% of AvidXchange worth $82,658,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Blue Trust Inc. lifted 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 worth $28,000 after purchasing an additional 1,278 shares in the last quarter. R Squared Ltd purchased a new stake in AvidXchange during the 4th quarter worth $41,000. 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. Bragg Financial Advisors Inc purchased a new position in AvidXchange in the 4th quarter valued at about $113,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of AvidXchange during the fourth quarter valued at about $115,000. Hedge funds and other institutional investors own 80.58% of the company’s stock.

Insider Activity at AvidXchange

In other news, CEO Michael Praeger sold 58,881 shares of the firm’s stock in a transaction 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 transaction, the chief executive officer now directly owns 11,164,737 shares of the company’s stock, valued at approximately $84,740,353.83. This trade represents a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Joel Wilhite sold 32,203 shares of AvidXchange 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 owns 843 shares in the company, valued at approximately $6,398.37. This represents a 97.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 125,866 shares of company stock worth $955,323 in the last ninety days. 10.40% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Wells Fargo & Company reduced their price target on AvidXchange from $10.00 to $8.00 and set an “equal weight” rating for the company in a report on Thursday, February 27th. Keefe, Bruyette & Woods increased 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. Piper Sandler dropped their price target on shares of AvidXchange from $10.00 to $8.00 and set a “neutral” rating for the company in a research note on Friday, February 28th. Robert W. Baird cut their price target on shares of AvidXchange from $14.00 to $12.00 and set an “outperform” rating on the stock in a report on Thursday, February 27th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company in a report on Thursday, February 27th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $10.07.

AvidXchange Stock Up 2.1 %

NASDAQ:AVDX opened at $7.87 on Friday. The firm has a market capitalization of $1.61 billion, a PE ratio of 196.75 and a beta of 1.14. AvidXchange Holdings, Inc. has a 52 week low of $6.61 and a 52 week high of $12.93. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The stock has a 50 day moving average of $8.00 and a 200-day moving average of $9.36.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates 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 predict that AvidXchange Holdings, Inc. will post 0.02 EPS for the current 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.