Healthcare of Ontario Pension Plan Trust Fund Has $7.01 Million Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 142.2% in the second quarter, HoldingsChannel reports. The institutional investor owned 581,300 shares of the company’s stock after purchasing an additional 341,300 shares during the period. Healthcare of Ontario Pension Plan Trust Fund’s holdings in AvidXchange were worth $7,010,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. Sanctuary Advisors LLC acquired a new stake in shares of AvidXchange in the 2nd quarter valued at $575,000. Creative Planning lifted its stake in shares of AvidXchange by 272.1% in the 2nd quarter. Creative Planning now owns 38,635 shares of the company’s stock valued at $466,000 after purchasing an additional 28,253 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in AvidXchange by 14.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 102,804 shares of the company’s stock worth $1,240,000 after acquiring an additional 13,229 shares during the period. Millennium Management LLC raised its holdings in AvidXchange by 9.8% in the 2nd quarter. Millennium Management LLC now owns 2,770,662 shares of the company’s stock worth $33,414,000 after acquiring an additional 246,462 shares during the period. Finally, Dark Forest Capital Management LP bought a new position in AvidXchange in the 2nd quarter worth $332,000. Institutional investors and hedge funds own 80.58% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on AVDX. Susquehanna dropped their target price on shares of AvidXchange from $16.00 to $14.00 and set a “positive” rating on the stock in a report on Thursday, August 1st. Compass Point initiated coverage on shares of AvidXchange in a research report on Wednesday, September 4th. They set a “neutral” rating and a $8.00 price objective for the company. Wells Fargo & Company cut their price objective on shares of AvidXchange from $13.00 to $10.00 and set an “equal weight” rating for the company in a research report on Thursday, August 1st. The Goldman Sachs Group cut their price objective on shares of AvidXchange from $11.50 to $9.00 and set a “sell” rating for the company in a research report on Thursday, August 1st. Finally, Keefe, Bruyette & Woods cut their price objective on shares of AvidXchange from $13.50 to $11.00 and set a “market perform” rating for the company in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $11.00.

Insider Buying and Selling at AvidXchange

In other AvidXchange news, CEO Michael Praeger sold 37,225 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total value of $297,055.50. Following the transaction, the chief executive officer now directly owns 10,453,786 shares of the company’s stock, valued at approximately $83,421,212.28. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Ryan Stahl sold 7,621 shares of the firm’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $8.13, for a total transaction of $61,958.73. Following the sale, the insider now directly owns 377,030 shares in the company, valued at $3,065,253.90. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Michael Praeger sold 37,225 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total transaction of $297,055.50. Following the sale, the chief executive officer now owns 10,453,786 shares in the company, valued at approximately $83,421,212.28. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 158,959 shares of company stock valued at $1,279,321. 10.30% of the stock is currently owned by insiders.

AvidXchange Price Performance

Shares of AvidXchange stock opened at $7.88 on Friday. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of -52.53 and a beta of 1.01. AvidXchange Holdings, Inc. has a 1-year low of $6.88 and a 1-year high of $13.56. The firm’s 50-day moving average price is $8.14 and its two-hundred day moving average price is $10.50.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.05 EPS for the quarter, beating the consensus estimate of $0.04 by $0.01. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. The business had revenue of $105.30 million for the quarter, compared to analysts’ expectations of $107.13 million. During the same period in the prior year, the firm earned ($0.05) earnings per share. AvidXchange’s revenue was up 15.6% compared to the same quarter last year. On average, equities analysts predict that AvidXchange Holdings, Inc. will post 0.03 earnings per share 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.