Edgestream Partners L.P. Has $975,000 Holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Edgestream Partners L.P. increased its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 601.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 94,305 shares of the company’s stock after acquiring an additional 80,855 shares during the period. Edgestream Partners L.P.’s holdings in AvidXchange were worth $975,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC raised its stake in shares of AvidXchange by 29.6% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company’s stock valued at $107,000 after purchasing an additional 3,019 shares during the period. US Bancorp DE grew its holdings in shares of AvidXchange by 111,114.9% during the third quarter. US Bancorp DE now owns 52,271 shares of the company’s stock worth $424,000 after buying an additional 52,224 shares in the last quarter. State of New Jersey Common Pension Fund D raised its position in AvidXchange by 39.3% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company’s stock valued at $2,011,000 after buying an additional 69,971 shares during the last quarter. Versor Investments LP bought a new stake in AvidXchange in the 3rd quarter valued at approximately $216,000. Finally, Entropy Technologies LP acquired a new position in AvidXchange during the 3rd quarter worth approximately $447,000. 80.58% of the stock is owned by institutional investors.

AvidXchange Stock Performance

NASDAQ AVDX opened at $6.90 on Wednesday. AvidXchange Holdings, Inc. has a 52-week low of $6.83 and a 52-week high of $13.49. The stock has a market cap of $1.41 billion, a PE ratio of 172.50 and a beta of 1.28. The firm has a 50-day moving average of $9.58 and a 200-day moving average of $9.38. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings data 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 analyst estimates of $114.98 million. AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. On average, sell-side analysts anticipate that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

Analysts Set New Price Targets

AVDX has been the topic of a number of recent research reports. Piper Sandler lowered their price objective on shares of AvidXchange from $10.00 to $8.00 and set a “neutral” rating on the stock in a report on Friday, February 28th. Robert W. Baird lowered their price target on shares of AvidXchange from $14.00 to $12.00 and set an “outperform” rating on the stock in a research note on Thursday, February 27th. BMO Capital Markets reduced their price objective on shares of AvidXchange from $11.00 to $7.50 and set a “market perform” rating for the company in a research note on Thursday, February 27th. Barclays cut AvidXchange from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $13.00 to $8.00 in a report on Tuesday, March 4th. Finally, Morgan Stanley dropped their target price on AvidXchange from $11.00 to $8.00 and set an “equal weight” rating on the stock in a report on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, AvidXchange has an average rating of “Hold” and an average target price of $10.00.

Insider Activity at AvidXchange

In other news, President Daniel Drees sold 34,782 shares of AvidXchange stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $263,995.38. Following the completion of the sale, the president now directly owns 1,176,833 shares in the company, valued at approximately $8,932,162.47. The trade was a 2.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joel Wilhite sold 32,203 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 value of $244,420.77. Following the sale, the insider now directly owns 843 shares in the company, valued at $6,398.37. This represents a 97.45 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 125,866 shares of company stock worth $955,323. Corporate insiders own 10.40% of the company’s stock.

About AvidXchange

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.