Connor Clark & Lunn Investment Management Ltd. Sells 47,194 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Connor Clark & Lunn Investment Management Ltd. decreased its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 5.9% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 753,893 shares of the company’s stock after selling 47,194 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.37% of AvidXchange worth $7,795,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. FMR LLC raised its holdings in shares of AvidXchange by 272.5% in the third quarter. FMR LLC now owns 13,733,769 shares of the company’s stock valued at $111,381,000 after buying an additional 10,046,893 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of AvidXchange by 5.0% during the third quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company’s stock worth $34,607,000 after purchasing an additional 201,847 shares in the last quarter. State Street Corp grew its stake in shares of AvidXchange by 1.5% during the third quarter. State Street Corp now owns 3,763,694 shares of the company’s stock valued at $30,524,000 after purchasing an additional 54,403 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in shares of AvidXchange in the third quarter valued at approximately $25,339,000. Finally, Rockefeller Capital Management L.P. raised its position in AvidXchange by 30.4% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 2,314,653 shares of the company’s stock worth $18,779,000 after purchasing an additional 538,956 shares during the last quarter. Institutional investors and hedge funds own 80.58% of the company’s stock.

Insider Buying and Selling

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 sale, the president now directly owns 1,176,833 shares in the company, valued at $8,932,162.47. This trade represents a 2.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Joel Wilhite sold 32,203 shares of the stock in a transaction on Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $244,420.77. Following the transaction, the insider now owns 843 shares of the company’s stock, valued at $6,398.37. The trade was a 97.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 125,866 shares of company stock worth $955,323 over the last ninety days. Company insiders own 10.40% of the company’s stock.

AvidXchange Stock Performance

AVDX stock opened at $7.92 on Friday. AvidXchange Holdings, Inc. has a 1-year low of $6.61 and a 1-year high of $13.49. 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 firm has a market cap of $1.62 billion, a PE ratio of 198.00 and a beta of 1.28. The business’s 50-day moving average price is $9.41 and its two-hundred day moving average price is $9.36.

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 business had revenue of $115.44 million during the quarter, compared to analyst estimates of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. As a group, research analysts forecast that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on AVDX shares. Piper Sandler lowered their target price on AvidXchange from $10.00 to $8.00 and set a “neutral” rating for the company in a research note on Friday, February 28th. KeyCorp lowered AvidXchange from an “overweight” rating to a “sector weight” rating in a research report on Thursday, February 27th. JPMorgan Chase & Co. cut their target price on shares of AvidXchange from $10.00 to $9.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. Keefe, Bruyette & Woods lowered their price target on shares of AvidXchange from $11.00 to $8.00 and set a “market perform” rating for the company in a research report on Thursday, February 27th. Finally, Morgan Stanley cut their price objective on shares of 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 issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $10.00.

AvidXchange Company 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.