Hel Ved Capital Management Ltd Acquires Shares of 117,180 AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Hel Ved Capital Management Ltd bought a new position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 117,180 shares of the company’s stock, valued at approximately $1,212,000. Hel Ved Capital Management Ltd owned approximately 0.06% of AvidXchange as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Wells Fargo & Company MN raised its holdings in AvidXchange by 17.4% in the 4th quarter. Wells Fargo & Company MN now owns 102,923 shares of the company’s stock worth $1,064,000 after purchasing an additional 15,243 shares during the period. Landscape Capital Management L.L.C. purchased a new position in shares of AvidXchange during the 4th quarter valued at approximately $289,000. Trexquant Investment LP lifted its position in shares of AvidXchange by 88.5% during the 4th quarter. Trexquant Investment LP now owns 731,394 shares of the company’s stock valued at $7,563,000 after buying an additional 343,303 shares in the last quarter. Alliancebernstein L.P. increased its holdings in AvidXchange by 199.2% in the 4th quarter. Alliancebernstein L.P. now owns 553,270 shares of the company’s stock worth $5,721,000 after acquiring an additional 368,380 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new position in AvidXchange during the fourth quarter worth $10,292,000. 80.58% of the stock is currently owned by institutional investors and hedge funds.

AvidXchange Price Performance

NASDAQ:AVDX opened at $7.84 on Friday. AvidXchange Holdings, Inc. has a 52 week low of $6.61 and a 52 week high of $12.93. The stock’s fifty day moving average is $8.89 and its two-hundred day moving average is $9.41. The company has a market capitalization of $1.60 billion, a P/E ratio of 196.00 and a beta of 1.28. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11.

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 during the quarter, compared to analysts’ expectations of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. Equities analysts expect that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on AVDX shares. Barclays lowered shares of AvidXchange from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $13.00 to $8.00 in a research report on Tuesday, March 4th. The Goldman Sachs Group cut their price objective on AvidXchange from $9.50 to $7.00 and set a “sell” rating for the company in a research note on Thursday, February 27th. BMO Capital Markets decreased 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. JPMorgan Chase & Co. reduced their price objective on AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. Finally, Piper Sandler lowered their target price on shares of AvidXchange from $10.00 to $8.00 and set a “neutral” rating on the stock in a research note on Friday, February 28th. Two equities 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 data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $10.07.

Insider Activity at AvidXchange

In other news, President Daniel Drees sold 34,782 shares of AvidXchange stock in a transaction on Friday, February 28th. The stock was 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 of the company’s stock, valued at approximately $8,932,162.47. The trade was a 2.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Michael Praeger sold 58,881 shares of the stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $446,906.79. Following the transaction, the chief executive officer now directly owns 11,164,737 shares in the company, valued at approximately $84,740,353.83. The trade was a 0.52 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 125,866 shares of company stock worth $955,323. 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.