Cwm LLC Acquires 6,679 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Cwm LLC grew its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 7,259.8% in the 3rd quarter, HoldingsChannel reports. The firm owned 6,771 shares of the company’s stock after buying an additional 6,679 shares during the quarter. Cwm LLC’s holdings in AvidXchange were worth $55,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. SG Americas Securities LLC boosted its position in AvidXchange by 2.9% during the second quarter. SG Americas Securities LLC now owns 29,813 shares of the company’s stock valued at $360,000 after purchasing an additional 835 shares in the last quarter. California State Teachers Retirement System boosted its holdings in shares of AvidXchange by 1.0% in the 1st quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock valued at $2,121,000 after buying an additional 1,656 shares in the last quarter. Advisors Asset Management Inc. boosted its holdings in shares of AvidXchange by 96.3% in the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock valued at $57,000 after buying an additional 2,114 shares in the last quarter. ProShare Advisors LLC grew its position in shares of AvidXchange by 9.7% in the 1st quarter. ProShare Advisors LLC now owns 27,135 shares of the company’s stock worth $357,000 after buying an additional 2,396 shares during the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of AvidXchange by 14.6% during the 1st quarter. Principal Financial Group Inc. now owns 20,058 shares of the company’s stock worth $264,000 after acquiring an additional 2,556 shares in the last quarter. Institutional investors own 80.58% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Bank of America lowered their target price on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a research note on Tuesday, October 15th. UBS Group cut AvidXchange from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $15.00 to $10.00 in a research report on Thursday, August 1st. The Goldman Sachs Group reduced their target price on AvidXchange from $9.00 to $7.00 and set a “sell” rating on the stock in a research report on Monday, October 14th. Susquehanna lowered their price target on AvidXchange from $16.00 to $14.00 and set a “positive” rating for the company in a report on Thursday, August 1st. Finally, Wells Fargo & Company dropped their price target on AvidXchange from $10.00 to $9.00 and set an “equal weight” rating on the stock in a research note on Monday, October 21st. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $10.57.

AvidXchange Price Performance

Shares of NASDAQ AVDX opened at $8.41 on Tuesday. AvidXchange Holdings, Inc. has a 52 week low of $6.88 and a 52 week high of $13.56. The business’s 50 day moving average price is $8.01 and its 200 day moving average price is $9.97. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.19. The firm has a market cap of $1.74 billion, a P/E ratio of -56.07 and a beta of 1.01.

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

Insiders Place Their Bets

In other news, President Daniel Drees sold 20,069 shares of the company’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total value of $160,150.62. Following the sale, the president now owns 753,644 shares in the company, valued at $6,014,079.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, President Daniel Drees sold 20,069 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total value of $160,150.62. Following the completion of the transaction, the president now directly owns 753,644 shares in the company, valued at $6,014,079.12. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Michael Praeger sold 37,225 shares of the firm’s stock in a transaction on Tuesday, August 27th. The shares were 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. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 166,386 shares of company stock valued at $1,343,044. Company insiders own 10.30% of the company’s stock.

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.