Cibc World Markets Corp Buys New Stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Cibc World Markets Corp purchased a new position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 16,265 shares of the company’s stock, valued at approximately $168,000.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Blue Trust Inc. raised its stake in shares of AvidXchange by 90.1% during the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after purchasing an additional 1,278 shares in the last quarter. Point72 DIFC Ltd bought a new stake in shares of AvidXchange during the 3rd quarter worth about $37,000. R Squared Ltd acquired a new stake in shares of AvidXchange in the 4th quarter worth approximately $41,000. Y Intercept Hong Kong Ltd bought a new position in shares of AvidXchange in the third quarter valued at approximately $86,000. Finally, KBC Group NV increased its stake in shares of AvidXchange by 60.9% during the fourth quarter. KBC Group NV now owns 8,836 shares of the company’s stock valued at $91,000 after acquiring an additional 3,344 shares during the period. Institutional investors own 80.58% of the company’s stock.

AvidXchange Stock Down 0.8 %

NASDAQ:AVDX opened at $8.59 on Thursday. AvidXchange Holdings, Inc. has a 1-year low of $6.61 and a 1-year high of $13.50. The firm has a market capitalization of $1.76 billion, a price-to-earnings ratio of 214.75 and a beta of 1.28. 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 business’s fifty day moving average price is $9.18 and its 200 day moving average price is $9.39.

AvidXchange (NASDAQ:AVDX) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. The company had revenue of $115.44 million during the quarter, compared to analysts’ expectations of $114.98 million. On average, sell-side analysts forecast that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current fiscal year.

Insider Buying and Selling at AvidXchange

In other news, insider Joel Wilhite sold 32,203 shares of the firm’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $244,420.77. Following the completion of the sale, the insider now directly owns 843 shares of the company’s stock, valued at $6,398.37. This trade represents a 97.45 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Praeger sold 58,881 shares of the business’s 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 $446,906.79. Following the completion of the sale, the chief executive officer now directly owns 11,164,737 shares of the company’s stock, 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. Insiders sold 125,866 shares of company stock valued at $955,323 in the last quarter. Company insiders own 10.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on AVDX shares. The Goldman Sachs Group decreased their price target on AvidXchange from $9.50 to $7.00 and set a “sell” rating for the company in a research note on Thursday, February 27th. Wells Fargo & Company lowered their target price on AvidXchange from $10.00 to $8.00 and set an “equal weight” rating on the stock in a report on Thursday, February 27th. Morgan Stanley cut their price target on shares of AvidXchange from $11.00 to $8.00 and set an “equal weight” rating for the company in a report on Thursday, February 27th. JPMorgan Chase & Co. lowered their price objective on shares of AvidXchange from $10.00 to $9.00 and set a “neutral” rating on the stock in a research note on Thursday, February 27th. Finally, BMO Capital Markets cut their target price 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. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $10.00.

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.