GSA Capital Partners LLP Has $1.04 Million Holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

GSA Capital Partners LLP increased its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 31.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 78,672 shares of the company’s stock after acquiring an additional 18,612 shares during the period. GSA Capital Partners LLP’s holdings in AvidXchange were worth $1,035,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in AVDX. Principal Financial Group Inc. increased 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 purchasing an additional 2,556 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of AvidXchange by 25.5% during the 4th quarter. Victory Capital Management Inc. now owns 20,628 shares of the company’s stock worth $256,000 after purchasing an additional 4,189 shares during the last quarter. National Bank of Canada FI bought a new position in AvidXchange in the 4th quarter worth approximately $54,000. King Luther Capital Management Corp boosted its holdings in AvidXchange by 0.7% in the 4th quarter. King Luther Capital Management Corp now owns 680,097 shares of the company’s stock worth $8,426,000 after buying an additional 4,576 shares during the period. Finally, Versor Investments LP boosted its holdings in AvidXchange by 16.1% in the 4th quarter. Versor Investments LP now owns 47,300 shares of the company’s stock worth $586,000 after buying an additional 6,562 shares during the period. Institutional investors and hedge funds own 80.58% of the company’s stock.

Insider Activity at AvidXchange

In other news, CEO Michael Praeger sold 29,192 shares of the company’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $10.85, for a total transaction of $316,733.20. Following the completion of the sale, the chief executive officer now directly owns 10,440,510 shares of the company’s stock, valued at $113,279,533.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Michael Praeger sold 29,192 shares of the stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $10.85, for a total transaction of $316,733.20. Following the transaction, the chief executive officer now owns 10,440,510 shares of the company’s stock, valued at approximately $113,279,533.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Joel Wilhite sold 12,363 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $11.24, for a total value of $138,960.12. Following the transaction, the insider now owns 466,491 shares of the company’s stock, valued at approximately $5,243,358.84. The disclosure for this sale can be found here. Insiders sold 152,897 shares of company stock valued at $1,695,238 over the last 90 days. 10.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

AVDX has been the subject of several analyst reports. Keefe, Bruyette & Woods began coverage on shares of AvidXchange in a report on Tuesday, April 9th. They issued a “market perform” rating and a $13.50 price target for the company. The Goldman Sachs Group reiterated a “sell” rating and issued a $11.50 target price (down previously from $13.00) on shares of AvidXchange in a research report on Monday, April 15th. Barclays decreased their price objective on shares of AvidXchange from $16.00 to $14.00 and set an “overweight” rating on the stock in a research report on Monday, May 13th. Finally, Piper Sandler cut their target price on shares of AvidXchange from $14.00 to $12.00 and set a “neutral” rating on the stock in a research note on Friday, April 12th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $12.86.

AvidXchange Stock Performance

Shares of AVDX stock traded down $0.33 during trading hours on Wednesday, reaching $12.09. 471,495 shares of the stock were exchanged, compared to its average volume of 1,841,438. AvidXchange Holdings, Inc. has a 12-month low of $6.88 and a 12-month high of $13.56. The business’s fifty day moving average is $11.29 and its two-hundred day moving average is $11.76. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.20.

AvidXchange (NASDAQ:AVDX) last posted its quarterly earnings results on Wednesday, May 8th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.04. AvidXchange had a negative return on equity of 1.75% and a negative net margin of 8.10%. The company had revenue of $105.60 million during the quarter, compared to analysts’ expectations of $101.33 million. On average, sell-side analysts anticipate that AvidXchange Holdings, Inc. will post 0.01 EPS for the current fiscal year.

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.