Cardinal Capital Management Invests $190,000 in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Cardinal Capital Management acquired a new stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 14,441 shares of the company’s stock, valued at approximately $190,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of AvidXchange by 37.0% in the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 372,595 shares of the company’s stock valued at $4,616,000 after buying an additional 100,595 shares during the last quarter. Par Capital Management Inc. boosted its holdings in AvidXchange by 10.0% in the fourth quarter. Par Capital Management Inc. now owns 2,750,000 shares of the company’s stock valued at $34,072,000 after acquiring an additional 250,000 shares during the last quarter. Gillson Capital LP increased its position in AvidXchange by 871.2% during the 4th quarter. Gillson Capital LP now owns 619,893 shares of the company’s stock valued at $7,680,000 after purchasing an additional 556,066 shares during the period. SG Capital Management LLC acquired a new stake in AvidXchange during the 4th quarter valued at approximately $1,975,000. Finally, Intrinsic Edge Capital Management LLC raised its holdings in AvidXchange by 79.9% during the 4th quarter. Intrinsic Edge Capital Management LLC now owns 2,785,445 shares of the company’s stock worth $34,512,000 after purchasing an additional 1,237,508 shares during the last quarter. 80.58% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Joel Wilhite sold 12,363 shares of the business’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $11.24, for a total transaction of $138,960.12. Following the transaction, the insider now directly owns 466,491 shares in the company, valued at $5,243,358.84. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CEO Michael Praeger sold 25,418 shares of the firm’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $11.24, for a total transaction of $285,698.32. Following the completion of the sale, the chief executive officer now directly owns 10,495,547 shares of the company’s stock, valued at approximately $117,969,948.28. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Joel Wilhite sold 12,363 shares of AvidXchange stock in a transaction 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 sale, the insider now owns 466,491 shares in the company, valued at $5,243,358.84. The disclosure for this sale can be found here. Insiders sold a total of 152,897 shares of company stock worth $1,695,238 over the last quarter. Insiders own 10.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on AVDX shares. Piper Sandler reduced their price objective 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. Susquehanna lifted their price objective on AvidXchange from $15.00 to $16.00 and gave the stock a “positive” rating in a research report on Thursday, February 29th. BMO Capital Markets upped their target price on AvidXchange from $11.00 to $13.00 and gave the company a “market perform” rating in a research report on Thursday, February 29th. The Goldman Sachs Group reiterated a “sell” rating and issued a $11.50 target price (down from $13.00) on shares of AvidXchange in a report on Monday, April 15th. Finally, Barclays cut their price target on AvidXchange from $16.00 to $14.00 and set an “overweight” rating on the stock in a report on Monday, May 13th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $12.86.

AvidXchange Stock Up 1.8 %

Shares of AVDX opened at $11.87 on Friday. AvidXchange Holdings, Inc. has a 52 week low of $6.88 and a 52 week high of $13.56. The stock has a 50 day moving average price of $11.23 and a two-hundred day moving average price of $11.74. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.34 and a quick ratio of 1.34.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings results on Wednesday, May 8th. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $105.60 million during the quarter, compared to analyst estimates of $101.33 million. On average, analysts forecast that AvidXchange Holdings, Inc. will post 0.01 earnings per share for the current year.

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.