Lisanti Capital Growth LLC Has $2.21 Million Stock Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Lisanti Capital Growth LLC lifted its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 58.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 167,715 shares of the company’s stock after purchasing an additional 61,795 shares during the quarter. Lisanti Capital Growth LLC owned approximately 0.08% of AvidXchange worth $2,205,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its stake in AvidXchange by 5.2% during the third quarter. Vanguard Group Inc. now owns 18,482,011 shares of the company’s stock worth $175,209,000 after buying an additional 907,305 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of AvidXchange by 17.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,864,725 shares of the company’s stock valued at $47,885,000 after acquiring an additional 587,692 shares in the last quarter. Intrinsic Edge Capital Management LLC increased its stake in AvidXchange by 79.9% in the fourth quarter. Intrinsic Edge Capital Management LLC now owns 2,785,445 shares of the company’s stock valued at $34,512,000 after acquiring an additional 1,237,508 shares during the period. Par Capital Management Inc. raised its position in AvidXchange by 10.0% in the fourth quarter. Par Capital Management Inc. now owns 2,750,000 shares of the company’s stock worth $34,072,000 after purchasing an additional 250,000 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its stake in AvidXchange by 24.7% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,877,536 shares of the company’s stock worth $23,263,000 after purchasing an additional 372,291 shares during the period. 80.58% of the stock is currently owned by institutional investors.

AvidXchange Price Performance

Shares of AvidXchange stock traded up $0.10 during midday trading on Friday, reaching $12.31. The company had a trading volume of 1,632,481 shares, compared to its average volume of 1,777,075. The stock has a fifty day simple moving average of $11.30 and a 200 day simple moving average of $11.77. AvidXchange Holdings, Inc. has a 1-year low of $6.88 and a 1-year high of $13.56. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.34 and a current ratio of 1.34.

AvidXchange (NASDAQ:AVDX) last released its earnings results on Wednesday, May 8th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.04. The company had revenue of $105.60 million during the quarter, compared to the consensus estimate of $101.33 million. AvidXchange had a negative return on equity of 1.75% and a negative net margin of 8.10%. Equities research analysts expect that AvidXchange Holdings, Inc. will post 0.01 EPS for the current year.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at AvidXchange

In related news, CEO Michael Praeger sold 25,418 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The shares were 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 $117,969,948.28. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Todd Alan Cunningham sold 28,424 shares of the company’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $11.02, for a total value of $313,232.48. Following the completion of the sale, the insider now directly owns 336,017 shares of the company’s stock, valued at approximately $3,702,907.34. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Michael Praeger sold 25,418 shares of AvidXchange stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 10,495,547 shares in the company, valued at approximately $117,969,948.28. The disclosure for this sale can be found here. In the last three months, insiders have sold 152,897 shares of company stock worth $1,695,238. 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.