Bridgefront Capital LLC Sells 3,895 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Bridgefront Capital LLC cut its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 15.9% in the 4th quarter, HoldingsChannel reports. The fund owned 20,667 shares of the company’s stock after selling 3,895 shares during the quarter. Bridgefront Capital LLC’s holdings in AvidXchange were worth $214,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in AVDX. Barclays PLC grew its position in AvidXchange by 239.8% during the third quarter. Barclays PLC now owns 285,768 shares of the company’s stock worth $2,318,000 after buying an additional 201,679 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in AvidXchange by 480.2% in the 4th quarter. Assenagon Asset Management S.A. now owns 178,483 shares of the company’s stock worth $1,846,000 after purchasing an additional 147,719 shares in the last quarter. Blue Trust Inc. increased its stake in shares of AvidXchange by 90.1% in the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after buying an additional 1,278 shares during the period. KBC Group NV raised 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 last quarter. Finally, R Squared Ltd bought a new position in AvidXchange during the 4th quarter worth $41,000. 80.58% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CEO Michael Praeger sold 58,881 shares of AvidXchange stock in a transaction 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 transaction, the chief executive officer now owns 11,164,737 shares in the company, valued at $84,740,353.83. This trade represents a 0.52 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Joel Wilhite sold 32,203 shares of the stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $244,420.77. Following the sale, the insider now owns 843 shares of the company’s stock, valued at $6,398.37. This represents a 97.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 125,866 shares of company stock worth $955,323. 10.40% of the stock is currently owned by corporate insiders.

AvidXchange Stock Performance

Shares of AVDX opened at $9.72 on Friday. The stock’s 50-day simple moving average is $7.97 and its 200 day simple moving average is $9.38. AvidXchange Holdings, Inc. has a 52-week low of $6.61 and a 52-week high of $12.93. The stock has a market capitalization of $2.00 billion, a price-to-earnings ratio of 242.88 and a beta of 1.14. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings data 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 business had revenue of $115.44 million during the quarter, compared to analysts’ expectations of $114.98 million. Research analysts forecast that AvidXchange Holdings, Inc. will post 0.02 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. BMO Capital Markets reduced their price objective on shares of AvidXchange from $11.00 to $7.50 and set a “market perform” rating on the stock in a research note on Thursday, February 27th. KeyCorp lowered AvidXchange from an “overweight” rating to a “sector weight” rating in a research report on Thursday, February 27th. The Goldman Sachs Group dropped their price target on shares of AvidXchange from $9.50 to $7.00 and set a “sell” rating on the stock in a research report on Thursday, February 27th. Morgan Stanley upped their target price on shares of AvidXchange from $8.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Thursday. Finally, UBS Group increased their price target on AvidXchange from $8.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $10.30.

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.