Lisanti Capital Growth LLC Buys 61,795 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Lisanti Capital Growth LLC increased its position in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 58.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 167,715 shares of the company’s stock after buying an additional 61,795 shares during the period. Lisanti Capital Growth LLC’s holdings in AvidXchange were worth $2,205,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. National Bank of Canada FI acquired a new stake in AvidXchange in the fourth quarter valued at approximately $54,000. Highland Capital Management LLC bought a new stake in AvidXchange during the 4th quarter valued at $145,000. MBL Wealth LLC acquired a new position in AvidXchange during the first quarter worth $163,000. Legato Capital Management LLC acquired a new position in AvidXchange during the fourth quarter worth $168,000. Finally, Cornerstone Investment Partners LLC bought a new position in shares of AvidXchange in the fourth quarter valued at $178,000. 80.58% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Joel Wilhite sold 12,363 shares of the business’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $11.24, for a total transaction of $138,960.12. Following the completion of 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 document filed with the SEC, which is available through this link. In related news, insider Joel Wilhite sold 12,363 shares of the company’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 value 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 document filed with the SEC, which can be accessed through the SEC website. Also, insider Todd Alan Cunningham sold 28,424 shares of AvidXchange stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $11.02, for a total transaction of $313,232.48. Following the sale, the insider now owns 336,017 shares of the company’s stock, valued at $3,702,907.34. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 152,897 shares of company stock worth $1,695,238. Corporate insiders own 10.30% of the company’s stock.

AvidXchange Trading Up 0.8 %

AVDX stock traded up $0.10 during mid-day trading on Friday, reaching $12.31. 1,632,481 shares of the company traded hands, compared to its average volume of 1,777,075. The company has a fifty day moving average price of $11.30 and a 200-day moving average price of $11.77. AvidXchange Holdings, Inc. has a 52-week low of $6.88 and a 52-week high of $13.56. 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 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. AvidXchange had a negative net margin of 8.10% and a negative return on equity of 1.75%. The business had revenue of $105.60 million for the quarter, compared to analyst estimates of $101.33 million. On average, analysts anticipate that AvidXchange Holdings, Inc. will post 0.01 EPS for the current year.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. 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 note on Monday, April 15th. Barclays dropped their target price 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. Keefe, Bruyette & Woods assumed coverage on AvidXchange in a research report on Tuesday, April 9th. They issued a “market perform” rating and a $13.50 target price for the company. Finally, Piper Sandler cut their price target on AvidXchange from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Friday, April 12th. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $12.86.

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.