579,600 Shares in AvidXchange Holdings, Inc. (NASDAQ:AVDX) Bought by Lazard Asset Management LLC

Lazard Asset Management LLC bought a new position in AvidXchange Holdings, Inc. (NASDAQ:AVDX) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor bought 579,600 shares of the company’s stock, valued at approximately $7,621,000. Lazard Asset Management LLC owned 0.28% of AvidXchange at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Gillson Capital LP lifted its position in AvidXchange by 871.2% during the fourth 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. TimesSquare Capital Management LLC lifted its holdings in shares of AvidXchange by 6.8% during the 1st quarter. TimesSquare Capital Management LLC now owns 1,970,837 shares of the company’s stock valued at $25,917,000 after buying an additional 124,988 shares during the period. Lisanti Capital Growth LLC boosted its stake in shares of AvidXchange by 58.3% in the 1st quarter. Lisanti Capital Growth LLC now owns 167,715 shares of the company’s stock worth $2,205,000 after buying an additional 61,795 shares during the last quarter. SG Capital Management LLC bought a new stake in shares of AvidXchange in the fourth quarter worth $1,975,000. Finally, Trexquant Investment LP increased its position in AvidXchange by 350.6% during the fourth quarter. Trexquant Investment LP now owns 269,669 shares of the company’s stock valued at $3,341,000 after acquiring an additional 209,828 shares during the last quarter. Institutional investors own 80.58% of the company’s stock.

Insider Activity

In other news, CEO Michael Praeger sold 25,418 shares of the 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 transaction, the chief executive officer now directly owns 10,495,547 shares in the company, valued at $117,969,948.28. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other AvidXchange news, CEO Michael Praeger sold 25,418 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 transaction of $285,698.32. Following the transaction, the chief executive officer now owns 10,495,547 shares in the company, valued at approximately $117,969,948.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 transaction of $138,960.12. Following the sale, the insider now owns 466,491 shares of the company’s stock, valued at $5,243,358.84. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 152,897 shares of company stock worth $1,695,238. Company insiders own 10.30% of the company’s stock.

AvidXchange Stock Up 0.9 %

NASDAQ:AVDX opened at $12.54 on Monday. AvidXchange Holdings, Inc. has a twelve month low of $6.88 and a twelve month high of $13.56. The stock has a fifty day simple moving average of $11.51 and a 200-day simple moving average of $11.81. The company has a current ratio of 1.34, a quick 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 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.04. The firm had revenue of $105.60 million during the quarter, compared to the consensus estimate of $101.33 million. AvidXchange had a negative net margin of 8.10% and a negative return on equity of 1.75%. Research analysts expect that AvidXchange Holdings, Inc. will post 0.01 EPS for the current year.

Wall Street Analyst Weigh In

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

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.