Horrell Capital Management Inc. Invests $2.23 Million in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Horrell Capital Management Inc. bought a new position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 275,000 shares of the company’s stock, valued at approximately $2,230,000. Horrell Capital Management Inc. owned approximately 0.13% of AvidXchange as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Allspring Global Investments Holdings LLC acquired a new position in AvidXchange during the third quarter worth approximately $38,000. CWM LLC increased its position in AvidXchange by 7,259.8% during the third quarter. CWM LLC now owns 6,771 shares of the company’s stock worth $55,000 after buying an additional 6,679 shares during the period. Advisors Asset Management Inc. increased its position in AvidXchange by 96.3% during the first quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock worth $57,000 after buying an additional 2,114 shares during the period. nVerses Capital LLC acquired a new position in AvidXchange during the second quarter worth approximately $66,000. Finally, Arbor Investment Advisors LLC acquired a new position in AvidXchange during the third quarter worth approximately $98,000. Institutional investors and hedge funds own 80.58% of the company’s stock.

Insider Activity

In other news, CEO Michael Praeger sold 6,701 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $8.17, for a total value of $54,747.17. Following the sale, the chief executive officer now directly owns 10,410,983 shares in the company, valued at $85,057,731.11. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, President Daniel Drees sold 20,069 shares of the company’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total value of $160,150.62. Following the sale, the president now directly owns 753,644 shares in the company, valued at $6,014,079.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael Praeger sold 6,701 shares of the company’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $8.17, for a total value of $54,747.17. Following the completion of the sale, the chief executive officer now owns 10,410,983 shares in the company, valued at $85,057,731.11. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 166,386 shares of company stock worth $1,343,044 over the last three months. 10.30% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on AVDX. Robert W. Baird dropped their target price on AvidXchange from $16.00 to $14.00 and set an “outperform” rating on the stock in a report on Thursday, August 1st. Bank of America dropped their target price on AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a report on Tuesday, October 15th. Barclays dropped their target price on AvidXchange from $14.00 to $10.00 and set an “overweight” rating on the stock in a report on Monday, August 5th. Compass Point began coverage on AvidXchange in a report on Wednesday, September 4th. They issued a “neutral” rating and a $8.00 target price on the stock. Finally, BMO Capital Markets dropped their price objective on AvidXchange from $13.00 to $10.00 and set a “market perform” rating on the stock in a report on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $10.57.

AvidXchange Price Performance

AvidXchange stock traded down $0.06 during trading hours on Tuesday, hitting $8.35. The stock had a trading volume of 458,554 shares, compared to its average volume of 2,046,430. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.36 and a quick ratio of 1.36. The stock has a market capitalization of $1.73 billion, a price-to-earnings ratio of -56.07 and a beta of 1.01. AvidXchange Holdings, Inc. has a 1-year low of $6.88 and a 1-year high of $13.56. The stock’s fifty day moving average is $8.01 and its two-hundred day moving average is $9.97.

AvidXchange (NASDAQ:AVDX) last posted its earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.01. The company had revenue of $105.30 million for the quarter, compared to analyst estimates of $107.13 million. AvidXchange had a negative return on equity of 0.23% and a negative net margin of 3.18%. AvidXchange’s revenue was up 15.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.05) earnings per share. As a group, analysts predict that AvidXchange Holdings, Inc. will post 0.03 earnings per share for the current fiscal year.

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.