Magnetar Financial LLC Invests $137,000 in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Magnetar Financial LLC bought a new stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 13,226 shares of the company’s stock, valued at approximately $137,000.

A number of other large investors also recently made changes to their positions in the company. Xponance Inc. grew its holdings in AvidXchange by 9.2% in the 4th quarter. Xponance Inc. now owns 12,459 shares of the company’s stock valued at $129,000 after buying an additional 1,045 shares in the last quarter. Blue Trust Inc. boosted its position 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 acquiring an additional 1,278 shares during the period. Captrust Financial Advisors grew its stake in shares of AvidXchange by 9.2% in the third quarter. Captrust Financial Advisors now owns 17,350 shares of the company’s stock valued at $141,000 after acquiring an additional 1,465 shares in the last quarter. Rhumbline Advisers increased its position in AvidXchange by 1.0% during the fourth quarter. Rhumbline Advisers now owns 234,738 shares of the company’s stock worth $2,427,000 after acquiring an additional 2,391 shares during the period. Finally, KBC Group NV raised its stake in AvidXchange by 60.9% in the 4th quarter. KBC Group NV now owns 8,836 shares of the company’s stock worth $91,000 after purchasing an additional 3,344 shares in the last quarter. Institutional investors own 80.58% of the company’s stock.

Insider Activity at AvidXchange

In related news, President Daniel Drees sold 34,782 shares of the stock in a transaction on Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $263,995.38. Following the completion of the sale, the president now directly owns 1,176,833 shares in the company, valued at $8,932,162.47. This represents a 2.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael Praeger sold 58,881 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 $446,906.79. Following the completion of the sale, the chief executive officer now directly owns 11,164,737 shares of the company’s stock, valued at approximately $84,740,353.83. The trade was a 0.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 125,866 shares of company stock worth $955,323 in the last quarter. 10.40% of the stock is owned by insiders.

Analyst Ratings Changes

AVDX has been the topic of a number of analyst reports. BMO Capital Markets decreased their target price on shares of AvidXchange from $11.00 to $7.50 and set a “market perform” rating on the stock in a research report on Thursday, February 27th. Robert W. Baird lowered their price objective on AvidXchange from $14.00 to $12.00 and set an “outperform” rating on the stock in a research note on Thursday, February 27th. Morgan Stanley dropped their price objective on AvidXchange from $11.00 to $8.00 and set an “equal weight” rating for the company in a report on Thursday, February 27th. JPMorgan Chase & Co. reduced their target price on AvidXchange from $10.00 to $9.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. Finally, Wolfe Research cut AvidXchange from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, AvidXchange has a consensus rating of “Hold” and a consensus price target of $10.00.

AvidXchange Stock Performance

NASDAQ AVDX opened at $8.48 on Monday. The firm’s fifty day moving average price is $9.25 and its two-hundred day moving average price is $9.39. The stock has a market cap of $1.73 billion, a PE ratio of 212.00 and a beta of 1.28. 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 Holdings, Inc. has a fifty-two week low of $6.61 and a fifty-two week high of $13.50.

AvidXchange (NASDAQ:AVDX) last issued its earnings results 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 firm had revenue of $115.44 million during the quarter, compared to analyst estimates of $114.98 million. On average, equities analysts expect that AvidXchange Holdings, Inc. will post 0.02 EPS for the current fiscal year.

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.