Providence Capital Advisors LLC Sells 80,000 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Providence Capital Advisors LLC trimmed its position in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 12.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 569,565 shares of the company’s stock after selling 80,000 shares during the quarter. Providence Capital Advisors LLC owned 0.28% of AvidXchange worth $5,889,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in AVDX. Blue Trust Inc. raised 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 buying an additional 1,278 shares in the last quarter. R Squared Ltd bought a new position in AvidXchange during the 4th quarter worth $41,000. Point72 DIFC Ltd acquired a new position in AvidXchange in the 3rd quarter valued at $37,000. KBC Group NV lifted its position in shares of AvidXchange by 60.9% during the 4th 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 period. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of AvidXchange during the 3rd quarter worth $86,000. Institutional investors own 80.58% of the company’s stock.

AvidXchange Price Performance

AvidXchange stock opened at $8.55 on Friday. The stock has a 50-day moving average price of $9.14 and a two-hundred day moving average price of $9.38. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange Holdings, Inc. has a 12 month low of $6.61 and a 12 month high of $13.50. The company has a market capitalization of $1.75 billion, a PE ratio of 213.75 and a beta of 1.28.

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). The company had revenue of $115.44 million for the quarter, compared to the consensus estimate of $114.98 million. AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. Analysts expect that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

Insiders Place Their Bets

In other news, President Daniel Drees sold 34,782 shares of AvidXchange stock in a transaction on Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $263,995.38. Following the sale, the president now directly owns 1,176,833 shares in the company, valued at $8,932,162.47. The trade was a 2.87 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Joel Wilhite sold 32,203 shares of the business’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $244,420.77. Following the completion of the transaction, the insider now owns 843 shares in the company, valued at approximately $6,398.37. The trade was a 97.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 125,866 shares of company stock valued at $955,323. Corporate insiders own 10.40% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Robert W. Baird dropped their price target on AvidXchange from $14.00 to $12.00 and set an “outperform” rating for the company in a research note on Thursday, February 27th. KeyCorp cut shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a research report on Thursday, February 27th. BMO Capital Markets cut their price target on shares of AvidXchange from $11.00 to $7.50 and set a “market perform” rating for the company in a report on Thursday, February 27th. JPMorgan Chase & Co. decreased their price objective on shares of AvidXchange from $10.00 to $9.00 and set a “neutral” rating on the stock in a research note on Thursday, February 27th. Finally, Piper Sandler lowered their price objective on shares of AvidXchange from $10.00 to $8.00 and set a “neutral” rating for the company in a research report on Friday, February 28th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $10.00.

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.