Bain Capital Venture Investors LLC Trims Stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Bain Capital Venture Investors LLC decreased its holdings in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 17.7% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 11,639,898 shares of the company’s stock after selling 2,500,000 shares during the period. AvidXchange makes up 92.2% of Bain Capital Venture Investors LLC’s holdings, making the stock its largest position. Bain Capital Venture Investors LLC owned 5.73% of AvidXchange worth $144,218,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in AVDX. National Bank of Canada FI acquired a new stake in shares of AvidXchange in the 4th quarter valued at approximately $54,000. Highland Capital Management LLC acquired a new stake in AvidXchange in the fourth quarter worth $145,000. Legato Capital Management LLC bought a new position in shares of AvidXchange during the fourth quarter worth $168,000. Cornerstone Investment Partners LLC acquired a new position in shares of AvidXchange in the 4th quarter valued at $178,000. Finally, AXQ Capital LP bought a new stake in shares of AvidXchange in the 3rd quarter valued at $171,000. Institutional investors and hedge funds own 80.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. JPMorgan Chase & Co. lifted their target price on AvidXchange from $14.00 to $15.00 and gave the stock an “overweight” rating in a report on Thursday, February 29th. Piper Sandler lowered their target price on AvidXchange from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Friday, April 12th. Barclays cut their price target 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. Susquehanna increased their price objective on shares of AvidXchange from $15.00 to $16.00 and gave the stock a “positive” rating in a research report on Thursday, February 29th. Finally, The Goldman Sachs Group reaffirmed a “sell” rating and issued a $11.50 price objective (down from $13.00) on shares of AvidXchange in a research report on Monday, April 15th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $13.04.

Insiders Place Their Bets

In other news, insider Todd Alan Cunningham sold 28,424 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $11.02, for a total value of $313,232.48. Following the completion of the sale, the insider now directly owns 336,017 shares of the company’s stock, valued at $3,702,907.34. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Todd Alan Cunningham sold 28,424 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $11.02, for a total transaction of $313,232.48. Following the completion of the sale, the insider now owns 336,017 shares in the company, valued at approximately $3,702,907.34. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Angelic Gibson sold 40,000 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $13.00, for a total transaction of $520,000.00. Following the completion of the transaction, the insider now owns 430,606 shares in the company, valued at approximately $5,597,878. The disclosure for this sale can be found here. Over the last three months, insiders have sold 381,354 shares of company stock valued at $4,598,669. 10.30% of the stock is currently owned by corporate insiders.

AvidXchange Stock Down 0.4 %

Shares of NASDAQ:AVDX traded down $0.04 during midday trading on Friday, reaching $10.69. The company had a trading volume of 876,688 shares, compared to its average volume of 1,831,129. AvidXchange Holdings, Inc. has a 1-year low of $6.88 and a 1-year high of $13.56. The stock has a market cap of $2.21 billion, a PE ratio of -71.53 and a beta of 1.00. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.20. The business’s 50 day moving average price is $11.52 and its 200 day moving average price is $11.68.

AvidXchange (NASDAQ:AVDX) last posted its quarterly earnings results on Wednesday, May 8th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.04. The firm had revenue of $105.60 million for the quarter, compared to analyst estimates of $101.33 million. AvidXchange had a negative return on equity of 1.75% and a negative net margin of 8.10%. Research analysts forecast that AvidXchange Holdings, Inc. will post 0.01 EPS for the current fiscal year.

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.