IQ EQ FUND MANAGEMENT IRELAND Ltd Has $143,000 Holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

IQ EQ FUND MANAGEMENT IRELAND Ltd lessened its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 41.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,850 shares of the company’s stock after selling 8,443 shares during the quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd’s holdings in AvidXchange were worth $143,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Handelsbanken Fonder AB lifted its position in AvidXchange by 114.4% during the 4th quarter. Handelsbanken Fonder AB now owns 23,800 shares of the company’s stock worth $295,000 after buying an additional 12,700 shares in the last quarter. New York State Common Retirement Fund raised its holdings in AvidXchange by 90.3% during the fourth quarter. New York State Common Retirement Fund now owns 116,473 shares of the company’s stock worth $1,443,000 after acquiring an additional 55,254 shares in the last quarter. Russell Investments Group Ltd. boosted its position in AvidXchange by 3,611.1% during the fourth quarter. Russell Investments Group Ltd. now owns 234,061 shares of the company’s stock valued at $2,900,000 after purchasing an additional 227,754 shares during the last quarter. Victory Capital Management Inc. grew its stake in AvidXchange by 25.5% in the fourth quarter. Victory Capital Management Inc. now owns 20,628 shares of the company’s stock valued at $256,000 after purchasing an additional 4,189 shares in the last quarter. Finally, National Bank of Canada FI acquired a new position in shares of AvidXchange during the 4th quarter worth approximately $54,000. Institutional investors and hedge funds own 80.58% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on AVDX. The Goldman Sachs Group cut their price objective on AvidXchange from $11.50 to $9.00 and set a “sell” rating for the company in a report on Thursday, August 1st. Barclays decreased their price objective on shares of AvidXchange from $14.00 to $10.00 and set an “overweight” rating for the company in a research report on Monday, August 5th. JPMorgan Chase & Co. cut shares of AvidXchange from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $11.00 to $9.00 in a report on Tuesday, August 20th. KeyCorp lowered their price target on AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a research report on Thursday, August 1st. Finally, Keefe, Bruyette & Woods cut their price objective on AvidXchange from $13.50 to $11.00 and set a “market perform” rating for the company in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, AvidXchange presently has an average rating of “Hold” and a consensus price target of $11.25.

AvidXchange Stock Performance

Shares of AvidXchange stock traded down $0.13 on Friday, hitting $8.02. The stock had a trading volume of 1,273,230 shares, compared to its average volume of 2,092,951. AvidXchange Holdings, Inc. has a twelve month low of $6.88 and a twelve month high of $13.56. The business’s 50 day moving average is $10.35 and its two-hundred day moving average is $11.33. 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 stock has a market cap of $1.66 billion, a price-to-earnings ratio of -54.33 and a beta of 1.03.

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

Insider Activity

In related news, CEO Michael Praeger sold 29,192 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $10.85, for a total value of $316,733.20. Following the completion of the sale, the chief executive officer now directly owns 10,440,510 shares in the company, valued at $113,279,533.50. The sale was disclosed in a filing with the SEC, which is available at this link. In other AvidXchange news, insider Joel Wilhite sold 47,308 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $8.10, for a total transaction of $383,194.80. Following the completion of the sale, the insider now directly owns 413,687 shares in the company, valued at $3,350,864.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Praeger sold 29,192 shares of the company’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $10.85, for a total value of $316,733.20. Following the sale, the chief executive officer now owns 10,440,510 shares of the company’s stock, valued at $113,279,533.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 151,822 shares of company stock valued at $1,300,998. 10.30% of the stock is owned by insiders.

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.