Cardinal Capital Management Invests $190,000 in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Cardinal Capital Management purchased a new position in AvidXchange Holdings, Inc. (NASDAQ:AVDX) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 14,441 shares of the company’s stock, valued at approximately $190,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Healthcare of Ontario Pension Plan Trust Fund raised its stake in AvidXchange by 37.0% during the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 372,595 shares of the company’s stock worth $4,616,000 after acquiring an additional 100,595 shares during the period. Par Capital Management Inc. boosted its position in AvidXchange by 10.0% during the 4th quarter. Par Capital Management Inc. now owns 2,750,000 shares of the company’s stock valued at $34,072,000 after purchasing an additional 250,000 shares during the period. Gillson Capital LP grew its stake in AvidXchange by 871.2% during the 4th quarter. Gillson Capital LP now owns 619,893 shares of the company’s stock worth $7,680,000 after buying an additional 556,066 shares during the last quarter. SG Capital Management LLC acquired a new stake in AvidXchange in the fourth quarter worth $1,975,000. Finally, Intrinsic Edge Capital Management LLC lifted its stake in AvidXchange by 79.9% in the fourth quarter. Intrinsic Edge Capital Management LLC now owns 2,785,445 shares of the company’s stock valued at $34,512,000 after buying an additional 1,237,508 shares during the last quarter. 80.58% of the stock is owned by institutional investors and hedge funds.

AvidXchange Stock Performance

NASDAQ AVDX opened at $11.87 on Friday. 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 fifty day moving average is $11.23 and its two-hundred day moving average is $11.74. AvidXchange Holdings, Inc. has a 1 year low of $6.88 and a 1 year high of $13.56.

AvidXchange (NASDAQ:AVDX) last announced its earnings results on Wednesday, May 8th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.04. The business had revenue of $105.60 million during the quarter, compared to the consensus estimate of $101.33 million. AvidXchange had a negative return on equity of 1.75% and a negative net margin of 8.10%. On average, analysts forecast that AvidXchange Holdings, Inc. will post 0.01 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have commented on AVDX. The Goldman Sachs Group restated a “sell” rating and issued a $11.50 price target (down previously from $13.00) on shares of AvidXchange in a research note on Monday, April 15th. Barclays lowered their price target on AvidXchange from $16.00 to $14.00 and set an “overweight” rating on the stock in a report on Monday, May 13th. Piper Sandler reduced their price objective on shares of AvidXchange from $14.00 to $12.00 and set a “neutral” rating for the company in a report on Friday, April 12th. JPMorgan Chase & Co. raised their target price on shares of AvidXchange from $14.00 to $15.00 and gave the company an “overweight” rating in a research note on Thursday, February 29th. Finally, Susquehanna upped their price target on shares of AvidXchange from $15.00 to $16.00 and gave the stock a “positive” rating in a research note on Thursday, February 29th. 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $12.86.

Insiders Place Their Bets

In related news, CEO Michael Praeger sold 29,192 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The shares were 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 owns 10,440,510 shares in the company, valued at approximately $113,279,533.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other AvidXchange news, insider Joel Wilhite sold 12,363 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $11.24, for a total transaction of $138,960.12. Following the completion of the sale, the insider now directly owns 466,491 shares in the company, valued at approximately $5,243,358.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Praeger sold 29,192 shares of AvidXchange stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $10.85, for a total value of $316,733.20. Following the transaction, the chief executive officer now directly owns 10,440,510 shares in the company, valued at approximately $113,279,533.50. The disclosure for this sale can be found here. Insiders sold a total of 152,897 shares of company stock worth $1,695,238 over the last ninety days. 10.30% of the stock is currently owned by company insiders.

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.