Connor Clark & Lunn Investment Management Ltd. Has $7.80 Million Stock Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Connor Clark & Lunn Investment Management Ltd. lessened its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 5.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 753,893 shares of the company’s stock after selling 47,194 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in AvidXchange were worth $7,795,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. US Bancorp DE lifted its stake in AvidXchange by 11.6% in the fourth quarter. US Bancorp DE now owns 58,350 shares of the company’s stock valued at $603,000 after acquiring an additional 6,079 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in AvidXchange in the 3rd quarter valued at about $25,339,000. Entropy Technologies LP bought a new position in AvidXchange during the third quarter worth about $447,000. State of New Jersey Common Pension Fund D increased its position in AvidXchange by 39.3% during the third quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company’s stock worth $2,011,000 after buying an additional 69,971 shares during the last quarter. Finally, Barclays PLC raised its stake in AvidXchange by 239.8% in the third quarter. Barclays PLC now owns 285,768 shares of the company’s stock valued at $2,318,000 after buying an additional 201,679 shares during the period. 80.58% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

AVDX has been the topic of a number of recent analyst reports. The Goldman Sachs Group decreased their target price on AvidXchange from $9.50 to $7.00 and set a “sell” rating on the stock in a report on Thursday, February 27th. Wells Fargo & Company dropped their price objective on shares of AvidXchange from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 27th. Wolfe Research downgraded shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 27th. Morgan Stanley lowered their price target on shares of AvidXchange from $11.00 to $8.00 and set an “equal weight” rating on the stock in a report on Thursday, February 27th. Finally, BTIG Research initiated coverage on AvidXchange in a report on Wednesday, December 11th. They set a “buy” rating and a $14.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $10.00.

Insiders Place Their Bets

In related news, CEO Michael Praeger sold 58,881 shares of AvidXchange stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $446,906.79. Following 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Daniel Drees sold 34,782 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $263,995.38. Following the completion of the transaction, the president now directly owns 1,176,833 shares of the company’s stock, valued at approximately $8,932,162.47. The trade was a 2.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 125,866 shares of company stock worth $955,323 over the last three months. Insiders own 10.40% of the company’s stock.

AvidXchange Stock Up 1.0 %

Shares of NASDAQ AVDX opened at $7.92 on Friday. AvidXchange Holdings, Inc. has a 52 week low of $6.61 and a 52 week high of $13.49. The stock’s fifty day moving average is $9.41 and its 200 day moving average is $9.36. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. The stock has a market capitalization of $1.62 billion, a P/E ratio of 198.00 and a beta of 1.28.

AvidXchange (NASDAQ:AVDX) last issued its earnings results on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.03). The firm had revenue of $115.44 million during the quarter, compared to analyst estimates of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. Sell-side analysts forecast that AvidXchange Holdings, Inc. will post 0.02 earnings per share 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.