AvidXchange Holdings, Inc. $AVDX Stock Position Raised by Ceera Investments LLC

Ceera Investments LLC lifted its position in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 240.5% in the 2nd quarter, Holdings Channel reports. The fund owned 104,520 shares of the company’s stock after buying an additional 73,820 shares during the period. Ceera Investments LLC’s holdings in AvidXchange were worth $1,023,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. Wolverine Asset Management LLC purchased a new stake in shares of AvidXchange in the 2nd quarter valued at approximately $980,000. New York Life Investment Management LLC purchased a new stake in shares of AvidXchange in the 2nd quarter valued at approximately $3,350,000. Teacher Retirement System of Texas lifted its position in shares of AvidXchange by 84.9% in the 2nd quarter. Teacher Retirement System of Texas now owns 46,796 shares of the company’s stock valued at $458,000 after acquiring an additional 21,488 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in AvidXchange in the 2nd quarter valued at approximately $869,000. Finally, AlphaQuest LLC increased its stake in AvidXchange by 30.4% in the 2nd quarter. AlphaQuest LLC now owns 45,541 shares of the company’s stock valued at $446,000 after buying an additional 10,628 shares during the period. Hedge funds and other institutional investors own 80.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of AvidXchange in a report on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $10.19.

AvidXchange Stock Performance

AvidXchange stock opened at $10.00 on Monday. The company’s fifty day simple moving average is $9.96 and its 200-day simple moving average is $9.68. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.10. AvidXchange Holdings, Inc. has a 12 month low of $6.61 and a 12 month high of $11.68. The stock has a market cap of $2.08 billion, a P/E ratio of -199.96 and a beta of 1.20.

AvidXchange (NASDAQ:AVDX) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.01). AvidXchange had a positive return on equity of 1.15% and a negative net margin of 1.80%.The business had revenue of $110.57 million for the quarter, compared to analyst estimates of $110.18 million. During the same quarter last year, the company earned $0.05 EPS. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. As a group, sell-side analysts forecast that AvidXchange Holdings, Inc. will post 0.02 EPS for the current fiscal year.

AvidXchange Company 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.